“Flame detector market to grow at a CAGR of 4.2% from 2020 to 2026”
The flame detector market size is expected to grow from USD 1.6 billion in 2020 to USD 2.0 billion by 2026; it is expected to grow at a CAGR of 4.2% from 2020 to 2026. The key factors driving the growth of the flame detector market are policies, regulations, and government initiatives, rising adoption of wireless technology in flame detection systems, and increasing human and property loss due to fire breakouts.
“Market for single UV to account for largest market share during forecast period”
The single UV segment is expected to continue to hold the largest market size during the forecast period. The growth of this segment can be attributed to the demand for flame detectors in oil & gas, chemicals, and energy & power industries. These detectors are best suited for locations in which hydrogen and hydrocarbon gases are used. Single UV detectors are mainly used for indoor applications across various industries especially in oil & gas, transportation, manufacturing, mining, and energy & power utilities, where there is a huge potential and use of indoor flame detectors. Following the pandemic of COVID-19, the market for flame detectors is expected to face a flat to decreasing growth curve in 2020 and 2021. Since fire protection systems are considered under essential businesses, the market for flame detectors is expected to be back on the growth curve from 2021.
“Oil & gas industry to hold largest size during forecast period”
The oil & gas industry is expected to hold the largest market size during the forecast period. In the oil & gas industry, the deployment of flammable and combustible materials is carried out, which includes petroleum, crude oil, flammable gases (such as butane), coal, and many others; these are combustible and thereby, to avoid fire, advanced flame detector systems are installed. However, following the COVID-19 pandemic, the oil & gas industry has faced a major setback. The oil prices have reached an all-time low, and the companies involved in the industry have faced heavy losses. The decreased consumption of fuel has drastically reduced the demand for oil and gas.
“North America is expected to capture largest market size during forecast period”
The North American region is expected to hold the largest share of the flame detector market during the forecast period. The US and Canada are expected to be the largest consumers of flame detectors in North America. The increasing demand in the pharmaceuticals industry in this region owing to the recent COVID-19 pandemic is expected to result in the large market share of flame detectors in the region. The current pandemic has severely affected almost every industry across the world. Disrupted supply chain, reduced demand from local and global markets, and increased concerns regarding healthcare are a few of the challenges faced by almost every country in the world. The market for flame detectors in North America is estimated to experience a downward growth rate from 2019 to 2020 and exhibit a slightly positive growth rate from 2020 to 2021.
The break-up of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 = 40%, Tier 2 = 35%, and Tier 3 = 20%
- By Designation: C-Level Executives = 48%, Directors = 33%, and Others= 19%
- By Region: North America = 35%, Europe = 18%, APAC = 40%, and RoW = 7%
Major players operating in the flame detector market include Halma (UK), Honeywell (US), Johnson Controls (Ireland), Siemens (Germany), United Technologies (US), Emerson Electric (US), Hochiki (Japan), MSA (US), Robert Bosch (Germany), Micropack Engineering (Scotland), Minimax Viking (Germany), Spectrex (US), Ciquirix (UK), Electro Optical Components (US), Fike Corporation (US), Fire & Gas Detection Technologies (US), Optris Infrared Sensing (US), Rezontech (South Korea), Sense-WARE (US), Teledyne Technologies (US), Trace Automation (India), and VFP Fire Systems (US).
The research report on the global flame detector market covers the market based on product, industry, and region. Based on product, the market has been segmented into single UV, single IR, Dual UV/IR, triple IR, and multi IR. Based on industry, the flame detector market has been segmented into oil & gas, energy & power, chemicals, aerospace & defense, logistics, mining, automotive, pharmaceuticals, marine, and other industries. The report covers four major regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
- This report segments the flame detector market comprehensively and provides the closest approximations of the overall market size, as well as that of the subsegments across different Products industries, and regions.
- The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, challenges, and opportunities.
- The report helps to understand the COVID-19 impact on the flame detector market