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Wireless Gas Detection Market Trends & Opportunities 2024-2033
Wireless Gas Detection Market Trends
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According to The Business Research Company's, The wireless gas detection market size has grown strongly in recent years. It will grow from $2.13 billion in 2023 to $2.3 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to industrial safety regulations, workplace safety concerns, oil and gas industry growth, chemical industry compliance, mining sector safety.
The wireless gas detection market size is expected to see strong growth in the next few years. It will grow to $3.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to increasing industrial automation, rising adoption in emerging markets, demand from healthcare facilities, renewable energy sector, integration with IoT platforms. Major trends in the forecast period include wireless mesh networks for scalability, mobile applications for remote monitoring, enhanced human-machine interface (HMI), collaboration with cloud service providers, focus on intrinsically safe design.
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Market Drivers and Trends:
The increasing demand for wireless gas detectors by the chemical industry is expected to boost the growth of the wireless gas detection market going forward. Wireless gas detection is a system or device that is designed for continuous monitoring of toxic and combustible gases in the air. Wireless gas detectors are used in the chemical industry to provide an early warning of the presence of toxic gas for enhanced worker safety. For instance, in June 2022, according to Chemical Industry Situation and Outlook, a report from the American Chemistry Council (ACC), a US-based industry trade association for American chemical companies, with growth in all chemistries, the United States' chemical output is anticipated to have its greatest year in more than a decade in 2022. Following a 1.6% increase in 2021, ACC anticipates output to increase by 2.4% in 2023. Strong demand and restocking drive a 6.2% increase in specialty chemical production in 2022. In 2022, capital expenditures increase by 12.3% to $34.5 billion and by 5.5% to $36.4 billion in 2023. Therefore, the increasing demand for wireless gas detectors by the chemical industry is driving the growth of the wireless gas detection market.
Product innovation is a key trend gaining popularity in the wireless gas detection market. Major companies operating in the wireless gas detection market are focused on developing innovative products to strengthen their position in the market. In September 2022, Blackline Safety Corp, a Canada-based company that provides wireless worker safety monitoring products, launched innovative connected single-gas detection. The single-gas detection is an intelligent solution that makes use of the most recent cellular Internet of Things (IoT) connectivity. It offers enhanced benefits such as longer battery life, cheaper cost of ownership and fewer false alarms. More significantly, it enables safety experts to access the reliable information they require to manage their safety policies, processes and continuing compliance more effectively and efficiently.
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Major Key Players of the Market:
Siemens AG, Honeywell International Inc., 3M Company, AMETEK Inc., Sensit Technologies, AirTest Technologies Inc., MSA Safety Incorporated, Sensirion AG Industrial Scientific Corporation, Beijing SDL Technology Co Ltd., Crowcon Detection Instruments Ltd., Comstack Ltd., RKI Instruments Inc., United Electric Control Co, California Analytical Instruments Inc., Aeris Environmental Ltd., Drägerwerk AG & Co KGaA, Yokogawa India Ltd., Detector Electronics Corporation, RAE Systems Inc., Pem-Tech Inc., Tek Troniks Ltd., Ambetronics Engineers Pvt Ltd., Global Detection Systems Corp, Otis Instruments Inc., Teledyne Gas and Flame Detection, New Cosmos Electric Co Ltd., Trolex, International Gas Detectors, GfE Gesellschaft für elektronische Messgeräte GmbH
Wireless Gas Detection Market 2024 Key Insights:
• The wireless gas detection market size is expected to see strong growth in the next few years. It will grow to $3.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Chemical Industry Fuels Surge In Wireless Gas Detection Market
• Innovative Products Propel The Wireless Gas Detection Market
• North America was the largest region in the wireless gas detection market in 2023
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