Market For Refrigeration Leak Detectors Is Anticipated To Grow At A 3.1% CAGR From 2020 To 2030: FMI

Future Market Insights in its latest market research, the global refrigeration leak detector market is poised to record 3.1% CAGR during the assessment period, 2020-2030. North America is anticipated to register substantial growth in the next decade. The region is expected to create an incremental $ opportunity worth US$ 5.5 Mn by 2030, with the U.S contributing the maximum revenue share.

The refrigeration leak detector market has witnessed increased uptake in recent years as it helps to eradicate the harmful effect of climate change and global warming. These detectors aid in holding harmful gases leakage through several approaches. Moreover, in recent times, prominence on multifunctional detectors that offer other benefits has amplified.

The COVID-19 outbreak has resulted in sluggishness, with the worldwide economy reflecting acute signs of depression. Consequently, the market might record a significant decline. Nationwide lockdowns have notably hindered the supply of refrigeration systems in various nations. Following an optimistic approach, FMI forestalls the worldwide economy to recoil amid the next 5 to 8 quarters, mainly supported by increasing infrastructure investments and healthcare spending. As a result, the market for a refrigerator leak detector will experience moderate recovery throughout the consequent years.

“The refrigeration leak detector market will be profoundly influenced by strict environmental regulations, stimulating players to dole out sophisticated devices on the basis of innovations, allowing them to carve a niche for themselves,” opines FMI analyst.

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Refrigeration Leak Detector Market – Key Takeaways

• In terms of end-use, the Industrial-grade category will remain significant, holding close to 60% of the revenue.
• Based on product type, increased demand for efficacy is escalating the implementation of handheld leak detectors.
• Electric detectors category will be towering in the worldwide market as well as will be touching a valuation of US$ 133.3 Mn towards 2030 end.
• South Asia & Pacific will contribute close to a quarter of the overall market share, due to amplifying emission levels.

Refrigeration Leak Detector Market – Key Trends

• Growing trend of utilizing IoT and smart sensors for monitoring the refrigeration will allow the production of these detectors in a flexible manner and offer precise conditions in the market.
• High price of replacing the refrigerant offsets the expenditure sustained on repairing and locating potential leaks, this boosts the market demand for refrigeration leak detectors from residential and commercial grade appliance users in the coming years.

Refrigeration Leak Detector Market – Regional Analysis

• North America is projected to record notable progression in the forthcoming decade. The region will generate an incremental $ opportunity valuing US$ 5.5 Mn towards 2030 end, with the U.S putting up the highest revenue share.
• South Asia & the Pacific will record a huge rise as the majority of the population resides in the tropical areas, exposing individuals to extremely higher temperatures.
• Increasing industrialization as well as the growth of trade & commerce has increased the implementation of cooling and refrigerating systems over prominent verticals in the East Asian nation. China is at the vanguard of the East Asian expansion, contributing the highest revenue share.

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Refrigeration Leak Detector Market – Competitive Landscape

Leading companies functioning in the global refrigeration leak detector market include Elitech Technology Inc., Fieldpiece Instruments Inc., CPS Products Inc., AGPTEK, MSA Safety, ACME Engineering Products Ltd., KANE INTERNATIONAL LIMITED, Bacharach Inc., Emerson Electric Co., Robinair, Ritchie Engineering Inc., Testo SE & Co. KGaA and INFICON.

Prominent companies in the scenario are focusing on developing multi-functional leak detectors, a combination of IoT as well as leveraging e-commerce platforms to enter potential markets. Furthermore, partnerships and collaborations are assisting them in increasing their distribution networks all over the world.

Refrigeration Leak Detector Market Segmentation

Product Type

• Halide Detector
• Electronic Detector

Operation

• Hand-held
• Benchtop

End-Use

• Industrial
• Research & Academia
• Maintenance Service Providers

Region

• North America (U.S & Canada)
• Latin America (Mexico, Brazil & Rest of Latin America)
• Europe (Germany, Italy, France, U.K, Spain, Russia & Rest of Europe)
• South Asia & Pacific (India, ASEAN, Oceania & Rest of South Asia & Pacific)
• East Asia (China, Japan & South Korea)
• Middle East & Africa (Turkey, Northern Africa, South Africa & Rest of MEA)

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Get Valuable Insights into the Refrigeration Leak Detector Market

Future Market Insights, in its new offering, provides an unbiased analysis of the global refrigeration leak detector market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the refrigeration leak detector market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.