The gas detection equipment market is forecast to reach a total value of around $2.9 billion by the end of 2018. The industry will be driven by a number of key factors, including increase developments in gas detection technology and stringent environmental mandates.
Gas detection equipment sales are tied heavily to the dynamics of key end-use industries such as oil, power and chemicals, according to a new report 'Gas Detection Equipment: A Global Strategic Business Report' on companiesandmarkets.com. In the last few years demand has seen an upsurge due to increased focus on personnel protection needs triggered by growing complexities in work procedures and production processes. Another key feature of the market is the growing rise in production, transportation and trade of dangerous chemicals, as well as the increased usage of gas detection equipment in emerging economies such as Brazil and China.
The continuing economic uncertainty throughout the global economy has forced manufacturers to increasingly focus on developing cost-competitive products, offering superior price to performance features. The increased emphasis on pricing has also required manufacturers to focus on product customization and increased spending on marketing.
The top region in the global gas detection equipment market is the United States, with more sales derived from here than anywhere else. Despite this, Asia-Pacific will be the fastest growing region through the period 2012-2018, and is suggested to grow at a CAGR growth rate of around 8.5% during this time. Key drivers of growth in the Asia-Pacific region will include the rapid expansion of manufacturing bases, strong industrialization, and the increase adoption of international safety standards and practices.
For more information on the gas detection equipment market, see the latest research: Gas Detection Equipment Market
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