The increasing use of industrial gases such as argon, helium, and nitrogen in various manufacturing industries is predicted to drive up demand for gas leak detectors. Furthermore, the growing usage of gases in refrigeration and HVAC operations in automotive applications is likely to create significant potential prospects for market participants in the near future. Low profit owing to strong rivalry among market participants is one of the primary factors constraining growth in the global gas leak detector market. Because of the existence of domestic and international market competitors, the global gas leak detectors market is extremely fragmented. The market is restrained by low profit margins as a result of severe competition and a scarcity of highly skilled workers.
According to Coherent Market Insights, the global Gas Leak Detector Market was valued at US$ 3,138.2 Mn in 2020 and is expected to reach US$ 4,718.4 Mn by 2028 at a CAGR of 5.6% between 2021 and 2028.
Top Companies in the Gas Leak Detector Industry:
1. MSA - The Safety Company
The company offers its product under the V-Gard, Cairns, and Gallet brand names. MSA Safety Incorporated was founded in 1914 and is based in Cranberry Township, Pennsylvania. MSA Safety Incorporated develops, manufactures, and supplies safety products and software that protect people and facility infrastructures in the oil, gas, petrochemical, fire service, construction, industrial manufacturing applications, heating, ventilation, air conditioning and refrigeration, utilities, military, and mining industries in North America, Latin America, and internationally.On july 2021, MSA Safety Completes Acquisition of Bacharach, Inc.; A Leader in Heating, Ventilation, Air Conditioning and Refrigeration (HVAC-R) Leak Detection.
2. Honeywell International Inc.
The company was founded in 1885 and is headquartered in Charlotte, North Carolina. Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide. On December 2021, Honeywell announced To Acquire US Digital Designs, Inc., Expanding Public Safety Communications Capabilities
3. Drägerwerk AG & Co. KgaA
Drägerwerk AG & Co. KGaA operates as a medical and safety technology company in Europe, the Americas, Africa, Asia, and Australia. The company develops, produces, and markets system solutions, equipment, and services for acute point of care, including emergency care, perioperative care, critical care, and perinatal care. Drägerwerk AG & Co. KGaA was founded in 1889 and is headquartered in Lübeck, Germany. Drägerwerk AG & Co. KGaA operates as subsidiary of Stefan DrÄGer Gmbh. Drägerwerk AG & Co. KGaA completed the acquisition of unknown majority stake in UAX on May 2021.
4. Testo SE & Co. KGaA
Sto SE & Co. KGaA engages in the manufacture and sale of products and systems for building coatings in Europe, the United States, the Asia Pacific, and internationally. The company is headquartered in Stühlingen, Germany. Sto SE & Co. KGaA is a subsidiary of Stotmeister Beteiligungs GmbH.
5. PSI Software AG
PSI Software AG develops and sells software systems and products for the energy supply, production, infrastructure, software technology, internet applications, and business consultancy sectors worldwide. The company operates through two segments, Energy Management and Production Management. The Energy Management segment provides intelligent solutions for utility companies in the electricity, gas, oil, and water sectors, as well as for the district heating sector. PSI Software AG was founded in 1969 and is headquartered in Berlin, Germany. NEPLAN AG acquired by PSI Software AG
6. BRIDGER PHOTONICS
Bridger Photonics, Inc. ("Bridger") announced on November 2022, that it has received the 2022 Distribution Technology of the Year Award from the ONE Future Coalition of energy industry members. Located in Bozeman, Montana, Bridger Photonics, Inc. provides aerial methane detection, localization, and quantification across the natural gas value chain. Gas Mapping LiDAR was developed using funding from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy and won an R&D100 Award in 2019 for the technology. The company was founded in 2006.
7. Siemens
Siemens Aktiengesellschaft, a technology company, focuses in the areas of automation and digitalization in Europe, Commonwealth of Independent States, Africa, the Middle East, the Americas, Asia, and Australia. It operates through Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, and Siemens Financial Services segments. Siemens Aktiengesellschaft was founded in 1847 and is headquartered in Munich, Germany.
8. Emerson Electric Co.
Emerson Electric Co., a technology and engineering company, provides various solutions for customers in industrial, commercial, and consumer markets in the Americas, Asia, the Middle East, Africa, and Europe. The company operates through Automation Solutions, AspenTech, and Commercial & Residential Solutions segments. On Oct. 31, 2022 Emerson announced a definitive agreement under which it will sell a majority stake in its Climate Technologies1 business to private equity funds managed by Blackstone (“Blackstone”) in a transaction valuing Climate Technologies at $14.0 billion.
9. Schneider Electric SE
The company was founded in 1836 and is headquartered in Rueil-Malmaison, France. Schneider Electric S.E. engages in the energy management and industrial automation business worldwide. On January 2022, Schneider Electric, the leader in the digital transformation of energy management, automation, and sustainability today announced that it has acquired start-up climate-tech platform Zeigo to enhance the company’s digital capabilities in energy, sustainability, and environmental commodity consulting.
*Definiton- A gas leak detection system ensures workplace safety by alerting workers to the presence of flammable gases, poisonous gas exposure, and a shortage of oxygen in a specific location. Fixed gas detectors and portable gas detectors are the two primary types of gas leak detectors.
