The global gas detection equipment market is expected to reach a value of US$ 5,537.56 Mn by 2026, expanding at a CAGR of 4.7% from 2018 to 2026. Volume share of the global gas detection equipment market is expected to reach 5,435.66 thousand units by 2026, at a CAGR of 4.1%, during the forecast period. Asia Pacific held a prominent share of the global gas detection equipment market in 2017.
Adoption of gas detection equipment has increased throughout the world due to government regulations and environmental safety and security standards implemented across applications such as emergency services, water treatment, chemicals & specialty chemicals, mining, food & beverages, power, building automation & construction, and others. Demand for gas detection equipment is also increasing in order to maintain good air quality, identify hazardous gases, especially in commercial buildings, and avoid critical incidents or situations. This is expected to drive the gas detection equipment market during the forecast period. Furthermore, rising number of distributors across regions such as Asia Pacific, Middle East & Africa, South America and North America is expected to boost the adoption of gas detection equipment during the forecast period. As such, these factors are anticipated to drive the gas detection equipment market during the forecast period. However, entry of new players in the market offering competitive prices has compelled established players to offer their products at reduced prices too, thereby hampering their profit margins, resulting in decline in investment in the market during the forecast period.
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In terms of gas type, the toxic gas detection equipment segment is expected to maintain its leading market share owing to factors such as increasing adoption of gas detectors in shale gas exploration and rising awareness regarding risks associated with hazardous gases.
By technology, the multi-gas detection equipment segment is expected to exhibit the dominant CAGR during the forecast period as these monitors can detect different gases simultaneously and help comply with the confined space regulations and worker safety guidelines.