Strong demand from oil & gas and chemical industries is expected to drive the APAC gas leak detectors market over the forecast period
With the growth of oil and gas industries as well as the chemical industry, the APAC gas leak detectors market is expected to register a CAGR of 5.8% over the forecast period to reach nearly US$ 1,700 Mn by the end of 2024. The APAC gas leak detectors market is projected to represent incremental opportunity of more than US$ 600 Mn between 2016 and 2024. Growing demand for gas leak detectors in automotive manufacturing plants, mining, iron and steel, etc. is expected to drive the market over the forecast period.
APAC Gas Leak Detectors Market Analysis and Forecast, by Application
Industrial segment is expected to dominate the APAC gas leak detectors market owing to high sales in oil & gas and chemical industries
Oil & gas and chemical industries need to maintain a high level of security and safety for workers due to the high amount of harmful gases involved in the operational processes. The industrial segment accounted for over 70% of the APAC gas leak detectors market in 2016. However, owing to an increasing use of gas leak detectors in end use industries such as mining and automotive manufacturing, the industrial segment is anticipated to lose 40 BPS between 2016 and 2026. In the treatment of waste water and in iron and steel plants, the demand for gas leak detectors is expected to grow gaining 40 BPS between 2016 and 2024.
APAC Gas Leak Detectors Market Absolute $ Opportunity Analysis, by Application
The industrial segment is expected to create total incremental opportunity of nearly US$ 500 Mn between 2016 and 2024. The segment is projected to reach market value of nearly US$ 1,300 Mn by 2024 end, registering a CAGR of 5.8%.
Commercial & Establishment
The commercial and establishment segment is anticipated to witness a CAGR of 5.8% and is expected to create total incremental opportunity of nearly US$ 30 Mn between 2016 and 2024. The segment is likely to represent a share of 4.1% of the total incremental opportunity created between 2016 and 2024.
The residential segment, registering a CAGR of 5.9%, is projected to create total incremental opportunity of nearly US$ 10 Mn between 2016 and 2024, representing a share of 1.5% of the total incremental opportunity created between 2016 and 2024.
APAC Gas Leak Detectors Market Attractiveness, by Application
Involvement of various government organizations for personnel safety in mining is expected to drive the market of the others segment over the forecast period
The industrial segment of the APAC gas leak detectors market is expected to be a relatively attractive segment in terms of value share and incremental opportunity over the forecast period owing to high utilization of gas detectors in oil and gas as well as in chemical industries. The others segment comprising waste water treatment, iron and steel, mining, etc. is estimated to record a CAGR of 6.2% due to high awareness among workers, and government standards and organizations such as Coal Mine Safety Bureau and China Coal Research Institute. The commercial and establishment segment is mainly driven by the demand for gas leak detectors in hospitals or laboratories and in the basement of shopping malls, movie theatres, etc.
Market Trend: Increasing Use of Portable Gas Leak Detectors
Manufacturers are focused on the development of gas leak detectors with advanced features such as wireless connectivity to a central office, data logging and recording, full tracking capabilities, and streamlined compliance reporting. Advanced portable gas leak detectors are finding increasing application as personal protective devices in various industries and also for mobile testing of widespread manufacturing plants. This is mainly due to the ability of these detectors to detect multiple gases and store data for analysis.
Use of drones for gas leak detection is an upcoming trend
Gas leak detection systems are being installed on drones for gas leak surveillance in specific areas. In extremely hazardous areas and difficult-to-reach areas, gas leak detection could be made possible by the use of drones fitted with gas leak detection systems. Drones could be able to communicate a combination of infrared and visual views in real time, enabling the participation of many professionals in gas leak detection across geographical locations.
Persistence Market Research presents a comprehensive and detailed review of the Asia Pacific gas leak detectors market in a new publication titled “Gas Leak Detectors Market: Asia Pacific Industry Analysis and Forecast, 2016 – 2024”. The report delves into different markets spread across the region in order to fetch out crucial and relevant information about the Asia Pacific gas leak detectors market. The report was crafted by collating data related to the markets in key countries across the Asia Pacific region by the different market segments based on product type, technology and application. The report highlights key trends, drivers and restraints that are expected to affect the ecosystem of the APAC gas leak detectors market. The study provides data for 2015 along with a comprehensive market forecast for the period 2016 - 2024.
By Product Type
To understand and assess market opportunities, the APAC gas leak detectors market report is categorically split into different sections based on market segmentation – by product type, by application, by technology and by country. The report starts with an executive summary followed by research methodology and market overview. The executive summary provides a bird’s eye view of the gas leak detectors market in the APAC region. The report further highlights the key growth drivers, restraints and trends that are likely to influence the growth and performance of the APAC gas leak detectors market. The analysis section of the report presents an overview of the anticipated market growth considering the various factors that are likely to impact the market share by product type, technology, application and countries. This section of the report projects the potential of the overall market based on both value and volume. The subsequent sections of the report provide a comprehensive analysis of the APAC gas leak detectors market at a country level thereby highlighting growth potentials for each of the countries in terms of value and volume. The competitive landscape section of the report includes profiles of some of the leading market players and presents an evaluation of their strategies and highlights some of their key developments in the APAC gas leak detectors market space. This section also includes a dashboard view of the competitive landscape and tier-wise company market share assessment.
Persistence Market Research has employed an elaborate research methodology encompassing extensive secondary research and in-depth primary research followed by data triangulation in order to ascertain the overall APAC gas leak detectors market size. The experienced team of analysts has gathered relevant market insights and data by means of primary interviews with key manufacturers operating in the APAC gas leak detectors market. The data gathered through primary and secondary research is validated using various statistical methods and triangulation techniques in order to present appropriate market value and volume. Moreover, weighted average prices of gas leak detectors have been considered in order to arrive at appropriate market size.
In addition to highlighting the volume and value figures, year-on-year growth rates for respective countries across various segments of the market have been analyzed in terms of market share and basis point share (BPS) analysis to understand relative contribution of individual segments to overall market growth. The report also analyzes the market based on absolute dollar opportunity, which from a sales perspective is essential to identify potential resources in the market. Persistence Market Research has also developed a unique market attractiveness index to understand the key market segments in terms of their performance and growth and to enable market players to identify opportunities in the APAC gas leak detectors market.