Helium Leak Detection Systems Market Poised to Gain Traction Owing Higher Adoption across Automotive Industry, States Fact.MR
Published : 29 Nov 2021 Industry: Industrial Goods
As per a recent published report by Fact.MR, a market research and competitive intelligence provider, the global helium leak detection system market is valued at US$ 765.2 Mn, and is slated to expand at an impressive CAGR of 5.8% over the forecast period of 2021 to 2031.
The market registered an annual growth of 4.3% during 2016-2020. Fact.MR anticipates significant potential in the market, owed due to the growing industrial automation and equipment industry.
Companies in the industrial automation and equipment industry continue to face an environment that remains hypercompetitive. Evolution in end-user demand is influencing players in the industrial automation and equipment landscape to optimize their manufacturing processes. Growth in the oil & gas industry, automotive sales, and surge in the agriculture sector have led to rising sales of helium leak detection systems.
Key Takeaways from Market Study
- Double chamber segment is likely to witness sales of US$ 717.1 Mn by 2031.
- Based on region, demand for helium leak detection systems is expected to expand at CAGRs of 6.8% and 3.7% in the Middle East & Africa and Latin American regions, respectively, over the forecast period.
- Based on end use, the automotive and construction segments are anticipated to hold market shares of 20.5% and 6.3% by 2031, respectively.
- The market in Europe is expected to be valued at US$ 245.3 Mn by 2031.
- Together, North America and Europe represent over 46% of overall market share.
“The megatrend of automated detection system models has seen acceleration, which is pushing sales to new heights,” says a Fact.MR analyst.
Manufacturers are focusing on increasing their footprint in developing countries, where stringency in regulations has led to spurt in demand. Improving the signal processing and sensitivity of these detectors remains a key focus area for manufacturers. Developing robust distribution networks to cater to untapped regions while having limited margin leakage in established markets is the strategy being adopted by market participants to capture a higher market share.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global helium leak detection system market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights by chamber (single chambers, double chambers, and multi chambers), end user (automotive, aerospace & aeronautics, construction, F&B equipment, utility component, and pharmaceuticals), and others across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Industrial Goods Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the industrial division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Industrial Goods