Technavio's global gas detection equipment market research report forecasts the market to grow at a CAGR of nearly 5% during the forecast period.
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Technavio has released a new market research report on the global gas detection equipment market for the period 2018-2022. (Graphic: Business Wire)
The emergence of advanced sensors for gas detection will be one of the major trends in the global gas detection equipment marketduring 2018-2022. The sensor technology is witnessing a rapid change owing to the increasing R&D from vendors and growing demand for sensors that can operate rapidly. The maintenance of advanced sensors is relatively easy with minimum downtime when compared with traditionally used gas sensors. Smart sensors provide information on their real-time status in addition to providing system data.
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According to Technavio analysts, one of the key drivers for the global gas detection equipment market is the growing production volume of shale gas:
Global gas detection equipment market: Growing production volume of shale gas
Shale gas has changed the oil and gas energy structure across the globe owing to the excess supply it brought into the market that decreased the price of shale gas. The exploration of shale gas emits large amounts of methane, unlike traditional natural gas, thereby increasing its greenhouse gas footprint. Methane is harmful to the environment and a source of an explosion hazard.
According to a seniorresearch analyst at Technavio, "The production of shale gas in the US contributed to the country becoming a net exporter of oil and gas. The production of shale gas in the US is rapidly increasing due to the advances in the extraction and production technologies of shale gas. In addition to the US, China is another major country that produces shale gas and is estimated to have large deposits of shale gas."
Global gas detection equipment market: Segmentation analysis
This global gas detection equipment market analysis report provides market segmentation by product (fixed gas detector and portable gas detector), by end-user (industrial sector, commercial sector, and residential sector), and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major end-users, the industrial sector held the largest gas detection equipment market share in 2017, contributing to over 53% of the market. This end-user segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for more than 37% share. It was followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2018-2022.
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Technavio's sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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