Offering value-added services will be vital for success in a highly competitive, consolidated, price-sensitive market, finds Frost & Sullivan's Visionary Science Team
LONDON, Jan. 29, 2019 /CNW/ -- Growth prospects in the Western European gas detection equipment market look promising over the next four years. Frost & Sullivan's latest analysis reveals that while the enforcement of stringent regulations has led to greater product demand, Internet of Things (IoT) solutions have enabled rising end-user adoption. Frost & Sullivan expects the market to generate revenues of €776.4 million by 2023 and expand at a CAGR of 3.1% from 2018 until 2023.
"End users are looking for IoT-enabled gas detection equipment, including wireless detection, data logging in portable devices, and remote monitoring on a real-time basis. They also want products to have a superior battery life, better sensors, and low calibration cost to maximise life span and ensure safety," said Sandeep Soni, Research Analyst, Visionary Science, Frost & Sullivan. "OEMs should augment their technical expertise and improve their product portfolios to capitalise on lucrative revenue opportunities."
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To gain an edge over the competition, Soni recommends original equipment manufacturers to collaborate with distributors and system integrators to enhance revenue organically. They can also opt for exclusivity with large distributors and system integrators. These types of partnerships will help them expand into new regions and industries.
Key trends creating growth opportunities in the market include:
- High demand for multi-gas portable disposable detectors that are capable of monitoring more than one gas with a single instrument
- Persistent preference for infrared detectors due to their benefits, such as high accuracy, greater stability, and lower maintenance cost
- Manufacturers developing products embedded with better sensors, such as polymer technology, to improve the life expectancy of the product
"Price erosion due to competition and end-user price sensitivity are key factors restraining market growth," noted Soni. "Players should offer value-added services such as improved turnaround time, free calibrations, and easy and hassle-free part replacements with extended warranty to mitigate this restraint and spur brand loyalty."
Western European Gas Detection Equipment Market, Forecast to 2023 market intelligence identifies disruptive market and technology trends, drivers and restraints, market share and competitive analysis. Market engineering measurements, revenue forecast by end user and country, and competitive factors are provided for portable gas, fixed gas, and detector tubes segments.
Western European Gas Detection Equipment Market, Forecast to 2023 is the latest addition to Frost & Sullivan's Visionary Science research and analysis available through the Frost & Sullivan Leadership Council, which helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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