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The Portable Gas Detection Equipment Market revenues were estimated at US$ 1.6 Bn in 2021 and is anticipated to grow at a CAGR of 4.3% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 2.5 Bn. The United States is expected to have the highest market share of US$ 662.1 Mn by the end of 2032.
Increased shale gas production, as well as technical advances in extraction, are expected to drive market growth in the United States. Natural gas is becoming more popular as a transportation fuel due to growing petroleum prices and environmental concerns. As a result, the increasing number of natural gas filling stations is increasing the demand for natural gas detectors to prevent mishaps.
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Key Takeaways from the Market Study
“During the projected period, the increase in the incidence of hazardous gas leakages in various industries, increased demand for gas detectors integrated with IoT and AI technologies and rising environmental concerns will help in raising the Portable Gas Detection Equipment market revenue.” comments a Future Market Insights analyst.
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Portable Gas Detection Equipment Market are focused on R&D to produce innovative technological solutions.
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Future Market Insights, in its new offering, presents an unbiased analysis of the Portable Gas Detection Equipment Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Portable Gas Detection Equipment Market across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Market Segments Covered in Portable Gas Detection Equipment Market Analysis
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3.5. PESTLE and Porter’s Analysis
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Portable Gas Detection Equipment Market is Expected to be the Highest Revenue at US$ 2.5 Bn, to Register a CAGR of 3.7% during Forecast 2022 – 2032 appeared first on Future Market Insights.
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