Market Trends of Global Portable Gas Detector Industry
This section covers the major market trends shaping the Portable Gas Detector Market according to our research experts:
Asia-Pacific Market to Grow Significantly
- China is one of the significant markets for gas detector equipment in the Asia Pacific. In recent years, dеmаnd fоr gаѕ dеtесtіоn еquірmеnts іn China is іnсrеаѕіng іn оrdеr tо mаіntаіn аіr quаlіtу, іdеntіfу dаngеrоuѕ gаѕеѕ, раrtісulаrlу іn соmmеrсіаl buіldіngѕ аnd аvоіd сrіtісаl ѕіtuаtіоnѕ оr іnсіdеntѕ.
- For instance, as a part of a new initiative to improve data quality and oversight, China is pushing many key industrial sectors and regions to take actions to measure greenhouse gas emissions. Under the pilot program, some of China's largest coal-fired power providers, steel mills, and oil and gas producers must develop comprehensive new greenhouse gas monitoring plans by the end of 2022. Such developments will accelerate the demand for gas detectors in the region.
- With increasing environmental awareness, many stringent regulatory policies, laws, and safety norms are being implemented in various industries, including chemical, pharmaceuticals, energy, petrochemicals, etc., across the Asia Pacific region to ensure a safe operational environment for personnel and property. For instance, according to the Australia/New Zealand standard AS/NZS60079.29.2:2008, it is mandatory to install a gas detector per work regulations, to detect flammable gases and oxygen. Such factors are supporting the market growth.
- Singapore has emerged as a primary hubs for the petrochemical industry due to the investments made by the major global players in this industry. The region has also been promoting initiatives for the reduction of carbon emissions.
- South Korea is continuously exposed to the threat of radioactive gas exposure due to the nuclear tests conducted by North Korea. North Korea has an active nuclear weapons program and has tested nuclear explosive devices. This is a primary factor contributing to the sales of gas detectors in South Korea, with many companies rolling out detectors to cater to such demands.
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Oil & Gas Industry to Acquire Major Market Share
- Gas leak detectors are one of the integral devices in the oil and gas industry that are necessary to protect personnel and property hazards such as deadly, toxic, and combustible gases. Development of gas infrastructure pipelines, warehouses, and gas stations is expected to increase, owing to the growing demand for gas in the Asia-Pacific.
- Further, due to many government initiatives encouraging these devices, the Oil & Gas industry is expected to be one of the region's largest adopters of gas detectors. With the growing energy demand, the region is facing more significant challenges in securing the supply of energy resources to meet the domestic requirements of each economy.
- The APEC Oil and Gas Security Initiative (OGSI) aids economies in addressing the issue of energy supply security and dealing with the threats of possible supply shortages and emergencies. It has three significant pillars -- Oil and Gas Security Exercise (OGSE), Oil and Gas Security Network (OGSN), and Oil and Gas Security Studies (OGSS). Thus gas detectors are of paramount importance in these areas.
- India encourages national gas companies to implement innovations and new developments by establishing many policy objectives. One is Hydrocarbons Vision 2025, focusing on developing the hydrocarbon sector as a globally competitive industry by upgrading technology and building capacity.
- Further, as a part of its effort to reduce energy dependence on foreign sources, Japan aims to develop its first new offshore natural gas field in over three decades. Such developments will create new opportunities for the market in the region.
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