Asia Pacific Gas Detector Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Asia Pacific Gas Detector Market was valued at USD 477. 3 million in 2020 and is expected to reach USD 664. 4 million in 2026 and register a CAGR of 5. 75 % during the forecast period (2021 - 2026). With rapid urbanization in the region, greenhouse gas emissions have increased tremendously, necessitating the deployment of gas detecting devices.

New York, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Gas Detector Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06192791/?utm_source=GNW


Key Highlights
Oil companies, such as Indonesia’s Pertamina and PTTEP, are successful in maintaining domestic supply, which are attracting investors for expanding the energy company’s portfolio. These efforts are expected to increase the demand for gas detectors.
Singapore is being highlighted as the hub for the petrochemical industry. This is because of the investments by the major global players of this industry, such as BASF, Lanxess, Mitsui Chemicals, and Shell. It has also been promoting initiatives for the reduction of carbon emissions.
According to China National Petroleum, China’s gas consumption is expected to rise to around 320 Bcm by 2020, while the pace of gas import growth is set to slow sharply. Thus, China is planning to reduce its dependence on gas imports by encouraging domestic projects like shale fields. These projects require gas detectors to ensure safety measures. It is further fueled by the ongoing trade war with the United States.
COVID-19 has negatively impacted the market growth. This is because of the global lockdown of factories and industrial facilities, which has caused a declining usage in gas detector devices, except in the food and beverage sector. In this industry, gas detectors are being used more since the sector comes under essential services and is working round the clock.

Key Market Trends

Oil & Gas to Occupy Maximum Market Share

The market for Oil and Gas is the fastest in the region due to government initiatives encouraging the use 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 purpose of the APEC Oil and Gas Security Initiative (OGSI) is to aid economies in addressing the issue of energy supply security and on how to deal 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 has established policy objectives, which encourage national gas companies to carry out innovations and new developments. One of them is Hydrocarbons Vision 2025, whose focus area is to develop the hydrocarbon sector as a globally competitive industry by upgrading technology and building capacity.
There are several oil and gas projects lined up for the future, which would increase the demand for gas detectors. A few of them are as follows --

Pulau Muara Besar Refinery & Petrochemical Complex Phase 2 (To be started in 2022 in China)
Long Son (No. 3) Refinery (To be started in 2021 in Vietnam)
Sriracha Refinery Expansion & Upgrade (To be started in 2024 in Thailand)
Sihanoukville Oil Refinery (To be started in 2024 in Cambodia)

South Korea to Dominate the Market

South Korea is continuously under threat of radioactive gas exposure due to nuclear tests conducted by North Korea. This is because North Korea has an active nuclear weapons program and has tested nuclear explosive devices in the past.
For instance, in 2018, South Korea confirmed the presence of radioactive xenon gas, which originated from North Korea’s nuclear tests. Such incidents are expected to contribute to the sales of gas detectors.
Companies are also rolling out detectors to cater to such demands. In April 2020, Honeywell rolled out fire detection and safety technologies for lithium-ion batteries via its Building Technologies business unit, combining it with alternative energy innovation group Nexceris’ gas detection systems. Honeywell has chosen Factory as an official distributor for South Korea.
Upcoming government initiatives, such as Trans-Korea Gas Pipeline Project, which aims to transport natural gas via a pipeline through North Korea and South Korea, are expected to increase the adoption of gas detectors in the pipeline surrounding areas.
South Korean Energy companies, such as Korea Gas Corporation (KOGAS), Korea National Oil Company (KNOC), and GS Energy, signed an agreement with the Abu Dhabi National Oil Company (ADNOC) to investigate more exploration and production activities. This would cater to Korea’s increasing energy demand. Such partnerships are expected to boost the market demand in the future.

Competitive Landscape

The Asia Pacific Gas Detector Market is concentrated with Southeast Asia emerging as a hotspot for oil companies, which are experiencing mergers and acquisitions. Moreover, the vendors in this region are also involved in innovations and partnerships, which is strengthening the market growth.

Oct 2021- Honeywell International Inc. HON introduced two advanced Bluetooth-connected gas detectors — Searchline Excel Plus and Searchline Excel Edge. Designed for oil and gas, chemical, petrochemical, and other industrial facilities, the company’s latest gas detectors facilitate in constant monitoring of hazardous and flammable gas leaks in the rain, fog, snow, and other severe weather conditions.
Sep 2021 - Global safety equipment manufacturer MSA Safety Incorporated opened the doors of a new 20,000 square-foot manufacturing facility in Cranberry Township, Pa. The building opening establishes MSA’s Cranberry Township campus as the global center of excellence for gas detection technology. The single-story manufacturing facility will be used primarily for assembly work related to the recent relocation of multiple fixed gas and flame detection (FGFD) product lines.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06192791/?utm_source=GNW

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