Wireless Gas Detection Market 2020-2024 | Forecasting Strategies for New Normal | Technavio - Business Wire

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LONDON--(BUSINESS WIRE)--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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"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.

Regional Analysis

• 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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Notes:

• 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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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Wireless Gas Detection Market 2020-2024 | Forecasting Strategies for New Normal | Technavio - Business Wire
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