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Gas Detection Equipment Market to Witness Significant Growth of $5.56 bn with an Impressive CAGR of 4.7% by 2027

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Gas Detection Equipment Market to Witness Significant Growth of $5.56 bn with an Impressive CAGR of 4.7% by 2027

November 03
18:25 2021
Gas Detection Equipment Market to Witness Significant Growth of $5.56 bn with an Impressive CAGR of 4.7% by 2027
Gas Detection Equipment Market
Gas detection equipment market is expected to grow with a CAGR of 4.7% from 2019 to 2027, Increasing awareness towards the worker safety in manufacturing units including medical, oil & gas, mining, refining, and other industries is expected to boost the market growth

Global gas detection equipment market is expected to grow with a CAGR of 4.7% from 2019 to 2027 and expected to reach the market size of US$ 5.56 bn in 2027.

Mining, oil and gas, and constructions are some of the industries where a gas leakage can wreak havoc at the manufacturing facility. It leads into damage of workplace and can suffocate the workers to death. To reduce this risk, businesses are incorporating various safety measures that can come in handy during such emergency. However, the best protection for the workers is to have an early warning and real-time alerting solution. These solutions can notify the workers about the gas leakage, as soon as, it happens. This provides crucial time to the workers to either control and stop the leakage, or vacate the area. These security measures are also a crucial factor responsible for the consistent growth of global gas detection equipment market.

Asia Pacific Is the Largest Market

In terms of region, Asia Pacific accounted for the major share in the global gas detection equipment market. Growing industrialization in India and China is a key factor of this market growth. Furthermore, growing safety regulations, and stringent policies by the government to ensure the safety of the workers is also boosting the prominence of Asia Pacific in the global gas detection equipment market from 2019 to 2027.

Asia Pacific Expected To Grow With A Higher Growth Rate, Major players operating in the global gas detection equipment market are – Dragerwerk AG & Co., ESP Safety Inc., Troloex Ltd., Industrial Scientific Corp., MSA Safety Inc., Sensidyne, RAE Systems Inc., GE Measurement & Control Solution, Schauenburg Group, Honeywell International Inc., Siemens AG, Riken Keiki Co. Ltd., SE Electronics.

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Increasing Product Adoption Rate Will Drive Gas Detection Equipment Demand

Companies are changing their safety norms to ensure the safety of their employees. This pursuit of safety is stimulating major adoption of several safety equipment. This factor is driving the adoption rate of gas detection equipment at global level. However, the demand for gas detection equipment has significantly spiked in recent years, especially in industries, where workers have to work in confined and hazardous spaces. This adoption is the major factor that is anticipated to boost the growth of global gas detection equipment market from 2019 to 2027.

Strict Government Regulation Will Boosts the Growth

Major factor driving the market growth is stringent regulations formulated by the governments of countries like the U.S. China, India, and the U.K. Furthermore, the growth of the market is also attributed to growing developments in mining, and oil & gas industries which require advanced gas detection equipment for the safety of the workers.

In terms of geography, global gas detection equipment market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America, among them, holds supremacy in the gas detection equipment market. Stringent government regulations for workplace safety in several countries of the region is the primary factor behind the lead position of North America. However, over the forecast period between 2019 and 2027, Asia Pacific is anticipated to display the leading CAGR in the gas detection equipment market.

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Oil and gas, constructions, and mining are several industries with high probabilities of gas leakage, which can result into severe damage to workplace and employees at the manufacturing facilities. In some critical cases, there is possibility of workers demises due to suffocation. In order to avoid or minimize such situations, several businesses across the globe are increasing focus on incorporating different safety measures such as gas detection equipment.

The popularity of gas detection equipment is increasing across varied industrial verticals owing to their ability to offer best protection to the workers, as these equipment give timely warning and real-time alerts on the incidents of gas leakage. As a result, the employees at work places get crucial time needed to either vacate the area or control and stop the leakage. Thus, surge in the adoption of these equipment is projected to work as one of the key drivers of the global gas detection equipment market.

The government bodies of many nations including China, the U.S., the U.K., and India have incorporated several stringent laws for workers safety. This factor is boosting the demand for gas detection equipment. Furthermore, the expansion of many industries like oil & gas and mining, which need sophisticated gas detection equipment to ensure the workers safety, is expected to fuel the growth opportunities in the global gas detection equipment market in the years to come.

At present, single gas detection and multi gas detection are the major technologies available in the market for gas detection equipment. Many organizations across the globe are making amendments in their safety standards in order to advance the safety of their workers. This scenario is resulting into increased adoption of different types of safety equipment, including gas detection equipment. This factor, in turn, is boosting the market growth.

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In recent few years, there is surge in demand for gas detection equipment from several industries in which the employees are required to work in unsafe and confined spaces. This factor is working as important driver for the expansion of companies operating in the gas detection equipment market.

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