Transformational Growth Opportunities in the Western European Gas Detection Equipment Landscape
Innovative business models of platform/product as a service (PaaS) and rental platforms to enable manufacturers' direct tie-ups with end-customers and enhance product penetration
The Western European gas detection equipment market generated revenue of €668.1 million in 2021. The market demand is expected to be driven by the increasing competitive intensity, adoption of wireless and connected technologies, and stringent regulatory norms.
Amongst the 3 product segments, the fixed gas detection segment accounted for 46.0% revenue share in 2021. The portable gas detection segment accounted for 49.7% of the revenue share in 2021 and is expected to have a slightly higher compound annual growth rate (CAGR) of 3.3% from 2021 to 2026, driven by the adoption of connected cloud-based solutions.
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