According to a business intelligence report recently published by Transparency Market Research (TMR), the global wireless gas detection market will generate opportunities worth US$1,771.4 million by the end of 2022, with the demand incrementing at a formidable compound annual growth rate (CAGR) of 9.4% during the forecast period of 2017 to 2024. As of 2017, the market was evaluated to have a valuation of US$1,130.8 million.
For a number of industries including oil and gas, chemical and petrochemicals, and mining and metals, efficient measures to detect gas leakage is paramount. This is not only from the perspective of overcoming wastage but also to avoid hazardous situations. For gas detection, several types of sensors are now available that are adequate at monitoring the environment relentlessly and provide information such as location or faulty equipment. However, limitations pertaining to from where the data from these gas detecting sensors can be fetched and processed has led to the advanced technology of wireless gas detectors.
These detection systems are made specifically to consistently monitor combustible and toxic gases within a contained atmosphere and are quite simple in configuration too. With easy connectivity, availability of historical data, remote relay modules for audio and visual alarms as well as measures for emergence shut downs (ESDs), the demand for wireless gas detection is expanding.
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The analyst of the TMR business study has reported of a cutthroat competitive landscape in the global wireless gas detection market, wherein a number of major players are battling against each other. Going forward, most of the global shares of the wireless gas detection market are anticipated to remain confined within prominent players such as Drägerwerk, Honeywell, R.C. Systems, United Electric Controls, Agilent Technologies, Sensidyne, Crowcon Detection Instruments, Airtest Technologies, Otis Instruments, and Pem-Tech. Most of these players have an impressive product portfolio and are consistently expanding geographically to sustain their supremacy. Efficient placement of sensors and aiding organizations in selecting the right kind of gas detection solutions are some of the key services provided by the players, who are also working on developing portable systems that can cater to diverse demands.
Based on product type, the market for wireless gas detection has been segmented into nitrogen oxide, carbon monoxide, carbon dioxide, and oxygen, whereas on the basis of end users, the market has been bifurcated into mining and metals, government and military, chemicals and petrochemicals, and oil and gas. The report has also classified the market on the basis of application, into environment protection, military, and industrial safety as well as on the basis of technology into license-free ISM band, Bluetooth, cellular, and Wi-Fi. Geographically, North America is foreseen to dominate the demand in terms of revenue. By the end of 2022, the North America wireless gas detection market is estimated to be worth US$470.6 million, with most of the demand coming from the developed countries of the U.S. and Canada.
The growing popularity of wireless platform-based gas detection system compared to fix and hybrid ones is attributed to several factors. Wireless gas detection systems are characterized by their ease of deployment and flexibility. This is a key factor expected to bolster its uptake in the coming years. In addition, the installation is cost-effective and enables end users scalability in operations. The mounting security concerns related to wireless communication and the lack of proper connectivity in various regions are the key factors likely to hinder the demand for wireless gas detection system to an extent. Nevertheless, the growing adoption of Industrial Internet of Things (IIoT) technologies in various manufacturing industries in developing and developed regions is likely to catalyze the wireless gas detection market over the forecast period.
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Global Wireless Gas Market: Segmentation
The report offers a detailed segmentation of the wireless gas market and elaborately assesses the factors influencing the growth trajectory of each segment. The research analyzes share and size of prominent segments along the historical period (2012–2017) and offers their year-over-year growth for a granular overview of the market. Revenue held by various segments and factors boosting the prominent segments are analyzed in the study.
The report segments the global wireless gas detection market on the basis of product type, end user, application, technology, and region. The various segments based on product type are oxygen, carbon dioxide, carbon monoxide, nitrogen oxide, and others. Of these, the other segment holds the major revenue share in 2017, estimated to be valued at US$ 371.2 Mn and is projected to expand annually by US$ 24.4 Mn during the course of the forecast period.
