The increasing popularity of natural gas detectors in the residential and commercial segment and growing demand for wireless gas detectors are the major factors boosting the demand for portable gas detectors across the globe. Analyzing the overall market, the research study presented by Transparency Market Research forecasts the Global Portable Gas Detection Equipment Market to exhibit a healthy 4.80% CAGR between 2015 and 2023. The market was valued at US$1.145 bn in 2014 and is estimated to reach a value of US$1.74 bn by the end of 2023.
Growing Concerns About Safety Expected to Fuel Growth of Portable Gas Detection Equipment Market
The detection of gas leaks became a major concern soon after the harmful effects of certain gases on human health and environment were discovered. Many decades ago, in coal mines, miners would bring a Canary, which would stop singing once if it sensed the presence of any harmful gas such as SO2, H2S, CO, NH3, O2, SO2, CI2 signaling the miners to evacuate the place. As technology advanced, portable gas detectors were introduced for use in mines to avoid any life-threatening situation.
Furthermore, several innovative features are being added to the gas detection equipment, including full-screen displays to make the best use of the space for alarms and other relevant messages. On the other hand, in the last few years, insurance companies have mandated the installation of gas detection equipment for a company to claim damages. The insurance companies are further providing incentives for monitoring and maintaining contracts with the installed systems. This is estimated to drive the global gas detection equipment market.
Portable detectors are commonly worn on a harness, a belt, or on clothing and are usually battery operated. These portable gas detectors transmit warnings via visible or audible signals, including flashing lights and alarms, when they detect the presence of gas in the surrounding aura. The growing concerns regarding safety and occupational health regulations and rising demand for wireless gas detectors in diverse application sectors are the key factors augmenting the growth of the global market.
Low Awareness Regarding Portable Gas Detection Equipment to Dampen Growth of Market
The portable gas detection equipment market has been gaining traction in the last few years and is anticipated to grow substantially in the next few years. Portable gas detection equipment finds application in diverse sectors such as mining, oil and portable gas, building automation, industrial, and others. Among these, the industrial sectors account for the highest demand for portable gas detection equipment.
In addition, the increasing adoption of wearable gas detection equipment is projected to offer significant growth potential to the global market for portable gas detection equipment in the near future. On the flip side, the low awareness regarding portable gas equipment is one of the key factors hampering the growth of the market. Moreover, it further receives intense competition from fixed gas detection equipment, which is mostly installed in major locations.