The global gas leak detector market is grabbing immense attention from the major players in the chemicals and oil & gas sectors. The soaring investment, flowing in from these markets has significantly fueled the gas leak detector market in the global arena.
Persistence Market Research (PMR), a market research and intelligence firm, has recently published a research report on the global gas leak detector market. It pegs the overall value of this market in 2014 at US$2,312.2 million. The report also forecasts that the global gas leak detector market will register a CAGR of 5.3% over the period from 2015 to 2020. The market is expected to reach a market value of US$3143.67 by the end of 2020.
The increasing GHG emission has alarmed the world, raising concerns pertaining to the environmental safety. In order to curb the increasing level of harmful gas emission, governments across the world are opting for various measures such as gas leakage detection.
Apart from this, the market for gas leak detectors derive significant growth from the rising demand from industrial units, factories, and commercial sectors for gas leak detectors. However, owing to intense competition, the profit margin in this industry is very low, resulting in low interests of market participants in innovation and R&D activities. The dearth of technically developed gas detectors are posing severe challenge to the advancing market.
Though most of the players in the global gas leak detector market are sticking to their traditional offerings, a few are working extensively to innovate and present highly developed and superior-quality products. Here is a snapshot of the recent activities of participants in the gas leak detector market globally:
INFICON, a Switzerland-based company that offers instruments for gas analysis, measurement, and control, has recently developed a hydrogen-based leak detection technology. This hydrogen-based gas leak detection system is way less expensive than its traditional helium-based counterpart. The new system offers a quick detection of gas leak, with a high level of accuracy, which is expected to drive his market significantly.
In 2014, the company introduced a multi-gas sniffer leak detector, Ecotec E3000, specially designed for high-pressure fuel systems as well as air conditioners that use flammable refrigerants. The new offerings supported the company establish itself among the frontline players in the global gas leak detector market.
The U.K.-based OptoSci have recently launched their latest innovative gas detection system with the brand name OptoMole. This system is developed with the help from the gas detection networks (GDN) and the energy innovation center (EIC) of the U.K. and is specially designed to quickly detect leaks from underground gas mines. This system has won the award for ‘Best Innovation Contributing to Quality and Reliability of Gas Supply’, presented by the U.K. Energy Industry.
MSA Safety Inc., Tyco International plc, Honeywell International Inc., Emerson Electric Co., and Dragerwerk are the other prominent players of the global gas leak detector market.