According to a latest market study released by Persistence Market Research (PMR), the global gas leak detector market is expected to rise at a 5.30% CAGR between 2014 and 2020. The report, titled “Global Market Study on Gas Leak Detector: Asia Pacific to Witness Highest Growth by 2020”, states that the market will reach a valuation of US$3,143.7 mn by 2020 increasing from US$2,312.2 mn in 2014.
The report states that the global market for gas leak detectors is developing due to several reasons. This includes stringent governmental norms pertaining to the safety standards of domestic and industrial equipment that operate on gas, increasing commercial and residential building development, and increasing investment in chemical and oil and gas industries. However, intense competition due to low-profit margins and deferred investments in oil and gas are posing a challenge for the growth of the global gas leak detector market.
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Lately, some newer technologies have been used for gas leak detection purposes. This includes artificial neural network technology and utilization of internet of things (IoT), adds the report.
Gas leak detectors are devices that can detect the presence of gases in surrounding air with the help of technologies such as electrochemical, ultrasonic, and infrared. These devices are installed to detect toxic and flammable gases for safety purposes.
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