New market trends data released by Honeywell company, City Technology, shows growth in the industrial gas detection sector, which has now reached $2.2 billion in worldwide revenues.
The largest growth in the sector has been attributed to the oil and gas industry, spurred on by an increase in shale gas exploration and the increasing demand for energy.
John Warburton, strategic marketing manager at City Technology, described the market as ‘vibrant’ with opportunities for continuing growth. “The gas detection market is very strong at the moment. 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%.”
New trends in gas detection are taking the technology out of its traditional markets. For example, there is a growing market for medical and domestic gas detection sensors – for instance in carbon monoxide and flammable gas alarms. “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,” said Warburton.