LONDON--(BUSINESS WIRE)--The air and gas leak detectors market is expected to grow by USD 350.38 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Industrial safety performance standards play a crucial role in the development, implementation, and installation of air and gas leak detection systems. For example, the IEC 615111 standard (ANSI/ISA S84.01 in the US) enlists all mandatory project activities to ensure the functional safety of the equipment under control. These activities can be alienated over a wide range of categories, such as procedures, documentation, testing and validation, planning, hardware and software development, and risk assessment. Over the years, the implementation of such safety standards has become more stringent. Besides, the International Society of Automation (ISA) technical report, TR84.00.07, directed at guiding the evaluation of the effectiveness of A&G detection systems, is currently in draft review. The increasing number of such industry safety performance standards are expected to fuel the growth of the air and gas leak detectors market during the forecast period.
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As per Technavio, the growing investments in shale E&P activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Air and Gas Leak Detectors Market: Growing Investments in Shale E&P Activities
Countries such as the US, Canada, China, and Argentina are some of the major shale oil and gas producers for commercial applications. Over the years, these countries have witnessed significant investments in the adoption of hydraulic fracturing process for unconventional oil and gas production. For instance, in January 2018, Exxon Mobil Corp. announced plans to invest about USD 35 billion in the US over a period of five years, out of which USD 15 billion was directed toward the improvement of its production capacity in the Permian Basin. The growing investments in shale E&P activities have increased the scope for the adoption of gas detection products and solutions. Moreover, the increasing focus on minimizing casualties and rising number of government mandates have significantly increased the adoption of various safety systems including air and gas leak detection products. These factors are expected to have a positive impact on the growth of the global air and gas leak detectors market during the forecast period.
“Rise in emphasis on ensuring the safety of workers across end-user industries will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Air and Gas Leak Detectors Market: Segmentation Analysis
This market research report segments the air and gas leak detectors market by Product (Fixed detector, Portable detector, and Detector tube) and Geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the air and gas leak detectors market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC is expected to register the highest incremental growth due to the increased adoption of the latest and miniaturized air and gas leak detectors in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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