For a number of industries including oil and gas, chemical and petrochemicals, and mining and metals, efficient measures to detect gas leakage is paramount. This is not only from the perspective of overcoming wastage but also to avoid hazardous situations. For gas detection, several types of sensors are now available that are adequate at monitoring the environment relentlessly and provide information such as location or faulty equipment. However, limitations pertaining to from where the data from these gas detecting sensors can be fetched and processed has led to the advanced technology of wireless gas detectors.
These detection systems are made specifically to consistently monitor combustible and toxic gases within a contained atmosphere and are quite simple in configuration too. With easy connectivity, availability of historical data, remote relay modules for audio and visual alarms as well as measures for emergence shut downs (ESDs), the demand for wireless gas detection is expanding.
According to a business intelligence report recently published by Transparency Market Research (TMR), the global wireless gas detection market will generate opportunities worth US$1,771.4 million by the end of 2022, with the demand incrementing at a formidable compound annual growth rate (CAGR) of 9.4% during the forecast period of 2017 to 2024. As of 2017, the market was evaluated to have a valuation of US$1,130.8 million.
Stiff Competition Detected Among Major Players
The analyst of the TMR business study has reported of a cutthroat competitive landscape in the global wireless gas detection market, wherein a number of major players are battling against each other. Going forward, most of the global shares of the wireless gas detection market are anticipated to remain confined within prominent players such as Drägerwerk, Honeywell, R.C. Systems, United Electric Controls, Agilent Technologies, Sensidyne, Crowcon Detection Instruments, Airtest Technologies, Otis Instruments, and Pem-Tech. Most of these players have an impressive product portfolio and are consistently expanding geographically to sustain their supremacy. Efficient placement of sensors and aiding organizations in selecting the right kind of gas detection solutions are some of the key services provided by the players, who are also working on developing portable systems that can cater to diverse demands.