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Offshore Oil and Gas Rigs to Push Demand for Gas Detection Systems Says Frost & Sullivan - Market to benefit from increased activity, need for technology and system upgrades as well as stricter regulatory landscape - Chemicals.Frost.com
Offshore Oil and Gas Rigs to Push Demand for Gas Detection Systems Says Frost & Sullivan

 

PRZOOM - /newswire/ - London, United Kingdom, 2013/06/06 - Market to benefit from increased activity, need for technology and system upgrades as well as stricter regulatory landscape - Chemicals.Frost.com.

   
 
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Increased activity in the oil and gas and petrochemical sectors, together with improved regulatory compliance, is boosting revenues in the otherwise mature and slow-growing Western European gas detection market. Growth during the short-term is also driven by the upgrade or replacement of existing gas detection systems, especially in the offshore oil and gas industry.

New analysis from Frost & Sullivan (chemicals.frost.com), Analysis of the Western European Gas Detection Market, finds that the market earned revenues of €545.4 million in 2012 and estimates this to reach €645.1 million in 2017. The research evaluates prospects for portable gas detection, fixed gas detection and detector tubes.

"In addition to the demand from newer oil fields, there is a need to replace or upgrade older gas detection systems as most of the existing fixed systems are outdated," noted Frost & Sullivan's Chemicals & Materials Research Analyst Anita Pamu. "There are more than 570 offshore oil rigs in the North Sea, most of which require newer and upgraded systems. This will sustain the demand for new gas detection systems as well as gas detection services."

Stricter legislation aimed at protecting personnel and property across various end-user industries has, in the meantime, led to more widespread adoption of gas detectors.

For instance, the oil and gas sector has experienced disasters of large magnitude where people have lost their lives as a result of outdated equipment and lack of attention to safety standards. Stricter legislation related to worker safety, together with the recognition that oil and gas platforms require equipment that can detect a number of flammable as well as toxic gases, has had a positive impact on gas detection market revenues.

A key concern for market participants is the increasing shift of manufacturing bases to low cost developing nations such as India, China and other east Asian countries. This trend has adversely affected the sales of gas detection equipment.

"To sustain revenues, gas detection equipment manufacturers are innovating in terms of products as well as the types of services offered," said Pamu. "Companies differentiate their products through various features such as faster response time, cost and advanced technology."

Market maturity has meant that only a handful of large or medium-sized Europe-based companies remain. Smaller and niche participants are under constant threat of being acquired by larger participants.

"The trend of mergers and acquisitions is expected to continue, with bigger companies looking to further enhance their market share," concluded Pamu. "Mergers and acquisitions will also be the desired route for companies wanting to expand their product portfolio and geographic reach."

If you are interested in more information on this research, please send an email to Chiara Carella, Corporate Communications, at chiara.carella[.]frost.com, with your full name, company name, job title, telephone number, company e-mail address, company website, city, state and country.

Analysis of the Western European Gas Detection Market is part of the Chemicals & Materials Growth Partnership Services programme. Frost & Sullivan's related research services include: Western European Respiratory Protection Market, Global Welding PPE Market, Western European Fall Protection Market, and Impact of Revisions in EU Legislation on the Personal Protective Equipment Industry. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
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Analysis of the Western European Gas Detection Market / M8F5-39

 
 
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Offshore Oil and Gas Rigs to Push Demand for Gas Detection Systems Says Frost & Sullivan

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Frost & Sullivan | Gas Detection Systems
Contact: Chiara Carella - Frost.com 
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