The global Southeast
Asia gas detection equipment market is highly competitive. The
prevailing competitive trends are likely to get fiercer in the future
as players focus on innovation and product differentiation to
strengthen their position. Among the leading enterprises, Honeywell
International, Inc., Dragerwerk AG & Co., and KGaA, Riken Keiki
Co., Ltd. held the dominant share of 83.3% in the market in 2015,
finds Transparency Market Research (TMR) in a new report. These
companies are majorly gaining from their strong distribution network
across Southeast Asia. In addition, these companies maintain a
diverse product portfolio to cater to the dynamic consumer demand. As
they offer value-added services besides gas detection equipment,
consumer loyalty is expected to increase in the coming years.
Besides fierce
competition, the market players witness considerable threat from the
entry of new players. Favorable regulations are encouraging smaller
players to venture into the gas detection equipment market in
Southeast Asia. They also bring advance technologies, expertise, and
research and development investments. Furthermore, they adopt advance
manufacturing processes thus improving the overall efficiency of gas
detection equipment.
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This, coupled with
various other factors, will boost the gas detection equipment market
at a CAGR of 9.0% between 2016 and 2024 in Southeast Asia. The
regional market at this pace will reach US$172.4 mn by the end of
2024, from an estimated valuation of US$86.5 mn in 2016. By type, the
fixed gas detection equipment segment held the dominant share of
52.2% in the overall market in 2016. However, during the course of
the forecast period, the demand for portable variants will be higher.
Country-wise, Singapore held dominance with a share of 50.8% in the
Southeast Asia gas detection equipment market in 2015.
Favorable
Government Policies Aid Market’s Expansion
Government and
industry associations across Southeast Asia have consciously
implemented regulations to ascertain improved workplace safety.
Besides this, the countries across Southeast Asia have stringent
regulations in place to address occupational health and safety
concerns across hazardous industries. Besides ensuring worker’s
health and safety, these regulations will prove chief drivers of the
gas detection equipment market in Southeast Asia.
Also industries are
exhibiting high demand for enhanced monitoring and reducing
operational costs and safety concerns. Due to the growing emphasis on
health and safety regulations, the demand for monitoring across
industries is expected to rise further. This according to TMR will
give significant impetus to the Southeast Asia gas detection
equipment market.
Besides helping them
incur lesser operational expenditure, installing gas detection
equipment can also help industries reduce downtime during turnaround
operations. Spurred by these factors, the Southeast Asia gas
detection equipment market will exhibit higher momentum in the coming
years.
Fierce
Competition is Likely to Hinder Growth
On the downside, the
gas detection equipment market in Southeast Asia is experiencing
fierce competition due to the entry of new players. Given the
scenario, market players are compelled to observe competitive
pricing. Lower pricing has crunched the profit margin of leading
players, thereby leading to decline in investments.
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Contrary to this,
foreign direct investment (FDI) in green initiatives has surged in
the last few years. This is forecast to help the market continue
treading a positive trajectory through the course of the forecast
period. Gas detection equipment is included in greenfield projects,
which attract considerable FDI. Since these projects represent nearly
two-thirds of overall projects conducted in Asia Pacific and
Southeast Asia, rising investment in the same will create lucrative
opportunities for the gas detection equipment market in the near
future.
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