According to a market report published, the global gas leak detectors market accounted for USD $ 2,312.2 million in 2014 and while exhibiting a CAGR of 5.3% over the forecast period. The Global Gas Leak Detector Market is expected to reach USD $ 3143.67 million by the end of 2020, representing a CAGR of 5.29% through 2015 to 2020.
Key driving factors identified in the global gas leak detectors market are stringent government safety norms; growing investment in oil & gas and chemical industries and; increasing commercial and residential infrastructure development. However, lower profit margins due to intense competition in deferred investments in oil and gas might pose a challenge in the growth of the global gas leak detector market. Some of the major trends identified in the global gas leak detector market are the use of the Internet of Things (IoT), artificial neural network technology and gas leak detectors.
The global gas leak detector market report is categorically split under four sections namely: market analysis by region, applications, product type and technology. The report analyzes the global gas leak detector market in terms of market value (USD $ million) and volume (million units).
From the product type perspective, portable gas leak detectors account for a leading share in the global gas leak detector market value in 2014, which is projected to remain dominant throughout the forecast period. The fixed type gas leak detector market is projected to exhibit CAGR of approximately 3.8% for the year 2015 to 2020.
From an application perspective, the industrial application segment of gas leak detection is the largest segment of the global gas leak detector market in 2014, with oil and gas holding the largest market share when compared with other sub-segments.
Insights based on a report on Gas Leak Detector Market by Persistence Market Research.