Multifunctionality to Pivot Refrigerant Leak Detector Market Growth in Future, FMI
Increased emphasis on industrial development has taken a toll on the natural balance of the environment. A major contribution in this regard has been done by HVAC appliances.
Refrigeration Leak Detector Market
A recent market study published by FMI on the Refrigeration Leak Detector market includes ...
These contraptions, consisting largely of refrigerators and air-conditioners, have been emitting copious amounts of greenhouse gases in the form of CFC and HFC discharges. This has adversely impacted the ozone layer, leading to global warming and climate change.
To eradicate the deleterious impact of these changes, uptake of refrigerant leak detectors has accelerated over time. These devices help contain leaks of harmful gases through a variety of approaches. In recent times, emphasis on multifunctional detectors which provide other benefits has increased.
Based on these trends, the market is slated to expand modestly at a CAGR of 3.1% from 2020-2030.
Refrigerant Leak Detector Report: Key Takeaways
- Electronic detectors are poised to gain 90 BPS, reaching a value of US$ 133.3 Mn by 2030
- Industrial-grade refrigeration leak detectors remain key, capturing nearly 60% of the revenue
- Increased demand for efficiency is burgeoning adoption of handheld leak detectors
- South Asia & Pacific shall contribute nearly a quarter of the total market share, owing to heightening emission levels
- Multifunctional leak detectors are soaring in popularity with the objective of streamlining business operations
“Future growth of the market shall be heavily influenced by stringent environmental regulations, prompting manufacturers to dole out sophisticated devices by virtue of innovations, enabling them to carve a niche for themselves,” projects the FMI analyst.
COVID-19’s Impact on the Market
The refrigeration leak detector market growth is expected to be significantly impacted due to the COVID-19 pandemic, registering a substantial drop throughout 2020. Cessation of industrial production activities have led to a reduction in HVAC systems utilization. This has led to reduced demand for leak detectors.
Demand, however, will remain afloat across the food and medical supply chains as they have been designated as essential services. The recovery scenario is based on three approaches: the optimistic scenario, conservative scenario and probable scenario. In the first situation, growth is expected to rebound in the next 5-8 quarters.
In the conservative scenario, recovery is anticipated between the next 8-14 quarters. In the likely scenario, demand is anticipated to return to the normal trajectory through spending on healthcare, asset building and insurance.
Prominent vendors in the landscape are concentrating on developing multi-functional leak detectors, incorporation of IoT and leveraging e-commerce platforms to penetrate potential markets. Additionally, collaborations and partnerships are assisting them in expanding their distribution networks around the world.
In August 2020, Inficon Inc. introduced the D-Tek 3 Refrigerant Leak Detector capable of providing accurate leak detection which minimizes environmental impact of escaping refrigerants and costs. The device is a hand-held unit, equipped with a CO2 sensor, thus enhancing its effectiveness.
Bacharach Inc. inaugurated a brand new office in Dublin, Ireland in July 2019. The new facility was established in order to expand customer support and product supply and service capabilities to European customers and channel partners.
More Insights on the Refrigeration Leak Detector Market
A recent market study published by FMI on the Refrigeration Leak Detector market includes global industry analysis for 2015-2019 & opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. The market has been segmented on the basis of product type (halide detectors and electronic detectors), operation (handheld and benchtop), end-use (industrial, research & academia and maintenance service providers) and region (North America, Latin America, Europe, South Asia & Pacific, East Asia and MEA).
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