Western Europe gas detection equipment market report 2022
Published by Sara Simper,
The Western European gas detection equipment market generated revenue of €668.1 million in 2021. The market demand is expected to be driven by the increasing competitive intensity, adoption of wireless and connected technologies, and stringent regulatory norms.
Amongst the 3 product segments, the fixed gas detection segment accounted for 46.0% revenue share in 2021. The portable gas detection segment accounted for 49.7% of the revenue share in 2021 and is expected to have a slightly higher compound annual growth rate (CAGR) of 3.3% from 2021 to 2026, driven by the adoption of connected cloud-based solutions.
Among the end-user industries, oil and gas, chemicals and petrochemicals, and water and wastewater treatment are the 3 major ones accounting for 24.8%, 24.6%, and 12.7% revenue share, respectively, in 2021. The chemicals and petrochemicals, and food and beverage industries will witness the highest growth during the forecast period due to the high demand for detecting hazardous gases, such as ammonia, carbon dioxide, and carbon monoxide.
Germany accounted for 23.7% revenue share in the Western European gas detection equipment market in 2021. The country is expected to witness a CAGR of 3.2% from 2021 to 2026. Post-pandemic growth is likely to be driven by the high adoption of gas detection in small and mid-scale enterprises.
Adoption of Platform/Product as a Service (PaaS) and rental platforms will enable manufacturers' direct tie-ups with end customers to enhance product penetration during the forecast period. The high incidence of injuries due to multiple gas hazards in the industrial environment is expected to boost the growth of multi-gas detection equipment market.
Read the article online at: https://www.worldpipelines.com/special-reports/31032022/western-europe-gas-detection-equipment-market-report-2022/
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