North American Gas Detection Equipment Market 2019-2023: Compliance of Stringent Regulations will Remain the Prerequisite Force, Driving Demand in the Market - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 24, 2019--
The “North American Gas Detection Equipment Market, Forecasts to 2023” report has been added to ResearchAndMarkets.com’s offering.
The North American gas detection market is mature and generated revenue of $886.0 million in 2018. Stringent regulations and shifting technological preference are driving the demand for gas detection in the market. The market is expected to reach $1,040.0 million by 2023 and is expected to grow at a CAGR of 3.3% between 2018 and 2023.
Fixed gas detectors contribute to 52% of the total North American gas detection market. In 2018, it generated $460.4 million and is poised to reach $539.9 million by 2023, growing at a CAGR of 3.2% over the next five years.
Combustible gas detectors are the preferred sensors within fixed gas detectors, and infrared (IR) detectors are expected to boost this market. Their accuracy and low maintenance cost are the key driving factors. Steady recovery of oil & gas industry, coupled with growth in shale gas exploration, will significantly increase the usage of fixed gas detectors to be deployed in the market during the forecast period.
Portable detectors are used across industries, mainly in the oil & gas and chemicals & petrochemicals industries. The outlook for these industries in North America is promising, thereby assuring greater demand of these devices in the forecast period Portable gas detectors acquired 43.7% of the total revenue generated by the gas detection market. In 2018, the segment generated revenue of $387.6 million. Portable gas detectors are poised to grow at a CAGR of 3.5% between 2018 and 2023, and it is expected to reach $460.1 million by 2023. Ease of use, compact size, and mobility are factors driving the demand for portable gas detectors in the region. Multi-gas portable gas detectors are predicted to grow strongest within the segment, primarily because of their ability to detect multiple gases with a single device.
The top 3 manufacturers acquired a market share of 57% to 62% in terms of total revenue generated in the North American market. Honeywell leads the total North American gas detection equipment market, with a market share of 24% to 26%, followed by MSA with a share of 23% to 24% and Industrial Scientific with a share of 10% to 12%. Investment in R&D to develop innovative products, coupled with strategic acquisitions, remains as key enabler to lead the market in the forecast period.
The North American gas detection market has experienced steady technological innovation. All manufacturers have to remain nimble in adapting the shifting preference of end users to maximize their share in the region.
Few Notable acquisition and mergers include Fortive acquisition of Industrial Scientific and 3M acquisition of Scott Safety in 2017, MSA acquisition of Senscient, Inc in 2016, and Honeywell acquisition of RAE Systems in 2013.
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. Drivers and Restraints - Total Gas Detection Equipment Market
4. Forecast and Trends - Total Gas Detection Equipment Market
5. Market Share and Competitive Analysis - Total Gas Detection Equipment Market
6. Growth Opportunities and Companies to Action
7. Fixed Gas Detection Equipment Market
8. Portable Gas Detection Equipment Market
9. Detector Tubes Market
10. The Last Word
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Related Topics:Gas and Chemical Sensors
KEYWORD: NORTH AMERICA
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS OTHER MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 05/24/2019 02:26 PM/DISC: 05/24/2019 02:26 PM