San Jose, California (PRWEB) November 13, 2014 -- Follow us on LinkedIn – Demand for gas detection equipment depends on the dynamics of major end-use industries such as oil and gas, power, mining, and chemicals. Over the years, demand has been driven by increased focus on personnel protection needs triggered by growing complexities in work procedures and production processes. Increased emphasis on the importance of monitoring the environment in a given location, both from an environmental and personnel safety standpoint, further magnifies the trend. Growth is additionally supported by the rise in production, transportation and trade of dangerous chemicals, growing number of chemical accidents, encouraging economic growth in developing markets, emergence of newer application areas and sustained growth in handheld/portable gas detection equipment.
Although influenced by broad macro-economic variables, demand for gas detection equipment is relatively less volatile in relation to economic ups and downs, since companies shed unflinching focus on activities such as, safety monitoring and quality testing. Companies are increasingly earmarking adequate budgets for operational safety, given the disproportionately higher costs associated with employee/worker injuries, loss in productivity/performance, and penalties paid for violation and non-conformance to laws. Increased incidents of leaks of toxic and inflammable industrial gases and the ensuing environmental contamination and health hazards have led several governments worldwide to draft stringent industrial safety regulations to ensure safety and minimize human casualties. The enforcement of these regulations is forecast to spur upgrades of obsolete safety infrastructure thereby strengthening replacement demand for gas detection equipment.
Rising price sensitivity in key end-use markets as a fall out of the tough economic conditions in deficit ridden economies in the developed world is resulting in manufacturers increasingly focusing on developing cost-competitive products that offer superior price to performance features. Intensifying competition is also resulting in pricing pressures forcing manufacturers to focus on product customization, and channelize resources on marketing to ensure greater product availability and visibility.
As stated by the new market research report on Gas Detection Equipment, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a projected CAGR of 8.3% over the analysis period. Growth in the region is led by rapid expansion of manufacturing bases, strong industrialization and increase in adoption of international safety standards and practices.
Major players in the market include Airtest Technologies Inc., Bacharach Inc., Dräger AG & Co., ENMET Corp., ESP Safety Inc., GE Measurement & Control Solutions, Honeywell International Inc., RAE Systems Inc., Industrial Scientific Corp., Mil-Ram Technology Inc., Mine Safety Appliances Company, Schauenburg International GmbH, Sensidyne LP, Siemens AG, Sierra Monitor Corp., Status Scientific Controls Ltd., Thermo Fisher Scientific Inc., TQ Environmental Plc, Trolex Ltd., Tyco International, and Scott Safety, among others.
The research report titled “Gas Detection Equipment: A Global Strategic Business Report”, announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Middle East, and Latin America (Brazil and Rest of Latin America). Product markets analyzed include Fixed Gas Detection Equipment, Handheld/Portable Gas Detection Equipment, and Detector Tubes. End-Use sectors analyzed include Oil & Gas Extraction, Power, Chemical, and Others (including Semiconductor, Paper & Pulp, Ventilation Control, and Non-conventional end-use industries such as HVAC, Fire Rescue, and Wastewater Treatment).
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