Press release
Portable Wireless Gas Detectors Opening New Revenue Opportunities on Growing Environmental Concerns
The global wireless gas detection market is forecast to rise at a CAGR of 9.4% during the period 2017–2022. Expanding at this pace, the market estimated with worth US$1,130.8 Mn in 2017 is anticipated to reach US$1,771.4 Mn by the end of the forecast period.
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Others Product Type Market Segment to Grow at Leading Revenue Annually
On the basis of product type, the wireless gas detection market is segmented into oxygen, carbon dioxide, carbon monoxide, nitrogen oxide, and others. Among these, the other segment hold the major revenue in the market currently. The segment is anticipated to rise from a valuation of US$ 371.2 Mn in 2017 to US$ 493.1 Mn by 2022 end. This will represent an incremental decline in share from 32.8% in 2017 to 30.1% by the end of the forecast period. The segment is expected to expand at a CAGR of 5.8% from 2017 to 2022. This represents an estimated growth of US$ 24.4 Mn annually during the forecast timeline.
North America Expected to be Leading Contributor of Global Revenue
Regionally, North America leads the market vis-à-vis revenue. The regional market is projected to rise from US$ 302.6 Mn in 2017 to reach a valuation of US$ 470.6 Mn by 2022 end. This accounts for a CAGR of 9.2% from 2017 to 2022. The growth is primarily driven by the wide demand for wireless gas detection system for real-time monitoring of gases in various end-use industries. Substantial advancements in communication technologies used in wireless systems such as Wi-Fi and Bluetooth also augurs well for the regional market.
Meanwhile, Europe is predicted to be a prominent market for wireless gas detection as it will create an absolute opportunity of US$128.4 Mn during the forecast period.
Asia Pacific expect Japan (APEJ) Market to Rise at Substantial Pace
The APEJ market is predicted to expand at a significant growth rate during the forecast period. Rising at a CAGR of 10.3% during 2017–2022, this regional market is expected to be worth US$ 358.2 Mn by the end of the forecast period.
On the other hand, the Middle East and Africa (MEA) market for wireless gas detection is likely to lose some share in the coming years. The regional market is anticipated to lose 35 BPS in the share from 2017 to 2022. The MEA is estimated to rise at a CAGR of for 8.7% during the forecast timeline.
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Prominent players operating in the wireless gas detection market are Honeywell International, Inc., Drägerwerk AG & Co. KGaA, Agilent Technologies, Inc., R.C. Systems Co. Inc., Sensidyne, LP, Airtest Technologies Inc., United Electric Controls, Crowcon Detection Instruments Ltd., Pem-Tech Inc., and Otis Instruments Inc. Several companies are focusing on offering user-friendly, intuitive, and scalable solutions for multi-point gas detection in application areas such as oil and gas, chemical and petrochemicals, government and military, mining and metals.
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