Maylene, Alabama observed enormous gas leak on September 9, 2016. The gas leak was revealed where approximately 336,000 gallons of refined gas was leaked into containment ponds and onto the ground. This led to the extensive financial loss in and around the region. In the same year, Southern California experienced a colossal gas leak that impacted thousands of residents in Aliso Canyon.
This facilitated Obama to lock down on methane emissions from oil and natural gas wells. These perilous occurrences have fueled the adoption of gas leak detectors across the world. The global market is likely to cross US$ 1,700 million over the forecast period of 2016-2024. It is expanding at the lucrative CAGR of over 5% during the aforementioned period of time.
Escalation of end-users markets such as petrochemicals, oil & gas, and chemicals is likely to drive the market demand in the coming years. Production of several oil refineries along with rising natural gas exploration activities could significantly drive the Asia-Pacific gas leak detectors market further. Also, accelerating gas leak detectors systems in residential as well as commercial spaces will positively impact the demand for gas leak detectors.
Asia-Pacific’s Demand for Gas Leak Detectors to Boost Further
Based on value, China accounted for the biggest market share in 2015. This owes to the robust existence of the chief end-use industries in the nation. The gas leak detectors market in China is anticipated to sustain its prominent position throughout the forecast period. For the time being, India and ASEAN countries will experience moderate growth for gas leak detectors market. Japan will follow China in terms of shares. Although, it may further see sluggish growth.
Operational processes in oil & gas chemical industries encompass high volume of harmful gasses, therefore, the industries need to keep high level of security or workers. The gas leak detectors demand in industrial sector is the maximum. Although, the rising demand for gas leak detectors in automotive and mining manufacturing may negatively impact the industrial zone further. The segment may lose 40 BPS in the upcoming years.
The industrial segment will procure over US$ 500 million during the predictable period with the lucrative CAGR of 5.8%. On the other hand, commercial and establishment segment is likely to reach US$ 30 million during the forecast period. It will rise at the CAGR of 5.8%.
The Advancements Leading To the Market Expansion
Top most players in the gas leak detectors market are developing detectors with larger features. They are emphasizing on creation of detectors with data logging and recording, wireless connectivity, streamlined compliance reporting, and full tracking capabilities.
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Detectors nowadays are used to detect multiple gasses. Therefore, portable gas leak detectors today are also used for mobile testing of gigantic manufacturing plants and as personal protective devices in several industry verticals. Gas leak detection systems are also used for observation as drone in specific areas. Gas leak detection could work as drones built-in with gas leak detection systems in extremely hazardous and isolated regions.