Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global portable gas leak detector market size was valued at USD 3.03 billion in 2022 and is expected to be worth USD 3.19 billion in 2023. The market is projected to reach USD 4.78 billion by 2030, recording a CAGR of 6% during the forecast period. Fortune Business Insights™ displays this information in a report titled, "Portable Gas Leak Detector Market, 2023-2030."
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The report provides elaborate information regarding the Portable Gas Leak Detector market trends, future prospects, growth drivers, regions, and obstacles. Besides these, it highlights all the segments of the market and states the leading ones separately. It further pin-points the competition dynamics to offer comprehensive data about the competitive edge.
Why Should You Get the Sample Report?
- Gain insights into the market's current state and future projections.
- Understand the impact of the COVID-19 pandemic on Portable Gas Leak Detector Market.
- Explore the latest Portable Gas Leak Detector Industry trends and technologies driving the market.
- Learn about key factors driving market growth and potential challenges in Portable Gas Leak Detector market.
- Stay informed about government policies and initiatives shaping the industry.
- Discover the top industry players and their strategies.
A portable gas leak detector refers to a device that monitors and examines the presence of various inflammable and hazardous gases on the premises. Concerns regarding environmental pollution caused by the emission of these gases and strict government policies to reduce these emissions in industries are expected to fuel the portable gas leak detector market growth.
KEY INDUSTRY DEVELOPMENTS:
June 2023: Ion Science, a prominent gas detector manufacturer, introduced its Panther portable gas detector, a highly sensitive device to detect hydrogen and helium gases. The equipment can easily detect several gases and offer higher sensitivity.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.0% |
| 2030 Value Projection | USD 4.78 billion |
| Base Year | 2022 |
| Portable Gas Leak Detector Market Share in 2022 | USD 3.03 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 200 |
| Segments covered | By Sensor Type, Technology, Product Type, End-user, and Region |
| Portable Gas Leak Detector Market Growth Drivers | Focus on Occupational Safety and Growing Industrialization to Drive Market Growth |
| Enhanced User Interface and IoT Integration to Boost Product Demand for Commercial Use |
Report Coverage:
The research report analyzes the market in detail and highlights crucial aspects such as key product types, leading companies, and key end-users. It provides important insights into the latest market trends and industry developments. Besides the abovementioned factors, the market covers several other factors that have helped the market grow.
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List of the Companies Operating in the Market:
- Draeger (Germany)
- Bacharach (U.S.)
- Emerson Electric (U.S.)
- ABB Ltd. (Switzerland)
- General Electric (U.S.)
- Honeywell International (U.S.)
- Danfoss (Denmark)
- RIKEN KEIKI (Japan)
- PCE Deutschland GmbH (Germany)
- SENSIT Technologies (U.S.)
- Senko Co. Ltd. (Japan)
Drivers and Restraints:
Rising Concerns about Occupational Safety and Rapid Industrialization to Fuel Market Growth
Industrialization has picked up immense pace in recent years, especially in emerging economies due to their robust economic growth. However, this scenario has increased several concerns regarding occupational safety such as hazardous conditions created by gas leakage. This has prompted government agencies to enforce strict regulations to ensure occupational safety across factories, thereby driving the market growth.
However, high cost of ownership and technical limitations of portable gas leak detectors can restrict the market progress.
Market Segmentation:
Demand for Portable Electrochemical Detectors to Led to Dominance of the Electrochemical Segment
Based on sensor type, the market is classified into electrochemical, catalytic bead sensors, photo-ionization, infrared point, optical, ultrasonic, and others (semiconductor, infrared imaging, holographic).
The electrochemical segment is expected to dominate the market share due to the growing use of portable electrochemical detectors to detect gas leakage in commercial areas. These areas include public sites such as commercial complexes and shopping malls.
Single Gas Leak Detectors to Gain Traction due to their High Precision Capabilities
Based on technology, the market is segregated into single gas and multi gas. The single gas segment is set to dominate the global market share as these devices offer high precision while detecting the presence of gas to facilitate effective processing and piping.
Non-Wearable Detectors to Witness Robust Demand due to Growing Gas Infrastructure
By product type, the market is categorized into wearable and non-wearable. The non-wearable segment may dominate the market as the gas infrastructure is expanding across the world to cater to the growing demand for various gases for industrial and commercial purposes.
Oil and Gas Segment to Increase Product Use due to Growing Commercial Infrastructure for Oil & Gas Exploration
Based on end-user, the market covers oil and gas, energy and power, electronics, steel, shipbuilding and shipping, firefighting and rescue, civil engineering and construction, others. The oil and gas segment may dominate the market in the future as commercial and industrial infrastructures are being expanded to carry out oil & gas exploration activities.
With respect to region, the market covers North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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Regional Insights:
Asia Pacific to Dominate the Market sue to Expansion of Gas Infrastructure
Asia Pacific is predicted to grow at a substantial rate and may hold the largest portable gas leak detector market share due to notable expansion of gas infrastructure in developing countries such as Japan and China. Another factor that is contributing to the regional market growth is the rapid economic growth showcased by India due to its switch over to Liquefied Natural Gas (LNG). These factors will boost the demand for portable gas leak detectors in the APAC region.
Europe is expected to grow at a steady rate as many countries across the region are highly dependent on the gas industry for energy generation.
Competitive Landscape:
Diversification Strategies Used by Key Players to Help them Maintain their Market Dominance
Some of the key market players are using diversification strategies to expand their product range and customer base. oil & gas, steel, construction, and energy & power sectors are implementing product diversification strategies to cater to a wider range of clients.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Portable Gas Leak Detector Key Players Market Share/Ranking, 2022
- Global Portable Gas Leak Detector Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Sensor Type
- Electrochemical
- Catalytic Bead Sensors
- Photo-ionization
- Infrared Point
- Optical
- Ultrasonic
- Others (holographic, etc.)
- By Technology
- Single Gas
- Multi-Gas
- By Product Type
- Wearable
- Non Wearable
- By End Users
- Oil and Gas
- Energy and Power
- Electronics
- Steel
- Shipbuilding and Shipping
- Firefighting and Rescue
- Civil Engineering and Construction
- Others (laboratory, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Portable Gas Leak Detector Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Sensor Type
- Electrochemical
- Catalytic Bead Sensors
- Photo-ionization
- Infrared Point
- Optical
- Ultrasonic
- Others (holographic, etc.)
- By Technology
- Single Gas
- Multi-Gas
- By Product Type
- Wearable
- Non Wearable
- By End Users
- Oil and Gas
- Energy and Power
- Electronics
- Steel
- Shipbuilding and Shipping
- Firefighting and Rescue
- Civil Engineering and Construction
- Others (laboratory, etc.)
- By Country (USD)
- The U.S.
- By End Users
- Canada
- By End Users
- Mexico
- By End Users
- The U.S.
- Europe Portable Gas Leak Detector Market Size Estimates and Forecasts, By Segments, 2019-2030
To be Continue…
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