Global Oil & Gas Industry Segment Expected to Expand at a CAGR of 5.5% between 2019 and 2027: Industry Probe


According to a new market report published by Industry Probe (www.industryprobe.com) titled Gas Detection Equipment Market (Product– Fixed Gas System and Portable Gas System; Gas Type –Combustible, Oxygen, and Toxic; Technology – Single Gas Detection and Multi-gas Detection; End-use Industry – Oil & Gas, Chemicals & Specialty Chemicals, Mining, Water Treatment, Building Automation & Construction, Food & Beverages, Power Generation/Utilities, and Others; Distribution Channel – Online and Offline)) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027)),’ the global gas detection equipment market is expected to reach US$ 5,671.33 Mn by 2027 and expand at a CAGR of 4.9% from 2019 to 2027.
The report has segmented the gas detection equipment market into product, gas type, distribution channel and geography. Based on end-use industry, oil & gas is expected to hold a dominant share in the global gas detection equipment market and maintain its market share during the forecast period. Fixed and portable gas detectors are used in oil refineries, crude oil pipelines, and processing plants to detect the concentration of a wide range of hazardous combustible and toxic gases across the oil & gas Industry. In the oil & gas industry, gas detectors are installed in downstream, midstream, and upstream processes in order to protect plants and personnel from the risks of hazardous and toxic gases.
Rising concerns about employee safety along with implementation of stringent laws for mandatory use of protective equipment by regional regulatory bodies is expected to drive the demand for gas detection equipment in the oil & gas industry. Furthermore, huge investments in different industrial sectors for mega projects such as oil & gas, mining, and construction across the globe is expected to boost the demand for gas detection equipment in the coming years. Rapid growth in oil & gas pipelines industry is expected to increase the demand for gas detection across the oil & gas industry during the forecast period. Presence of numerous onshore oil and gas terminals is expected to drive demand for gas detection equipment during the forecast period.
The global oil & gas demand is driven by the growth in the Eastern region especially China, India, and Southeast Asia. Strict laws and regulations are projected to increase the demand for gas detection equipment during the forecast period. In North America, the rapid expansion of shale gas, shale oil, and oil sand projects along with increase in the strength of employees owing to the high pay levels is expected to boost gas detection equipment in the oil & gas segment. Some of the major players covered under the scope include Riken Keiki Co., Ltd, Industrial Scientific Corporation, Drägerwerk AG & Co. KGaA, MSA SAFETY INCORPORATED, Honeywell International Inc, RAE Systems Inc., Emerson Electric Co, Sensor Electronics Corporation, Trolex Limited, and SENSIT Technologies.
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Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings. Based on a unique amalgamation of our big data technology and human intelligence, our services are dedicated to serve the businesses operating in the consumer goods and industrial machinery sectors. Our offerings comprises syndicated research, strategic consulting & advisory services, competitive intelligence, and full time engagement to bring true & actionable insights into our clients’ business environment. Combining research & technology adoption, playing the perfect mix of the best data, and centered on consumer goods & industrial machinery sectors, Industry Probe believes in targeting one industry at a time.
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