2014-02-21 13:14:02 - Gas Detection Equipment: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
The global Gas Detection Equipment market is projected to reach US$2.9 billion by 2018, driven by technology developments and stringent environmental mandates.
Demand for gas detection equipment depends on the dynamics of major end-use industries such as oil and gas, power, 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. Growing 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 gains in developing markets, emergence of newer application
areas and sustained growth in handheld/portable gas detection equipment. Emerging application areas poised to open up newer avenues for growth include space applications, wastewater treatment, aerospace, emergency response, and other confined spaces in industrial settings like underground utility vaults, pipelines, wells and sewers, automobile parking places, among others.
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. Innovative product strategies include focus on the manufacture of cost-effective, low-maintenance, multi-purpose equipment with enhanced functionalities such as easy installation, operation and calibration. On the marketing front, strategies such as, bundling of maintenance contracts with equipment sales are popular among manufacturers to retain consumers who have turned cost sensitive as a result of tight budgets.
the US represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a projected CAGR of 8.5% 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. Global Industry Analysts Â©
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