The wireless gas detection market is estimated to grow from USD 1.5 billion in 2020 to USD 1.9 billion by 2025; it is expected to grow at a CAGR of 4.8%
NEW YORK, June 16, 2020 /PRNewswire/ --
Wireless gas detection market to grow at CAGR of 4.8% during 2020–2025
The wireless gas detection market is estimated to grow from USD 1.5 billion in 2020 to USD 1.9 billion by 2025; it is expected to grow at a CAGR of 4.8%. The cost-effectiveness, increased safety, and portability of wireless gas detection devices and the time- and money-saving easy installation of wireless gas detection systems are the key factors driving the growth of the wireless gas detection market.
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Oil & gas to hold largest size of wireless gas detection market during forecast period
The market for oil & gas accounted for the largest size in 2019.In the oil & gas industry, gas detection is required for various applications such as confined space entry, emergency response, fence line monitoring, fracking, leak detection, plant shutdown, and worker exposure.
Refining facilities involve the use of lubricating oil, wax, and fuel products such as jet fuel gasoline and diesel, all of which pose a health hazard for workers. Moreover, workers in the oil & gas industry are exposed to hazardous substances such as carbon monoxide, hydrogen sulfide, ammonia, methane, and chlorides, which are released during the process of oil extraction.
Industrial safety application to hold largest share of wireless gas detection market in 2020
The market for the industrial safety application is estimated to account for the largest share of the overall wireless gas detection market in 2019.As safety is a top priority in most industries, a wide range of safety equipment are installed in these industries.
Industrial chemicals and gases are prone to leaks and spills; their mismanagement can harm employees or workers, as well as manufacturing facilities, and disrupt production schedules.Wireless gas detection systems embedded with man-down alarms and GPS signals alert operators before an incident occurs and alert workers in advance.
The various applications of wireless gas detection solutions in industrial safety include emergency response, fence line monitoring, leak detection, plant shutdown, and incident response.
North America to dominate wireless gas detection market, in terms of size, in 2019
In terms of value, North America led the wireless gas detection market in 2019, accounting for the largest share of the overall wireless gas detection market, by region.In the recent years, the wireless gas detection market has witnessed significant growth in oil & gas and chemicals industries in North America.
This growth is attributed to the increasing need for the security and safety of workers working in environments where they are constantly exposed to toxic gases. Moreover, the growing need to prevent industrial accidents caused by undetected gas leakage, and the increasing pressure from insurance companies for ensuring safety are encouraging industries to install wireless gas monitors.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the wireless gas detection market space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1= 55%, Tier 2 = 25%, and Tier 3 =20%
• By Designation Directors =32%, Managers = 20%, Vice President = 25%, Others = 26%
• By Region: North America = 40%, Europe = 35%, APAC = 15%, and RoW = 10%
Honeywell International (US), DRÄGERWERK (Germany), Yokogawa Electric corporation (Japan), MSA Safety (US), Agilent Technologies (US), Teledyne Gas and Flame Detection (US), Siemens (Germany), United Electric Control (US), Sensidyne (US), Pem-tech (US), Airtest Technologies (Canada), Crowcon Detection Instruments (UK), Otis Instruments (US), Tek Troniks (UK), Emerson Electric (US), Ambetronics Engineering (India), GDS Corp (US), Bacharach (US), Onebee (India), and Gastronics (US) are a few major companies dominating the wireless gas detection market.
Research Coverage:
This research report categorizes the global wireless gas detection market based on end-user industry, application, technology, offering, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the wireless gas detection industry and forecasts the same till 2025.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the wireless gas detection market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders in understanding their competitors better and gaining more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers.
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