Gas Detection Equipment Market Analysis and In-depth Research on Market Size, Trends, Emerging Growth Factors and Forecast 2024
South East Asia Gas Detection Equipment Market: Snapshot
Stringent regulations aimed at ascertaining workplace safety are driving the gas detection equipment market in Southeast Asia. In countries such as Singapore, Indonesia, and Malaysia wherein several large industries are domiciled have stringent laws implemented to keep workplace safety under strict vigil and ensure high standards of occupational health and safety especially across hazardous applications. Spurred by these factors, the uptake of gas detection equipment has considerably increased across Southeast Asia.
The demand gas detection equipment market is rising on account of its application across diverse industries. Installing gas detection equipment can help petrochemical, marine, mining, electrical, and other industries keep check on emission of hazardous gas. Thus enabling them maintain a high standards of occupational health and safety. Besides this, deploying these devices also help in the reduction of turnaround time. However, the prevalence of fierce competition has compromised with the profit margin of the leading market players thereby negatively impacting the overall market. Nonetheless, FDI in this sector is forecast to increase, which will aid in the market’s expansion in the coming years.
According to Transparency Market Research (TMR), the Southeast Asia gas detection equipment market is likely to reach US$172.4 mn in 2024, from its estimated valuation of US$86.5 mn in 2016.
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Demand for Portable Gas Detection Equipment Forecast to Rise at Higher Pace
Based on product, the Southeast Asia gas detection equipment market can be bifurcated into fixed and portable gas detection equipment. Of these, the fixed gas equipment segment held dominance in 2015 with a share of 52.2% in the market. However, TMR projects the demand for portable gas equipment to rise at a higher pace. The segment will gain from the increasing demand for handheld gas detectors for use especially across marine, government, mining, and medical sectors. Furthermore, the fixed gas detection equipment segment will continue witnessing steady growth over the forecast period on account of its use in detecting the presence of hazardous gas in the mining industry and cargo ships.
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Petrochemical Industry to Exhibit Highest Application of Gas Detection Equipment
Based on application, the Southeast Asia gas detection equipment market can be segmented into petrochemical, mining, steel mill, construction, material, food and beverage, automobile, electronics, marine, processing and making, utility services, medical, security, government, and environment detection. Of these, holding nearly 15% of the Southeast Asia gas detection equipment market, the petrochemical segment emerged dominant in 2016. Through the forecast period, the segment is expected to remain at the lead, however, considering investments in other sectors overall the market will witness steady growth across key application segments. Besides the petrochemical industry, the use of gas detection equipment in the marine sector is expected to rise in the coming years. The implementation of stringent health and safety regulations is expected to aid the market’s expansion across the aforementioned application segments.
Country-wise, the Singapore gas detection equipment held the dominant share of 51.8% in the Southeast Asia gas detection equipment market in 2016. In addition, Malaysia is forecast to exhibit lucrative market opportunities during the forecast period.
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