October 18, 2016
Wellesley, Mass., Oct 18, 2016 – Research and development aimed at expanding the types of gases that can be detected by portable gas detectors is growing market demand. BCC Research reveals in its new report that R&D and rising demand from Asia-Pacific, North America, andEurope should drive growth in the global market.
Gas detectors sense and detect the concentration of different types of gases or vapors or permanent gases in air. Gas detectors are fixed, portable or transportable. Portable gas detectors typically are small, hand-held devices that measure atmospheric gas concentration.
The global market for portable gas detectors should total $1.1 billion and $1.4 billion in 2016 and 2021, respectively, growing at a five-year compound annual growth rate (CAGR) of 4.2%. Oil and gas, the largest end-user segment, should reach $320.2 million in 2021 at a five-year CAGR of 2%. Fire service, the fastest-growing end-user segment with a five-year CAGR of 9.9%, should grow from $33.8 million in 2016 to $53.9 million in 2021.
Market drivers include increasing oil and gas exploration across the globe and growing use of portable gas detectors in end-user application industries such as oil and gas, chemical, transportation, fire service, and wastewater treatment.
In the oil and gas industry, applications rose from $285.1 million in 2015 to $290.1 million in 2016, at a year-on-year (YOY) growth rate of 1.8%. Among all applications, the oil and gas sector should account for 25.1% of the global market in 2016. The rising emission of combustible gas from oil and gas exploration is this market's key growth factor.
In the chemical industry, applications increased from $135.8 million in 2015 to $141.8 million in 2016, reflecting a YOY growth rate of 4.4%. In addition, this end-user segment is expected to grow at a five-year CAGR of 4.6%, to reach $177.9 million in 2021. The increasing number of chemical manufacturing units in Asia-Pacific and Middle East countries is the key factor of market growth.
In 2016 Asia-Pacific accounted for 28.1% of the market, followed by North America (25.4%), Europe (22.8%), South America (9.9%), and the Rest of the World (13.8%).
"The Asian-Pacific market is expected to grow at a five-year CAGR of 4.9%, to reach $412.6 million by 2021," says BCC Research analyst Aneesh Kumar. "Rising demand for portable gas detectors inChinaand Japan is spurring this market's growth. Meanwhile, the increasing awareness of the commercial and residential purposes for gas detectors is growing the South American market, which should register the second-highest growth rate among all regions, a five-year CAGR of 4.7%."
Portable Gas Detection Systems: Global Markets (IAS108A) analyzes the market by major region, by detection type, by technology, and by end-user application. The report also evaluates the regulatory and safety environments. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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Portable Gas Detection Systems: Global Markets( IAS108A )
Publish Date: Oct 2016
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