The new wireless gas detection market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Wireless Gas Detection Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the wireless gas detection market.
"One of the primary growth drivers for this market is the growing investments in oil and gas pipeline projects," says a senior analyst for the Industrials industry at Technavio. As the markets recover Technavio expects the wireless gas detection market size to grow by USD 524.65 million during the period 2020-2024.
Wireless Gas Detection Market Segment Highlights for 2020
The wireless gas detection market is expected to post a year-over-year growth rate of -2.79%.
Based on the end-user, the market saw maximum growth in the oil and gas segment in 2019. The installation of new pipelines and rising investments in the LNG storage terminals are driving the growth of the segment.
The market growth in the segment will be significant during the forecast period.
35% of the growth will originate from the APAC region.
Factors such as the development in IoT and remote monitoring and the adoption of the latest and miniaturized wireless gas detection products are fostering the market growth in APAC.
China and India are the key markets for wireless gas detection in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The wireless gas detection market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
The wireless gas detection market is segmented by End-user (Oil and gas industry, Chemical and petroleum industry, Power generation industry, Metals and mining industry, and Others) and Geography (North America, Europe, APAC, South America, and MEA).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Crowcon Detection Instruments Ltd., Dragerwerk AG & Co. KGaA, Emerson Electric Co., Honeywell International Inc., Johnson Controls International Plc, MSA Safety Inc., Pem-Tech Inc., Sensidyne LP, Siemens AG, and United Electric Controls Co.
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