Gas Detection Market Reaches $2.2 Billion in Annual Revenues
News Aug 27, 2013
New market trends data released by Honeywell company City Technology shows extensive growth in the Industrial Gas Detection sector, which has now reached $2.2 billion in worldwide revenues.
The biggest growth in the sector has been attributed to the Oil and Gas industry, spurred on by a surge in Shale Gas exploration and the increasing demand for energy.
City Technology is at the heart of Gas Detection systems, providing leading solutions in gas sensing technology, ensuring safety in the sector.
City is the world’s leading supplier of gas sensors for the life safety and emissions gas analysis sectors, contributing to a global gas sensing market worth $420m.
John Warburton, Strategic Marketing Manager at City Technology, describes this market as vibrant with many opportunities for continuing growth. “The Gas Detection market is very strong at the moment. For example, we are predicting that the global demand for gas sensors will grow at 5-6% pa over the next five years with the Asia Pacific region growing at 10%. Growth in North America will remain strong, driven by the on-going development of shale gas deposits.”
“Moreover, new trends in Gas Detection go beyond traditional markets. For example, City has highlighted the growth in the market for Medical and Domestic Gas Detection sensors, for instance in carbon monoxide and flammable gas alarms, which are worth nearly $90 million combined. John Warburton affirms that, “These future growth markets are being driven by health and safety awareness and legislation. Furthermore, it will be an increasing demand for energy and the strengthening global economy that will shape these developments and, therefore, the future of gas detection.”
With a range of more than 300 products detecting 28 different gases and a growing number of facilities in Europe, the USA and Asia Pacific, City Technology is well positioned to capitalize on this market growth whilst continuing to be the leading choice for sensing technology.