Tracking down the gasby James Henderson on Mar 29, 2016
While hitting gas is usually an overwhelmingly positive thing in the oil and gas industry, there are other scenarios where gas can be unwelcome at best, and fatal at worst. Explosive gas leaks are an ever-present risk that has to be managed.
Any leak has the potential to accumulate into dangerous clouds that can ignite when they reach a certain concentration. It is for this reason that the market for gas detection technology and equipment is set to grow rapidly in the coming years.
A Transparency Market Research’s featured report deduced that the global gas detection equipment market will expand at a 5% CAGR during the forecast period from 2014 to 2022. In 2013, the global gas detection equipment market was worth $2.1bn and by 2022, the market is projected to be worth $3.3bn.
It noted that the rising use of wireless gas detection equipment is projected to propel the global gas detection equipment market in the coming few years. Factors such as the growing concern for occupational safety and health and safety regulations will also fuel the global gas detection equipment market in the foreseeable future.
By product type, the global gas detection equipment market is divided into portable gas detection equipment and fixed gas detection equipment. The fixed gas detection equipment segment stood out as the dominant sector in the global gas detection equipment market in 2013 and held a market revenue share of 58.4%. The portable gas detection equipment sector is driven by the rising preference for portable, flexible equipment for gas leak detection, particularly in areas that are confined, the report added.
Specifically, regions such as the Middle East, Asia Pacific, and Latin America are projected to witness robust growth in the coming few years. The Middle East and Africa market is projected to grow significantly in the global gas detection equipment market as countries such as Iraq, the United Arab Emirates, and Saudi Arabia are driven by the rising demand from the oil and gas industry in this region.
Certainly a huge number of portable gas detection systems have been launched into the GCC market recently, and a number of noteworthy contracts have been awarded.
In February, Petrofac awarded a contract to Bertin Technologies, a subsidiary of CNIM group, to supply, install and commission a pioneering gas leak tracking system, Second Sight, at the Saudi Aramco owned Jazan refinery.