Global safety prioritized: Gas Detection Equipment Market to exceed USD 9.28 billion by 2030. Regulatory compliance fuels demand for workplace safety.

AUSTIN, TEXAS, UNITED STATES, January 30, 2024 /EINPresswire.com/ --

Gas Detection Equipment Market to Surpass USD 9.28 Bn by 2030 owing to the global focus on workplace safety and stringent regulations driving the adoption of advanced gas detection technologies.

In the pursuit of creating safer workplaces globally, the Gas Detection Equipment Market is on an upward trajectory, poised to exceed USD 9.28 billion by 2030. The driving force behind this growth lies in the increasing worries of employees about their safety. Regulatory bodies such as the Occupational Safety and Health Administration (OSHA) and the Health and Safety Executive have played a pivotal role in shaping the market landscape by implementing stringent rules for gas detection equipment usage.

The recently released SNS Insider report unveils that the Gas Detection Equipment Market, valued at USD 4.53 billion in 2022, is expected to witness substantial growth, reaching USD 9.28 billion by 2030. The market is anticipated to grow at a CAGR of 9.36% over the forecast period 2023-2030. This growth is underpinned by the increasing need for gas detection technology, driven by government efforts globally to limit methane emissions from oil and gas. Methane detection, particularly with infrared gas detection sensors, has become crucial in evaluating effectiveness and safety across various applications, from transportation to power generation.

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► Market Report Scope

The Gas Detection Equipment Market is witnessing a surge in demand due to the rising focus on safety in workplaces globally. Governments worldwide are actively investing in measures to reduce emissions from the oil and gas sector, driving the need for effective gas detection solutions. The integration of Internet-of-Things (IoT) and cloud computing in gas detection systems is opening new avenues for market growth, providing real-time monitoring and data analysis capabilities.

The market's expansion is not only limited to traditional gas detection methods but extends to innovative technologies like Infrared (IR) camera-based gas detectors. These cameras, utilizing infrared technology, offer a heightened ability to detect flammable gases not visible to the naked eye. IR camera-based detectors have witnessed a surge in demand, particularly due to their remote monitoring capabilities and effectiveness in identifying gas leaks in pipelines, enhancing overall process efficiency.

► Market Analysis

The proliferation of handheld devices has driven significant developments in gas sensors, detectors, and analyzers, expanding their application scope across various end-user segments. Metal oxide gas sensors, known for their versatility in detecting reactive gases, find applications in clinical assaying, environmental emission control, explosive detection, agricultural storage, shipping, and workplace hazard monitoring.

Governments globally, in line with their commitment to reduce greenhouse gas emissions, are adopting stringent regulations. The European Union's ambitious goal of achieving net-zero greenhouse gas emissions by 2050 is propelling the adoption of gas detectors. Governments are making substantial investments in research and development to develop advanced monitoring, measurement, and mitigation technologies, exemplified by the USD 32 million funding by the US Department of Energy in August 2022.

► Segment Analysis

The fixed gas detectors segment takes the lead, accounting for over 65.0% of the global revenue. The demand for safe working environments and the benefits offered by fixed gas detectors, such as low sample requirements and real-time monitoring capacity, contribute to their dominance. The integration of wireless technology further fuels their growth, facilitating efficient monitoring and data analysis. In the realm of technology, the infrared gas detection technology segment commands a significant share, accounting for over 26.9% of the global revenue. Infrared gas detectors, known for their almost maintenance-free nature and imperviousness to contamination, are widely used for detecting flammable gases.

► Growth Factors

• The primary driver behind the escalating demand for gas detection equipment is the growing concern for employee safety globally. As awareness increases about the potential hazards associated with exposure to hazardous gases in workplaces, industries are actively investing in advanced gas detection technologies. Employees, as well as regulatory bodies, are pushing for the implementation of robust safety measures, placing gas detectors at the forefront of workplace safety initiatives.

• Regulatory agencies such as the Occupational Safety and Health Administration (OSHA) and the Health and Safety Executive have instituted stringent rules governing the use of gas detection equipment. Compliance with these regulations is non-negotiable for industries aiming to create secure working environments. The need to adhere to safety standards and avoid potential legal consequences is driving the widespread adoption of gas detection solutions across diverse sectors.

► Regional Dynamics

Asia Pacific emerges as the dominant force in the gas detection equipment market, accounting for over 32.5% of the global revenue. The region's preference for portable gas detectors, driven by their ease of use and flexibility, contributes to its leadership. Advances in sensor technology and the development activities of oil corporations in the region, such as China's National Offshore Oil Corporation and India's Oil & Natural Gas Corporation, further boost the market's demand.

► Key Takeaways

• Increasing concerns for employee safety and stringent safety regulations globally are driving market growth.

• Advancements in technology, including IoT and cloud computing integration, are shaping the market's trajectory.

• The proliferation of handheld devices, government initiatives to reduce emissions, and a focus on workplace safety are significant growth factors.

► Recent Developments

In August 2022: Riken Keiki Co., Ltd. introduced the GX-Force, a portable four-gas detector designed to swiftly and dependably detect critical gases. With a primary focus on combustible gases, oxygen levels, carbon monoxide, and hydrogen sulfide, the GX-Force stands as a versatile and indispensable tool in advancing workplace safety.

Buy the Complete Report of Gas Detection Equipment Market (2023-2030): https://www.snsinsider.com/checkout/1184

Table of Contents [TOC]
1.Introduction
2.Research Methodology
3.Market Dynamics
4.Impact Analysis
5.Value Chain Analysis
6.Porter’s 5 forces model
7.PEST Analysis
8.Gas Detection Equipment Market Segmentation, By Product
9.Gas Detection Equipment Market Segmentation, By Technology
10.Gas Detection Equipment Market Segmentation, By End-user
11.Regional Analysis
12.Company Profile
13.Competitive Landscape
14.Conclusion

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