Future Market Insights (FMI), is a market intelligence and consulting firm, recently issued a forecast report for the chemical detection equipment market.
In the view of FMI, a new era of chemical warfare and increased man-made threats is on the rise with the potential to cause harm. The need for rapid identification of chemical or biological agents involved in any hazardous materials (Hazmat) is necessary to prevent incidents.
Chemical detection equipment are generally used to identify the presence and intensity of chemical agents in soil, air as well as water and to alert respective authorities and personnel to the existence of toxic or hazardous substances, so necessary action can be taken to prevent catastrophes, as it can be dangerous whether it is in a weaponized or non-weaponized form. Testing for the presence of these materials is necessary for production sites/industrial areas and exposed areas to prevent any incident. Incidents from the past have resulted in the chemical industry to utilize reliable and high quality chemical equipment for monitoring of chemical plants and industries, hence increasing the demand for chemical detection equipment.
Rising threats from terrorist organizations have forced countries to use chemical detection equipment in all important sites, such as the airport, water distribution plant, nuclear power plant, tourist places and many other critical infrastructure facilities for the purpose of public safety. Chemical detection equipment is also used in facilities like nuclear power plant, chemical production facilities and various other industries to identify the presence and intensity of Radiation & chemical agents in soil, air as well as water.
Chemical Detection Equipment Market: Dynamics
Growth in the chemical detection equipment market is mainly due to an increase in terrorist threats, as well as increasing safety regulations. The increase in production of hazardous materials for industrial applications has also increased the level of threat, due to accidents or misuse by terrorists. Strict laws for buying and selling of hazardous chemicals and increased activities by law enforcements and safety and security administrations has led to growth of the chemical detection equipment market, for example, something like a gas compressor manufacturer that might be able to help. Awareness among people and stringent government regulations has created immense pressure on corporates to keep chemical detection equipment at their sites to ensure safety of the workforce. As a result, usage of chemical detection equipment in many industries has consequently surged its demand globally.
On the other hand, the high price of this equipment and high operating cost (cost of the chemicals used in making detection equipment) are restraints to the growth of the global chemical detection equipment market.
Among the chemical detection equipment available in the market, equipment that is small, effective, simple and relatively cheap are in trend and hold the maximum market share. Portable chemical detection equipment with infrared technology & Raman spectroscopy has already captured a major market share due to the above stated reasons.
Chemical Detection Equipment Market: Regional Outlook
North America is a major market for chemical detection equipment as continuous research and development is required in this field and the United States is a leader in the R&D of chemical detection technology. The increase in terrorist threats and incidents related to chemicals in recent years has garnered much attention from people and governments all over the world. The countries affected by terrorism are major markets for chemical detection equipment, such as India, the United Kingdom, Iraq, Afghanistan, etc.