Wireless Gas Detection Market expected to reach USD 3.01 billion by 2023
NEW YORK, June 26, 2017 /PRNewswire/ -- Highlights
· The wireless gas detection market is projected to grow at a CAGR of 16.03% during the forecast period
· The wireless gas detection market is expected to reach USD 3.01 billion by 2023, at a CAGR of 16.03% during the forecast period.
· The growth of the market is driven by various factors such as new technological innovations in wireless technology; growing awareness about worker safety;
· Industrial Internet of Things (IIoT). However, security issues related to gas detection data transmissions is one of the factors restraining the growth of the wireless gas detection market.
· The environmental safety application in the wireless gas detection market is expected to grow at a high rate during the forecast period
· The environmental safety application in the wireless gas detection market is expected to grow at the highest CAGR between 2017 and 2023. Growing concerns about the environment, reduction of global warming, and maintaining a safe working environment in industries are expected to drive this market.
· Moreover, wireless gas detectors enable remote monitoring of Carbon Dioxide (CO2) and Oxygen (O2) gases present in the environment, and are necessary for maintaining the amount of CO2 gases to reduce ozone depletion.
The wireless gas detection market is projected to grow at a CAGR of 16.03% during the forecast period
The wireless gas detection market is expected to reach USD 3.01 billion by 2023, at a CAGR of 16.03% during the forecast period. The growth of the market is driven by various factors such as new technological innovations in wireless technology; growing awareness about worker safety; Industrial Internet of Things (IIoT). However, security issues related to gas detection data transmissions is one of the factors restraining the growth of the wireless gas detection market.
The environmental safety application in the wireless gas detection market is expected to grow at a high rate during the forecast period
The environmental safety application in the wireless gas detection market is expected to grow at the highest CAGR between 2017 and 2023. Growing concerns about the environment, reduction of global warming, and maintaining a safe working environment in industries are expected to drive this market. Moreover, wireless gas detectors enable remote monitoring of Carbon Dioxide (CO2) and Oxygen (O2) gases present in the environment, and are necessary for maintaining the amount of CO2 gases to reduce ozone depletion. Hence these factors are expected to lead to the high growth rate of the environmental safety application during the forecast period.
Oil & gas industry in the wireless gas detection market held the largest market size in 2016
The oil & gas industry in the wireless gas detection market held the largest market size in 2016. Wireless gas detection systems are widely adopted in the oil and gas industry for remote monitoring and real time detection of toxic gases in confined spaces. Moreover, wireless gas detection systems reduce potential exposure, increase effectiveness of incident response, and document long-term exposure risk in the oil and gas industry. This is expected to result in the high adoption of the wireless gas detection systems in the oil & gas industry and hence is projected to hold the largest market share during the forecast period.
North America is projected to lead the wireless gas detection market, while the market in the Asia-Pacific is expected to grow at the highest rate during the forecast period
North America accounted for the largest share of the wireless gas detection market in 2016. This large share can be attributed to the wide adoption and strong presence of major manufacturers in the wireless gas detection market such as Honeywell International, Inc. (US), Tyco Gas and Flame Detection (US), Unified Electric Controls (US), Emerson Electric Co. (US), Sensidyne, LP (US), and Agilent Technologies, Inc. (US).
The market in the Asia-Pacific is expected to grow at the highest CAGR between 2017 and 2023. The growth of the wireless gas detection market in the Asia-Pacific is driven by the growing adoption of wireless gas detection for industrial safety. Also, the increasing number of industries in countries such as India, South Korea, and Japan cater to the need of wireless gas detection in the Asia-Pacific region.
Given below is the breakdown of the profile of the primary participants in terms of different parameters considered:
-- By Company Size: Tier 1 - 25%, Tier 2 - 45%, and Tier 3 - 30%
-- By Designation: C-Level - 50%, D-Level - 32%, and Others - 18%
-- By Region: The Americas - 32%, Europe - 30%, Asia Pacific - 24%, and RoW - 14%.
The key players operating in wireless gas detection market include Honeywell International, Inc. (US), Siemens AG (Germany), Drägerwerk AG & Co. KGaA (Germany), Tyco Gas and Flame Detection (US), United Electric Controls (US), Yokogawa Electric Corporation (Japan), Emerson Electric Co. (US), Sensidyne, LP (US), MSA Safety Incorporated (US), and Agilent Technologies, Inc. (US).
Research Coverage
In this report, various segments such as wireless technology, type, application, end user, and geography have been covered. It also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across four main regions: North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
Reasons to Buy the Report:
-- This report includes market sizing/ value (in USD million) on the basis of wireless technology, type, application, end user, and geography on the basis of type pertaining to the wireless gas detection market.
-- Major drivers, restraints, opportunities, and challenges for the wireless gas detection market have been provided in detail in this report.
-- The report includes illustrative segmentation, analysis, and forecast for the wireless gas detection market based on its segments and subsegments.
-- The report includes the proprietary Vendor DIVE framework, which analyzes market players on various parameters within the broad categories of business and product strategies.
Read the full report: http://www.reportlinker.com/p04950103/Wireless-Gas-Detection-Market-by-Technology-Type-Software-Services-and-Geography-Global-Forecast-to.html
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
http://www.reportlinker.com
__________________________
Contact Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wireless-gas-detection-market-expected-to-reach-usd-301-billion-by-2023-300479747.html
SOURCE Reportlinker
