The Global Gas Leak Detector Market Is Estimated to Witness High Growth Owing to Increased Demand from Oil & Gas Industry and Growing Concern for Public Safety
The global gas leak detector market is estimated to be valued at USD 27.12 Bn in 2024 and exhibit a CAGR of 3.9% over the forecast period (2024-2031). Growing demand from the oil and gas industry coupled with rising concerns for public safety from gas leaks are some of the key factors driving the market growth. Furthermore, stringent government regulations regarding workplace safety are further propelling the demand for gas leak detectors.
Market Dynamics:
Increasing investments in oil and gas exploration activities: Rising energy demand globally has prompted increased investment in oil and gas exploration and production activities. As gas leak detectors are an integral part of safety protocols in oil and gas industry, increasing upstream and downstream activities are expected to boost the demand for gas leak detectors.
Growing concern for public safety: Gas leaks, if not detected on time can lead to fires, explosions and other accidents posing risk to human life. Thus, growing importance of public safety is forcing industries and factories to deploy gas leak detection systems, thereby fueling the market growth.
Increased Industrial Safety Regulations is driving the Demand for Gas Leak Detectors
Government safety regulations around the world have been increasing over the years to protect workers from hazardous industrial environments. Gas leaks can cause dangerous explosions and poison the air if not detected on time. Many countries U.S., Canada now mandate the use of gas detection equipment in industrial facilities like oil and gas plants, chemical factories, waste processing units etc. to monitor the air quality. This has led to a surge in demand for gas leak detectors that can sense toxic and combustible gases and alert workers about gas leaks.
High Cost of Advanced Gas Detectors Limit
While advanced gas leak detectors offer superior functionalities like wireless connectivity and multi-gas detection, their high price tag restricts their mass adoption especially in cost-sensitive end-use industries and residential applications. Traditional single-gas detectors that just sense one type of gas are much more affordable but have limitations. The expense of frequently replacing sensors also adds to the overall cost of advanced detectors' ownership.
Growing Electricity Demand Provides Opportunity for Smart City Gas Monitoring
With urbanization on the rise, cities worldwide are facing escalating electricity needs to power their infrastructure and growing populations. This drives investments into new power plants, transmission lines and smart grid modernization projects. Ensuring safety across expanded and upgraded electricity networks necessitates intelligent gas monitoring systems. Smart city gas detectors networked to a central control room have the potential to detect leaks before they cause outages or hazards.
Lack of Standardization Hinders Interoperability of Gas Detection Equipment
Currently, there is lack of common connectivity standards for gas detectors and their integration with central control and alarm systems. Most equipment uses proprietary protocols, preventing seamless data exchange. This results in interoperability issues if different brand detectors need to communicate with each other or existing control infrastructure during an emergency. The vendor lock-in hampers flexible procurement decisions for end-users.
Growing E-Commerce and IoT Provides Market Opportunities
E-commerce is disrupting traditional distribution channels across multiple industries Ecommerce, IT, and others by enabling direct online sales. The gas detector market remains untapped from an e-commerce perspective with most vendors still reliant on local distributors and resellers for equipment supply. An established e-commerce business model focused on gas monitors presents a new sales avenue.
Link: https://www.coherentmarketinsights.com/market-insight/gas-leak-detector-market-2096
Key Developments:
- In January 2024, Emerson launched the Branson™ Series GMX-Micro, a line of high-precision ultrasonic metal welders comprising features of a new computerized operating system, multiple power levels and configurations, advanced controls, and improved connectivity.
- In February 2024, ABB acquired SEAM Group, involved in providing energized asset management and advisory services to clients across commercial as well as industrial building markets. The acquisition complemented ABB’s Electrification Service division, carrying significant further expertise in the areas of preventive, corrective maintenance, predictive, renewables asset management advisory services, and electrical safety.
Key Player:
MSA - The Safety Company, Honeywell International Inc., Drägerwerk AG & Co. KGaA, Testo SE & Co. KGaA, PSI Software AG, BRIDGER PHOTONICS, Siemens, Xylem Inc., Emerson Electric Co., Schneider Electric SE, Industrial Scientific, Yokogawa Electric Corporation, and Halma plc
