South East Asia Gas Detection Device Market: Snapshot
The intake of gas detection devices across a number of industries has significantly increased in countries across the South East Asia region in the past few years. The higher emphasis of companies on health and safety aspects of human resources working in areas that are highly vulnerable to hazardous reactions during manufacturing and industrial processes is fueling the rate of installation of a variety of safety measures. Of the variety of measures undertaken in this regards, installation of gas detection devices has emerged as one of the most essential safety measure in industries such as mining, petrochemical, marine, security, and government.
The demand for gas detection devices has also increased in South East Asian countries owing to the rising number and stringency of safety regulations and acts. Governments in countries such as Singapore and Malaysia have imposed stringent regulations with regards to occupational health and safety across industries. The increased need for facility downtime in South East Asian countries has also significantly boosted the demand for smoke detection devices in the past few years.
Transparency Market Research estimates that the demand will continue to be strong in the next few years as well. The market for gas detection devices in South East Asia is expected to exhibit a promising 9.2% CAGR from 2017 to 2025, rising from a valuation of US$155.6 mn in 2016 to US$337.6 mn by 2025.
Demand for Gas Detection Devices in Petrochemicals Industry to Remain Strong
In terms of the key areas of application, the report segments the South East Asia gas detection device market into mining, steel mill, petrochemical, construction, automobile, material, food and beverage making and processing, electronics, marine, utility services, government, security, medical, and environment detection. Applications across the materials segment have been examined for materials such as fiber, glass, rubber, and pulp.
Of these, the petrochemical segment contributed the dominant share in the revenue of the global market in 2017. The segment is expected to account for a significant 20.5% of the overall market in the said year. The petrochemical segment was followed by marine, utility services and mining segment. In 2017, the marine, utility, and mining segment collectively contributed nearly 39% of overall gas detection device market in South East Asia. In addition, the automobile and materials segments are expected to exhibit a healthy CAGR during the forecast period.
Singapore to Remain at Forefront of Growth
Of the key country-level markets for gas detection devices in South East Asia examined in the report, Singapore dominated, accounting for over 51% of the overall market in 2016. The strong growth of the Singapore market is primarily attributed to the thriving petrochemical and marine industries in the country. Large companies have established different manufacturing businesses in the country to exploit the vast growth opportunities offered when its economy was emerging. In the largely mature and developed economy in the present times, boasting well-established industrial and manufacturing segments, Singapore will continue to remain one of the key regional markets for gas detection devices over the forecast period.
The market in Malaysia is anticipated to exhibit a significant CAGR of 9.8% over the forecast period. In Malaysia, the detector segment is expected to contribute to the largest market share in 2017 and it is anticipated to expand at a healthy CAGR over the forecast period. Strong presence of oil refinery and crude oil industry is one of the primary reasons for the growth of gas detection devices market in Malaysia. Indonesia also shows positive growth opportunities over the forecast period. Rising investments and projects developed across oil and gas industry is expected to be one of the primary reasons for the growth of gas detection device market in Indonesia.
Some of the key players engaged in gas detection device market in South East Asia are Honeywell International, Inc., MSA Safety Incorporated, Drägerwerk AG & Co. KGaA, Industrial Scientific Corporation, Riken Keiki Co., Ltd., New Cosmos Electric Co., Ltd., and Gastron Co., Ltd.
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