The wireless gas detection market is projected to grow at a CAGR of 4.32% to reach US$1,838.493 million by 2026, from US$1,367.249 million in 2019. The wireless gas detectors are used to detect toxic gases in the air. These detectors monitor the level of toxic gases present in the facility. If the toxic gases exceed a certain limit, the detector sends a warning signal. This safety system is adopted to prevent leakage of hazardous gases which can have serious life-threatening implications for the workers. The number of factory-related accidents has been growing steadily over the years, due to which, the regulations regarding worker’s safety are becoming more stringent across the globe which will drive the market growth during the forecast period. According to the International Labor Organization, around 2.3 million women and men around the world succumb to work-related accidents or diseases every year; which corresponds to over 6000 deaths every single day. Worldwide, there are around 340 million occupational accidents and 160 million victims of work-related illnesses annually. To reduce the incidence of such accidents, the countries are bound to abide by the regulations laid down by the governing body of their country for labor safety. For instance, the United Nations follows the Occupational Safety and Health Act (OSHA) of 1970. India follows the Factories Act 1948.
The manufacturing facilities are actively installing wireless gas detectors in the manufacturing facility to minimize factory-related accidents. Companies are increasingly adopting User-friendly and intuitive systems based on artificial intelligence and the internet of things to combat these problems. Furthermore, the growing investments in increasing the automation level within a facility are further supplementing the growth of the market. For instance, In August 2018, Macurco Gas Detection, a division of Aerionics, Inc, launched its innovative portable gas detection line ‘AimSafety’ to enhance worker’s safety from the threat of workplace toxic gases. Also, the innovative, accurate, and reliable product launches by the key market players in the detection systems will further contribute to the market growth during the years to come.
By technology type, the Wifi segment is estimated to hold a dominant market share owing to the increasing use of Wi-Fi in industries and manufacturing facilities due to the easy installation procedure and cost-efficiency. By industry vertical, the oil and gas industry is expected to hold a significant market share as gas detection is required for several applications such as confined space entry, emergency response, fence line monitoring, fracking, leak detection, plant shutdown, and worker exposure in these industries. By component, the hardware segment is projected to grow at a high rate due to the technological advancements in the hardware sector such as miniaturization of components and fast processing speeds, etc. Geographically, the North American region is estimated to hold the largest share owing to the presence of key market players and the region and early adoption of the internet of things in the region. Also, the Asia-Pacific region will grow at a high CAGR due to the increasing urbanization and industrialization in the region which will surge the demand for wireless gas solutions during the forecast period.
The constant surge in the number of factory-based accidents nationwide is expected to drive the wireless gas detection market during the forecast period. The governing body of all countries is creating awareness regarding labor safety and emphasizing stringent labor laws which will encourage the manufacturing facilities to adopt the wireless gas detectors during the forecast period. The United States has several labor laws which the companies are bound to abide by. For instance, laws such as The Occupational Safety and Health Act (OSH Act), The Age Discrimination in Employment Act (ADEA), The Title VII of the Civil Rights Act Labor-Management Reporting and Disclosure Act (1959), etc. The violation of these laws results in heavy penalties imposed by the government.
The research and development cost associated with the wireless gas detectors is very high as it needs to be extremely accurate, reliable, and deviation-free. Since the cost of these detectors is high the small and medium industries struggle to afford them due to budgetary constraints, which limits the target market. This may hamper the market growth in the long run.
The Covid-19 pandemic negatively impacted the wireless gas detection market, as due to the nationwide lockdown and the temporary suspension of manufacturing facilities, declined the demand for wireless gas detectors in the market. Many industries such as oil and gas, chemicals, etc. suffered huge losses which further hampered the market growth of wireless gas detectors in 2020. However, with the ease of restrictions, the market is expected to rebound during the forecast period.
The market leaders for the wireless gas detection market consist of Honeywell International, Inc., Drägerwerk AG & Co. KGaA, Johnson Controls International, Pem-tech, Inc., Trolex, Ltd., Schauenburg International GmbH, Risco Group, Ltd., Yokogawa Electric Corporation, and Aerionics, Inc. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For instance, in June 2021, Johnson Controls International introduced a visual alarm monitoring system to their web-based clients. In February 2019, Risco Group, Ltd. launched a new product. An agility 4 wireless, modular and multi-layered security system for enhanced performance for their U.K. installations.
|Market size value in 2019||US$1,367.249 million|
|Market size value in 2026||US$1,838.493 million|
|Growth Rate||CAGR of 4.32% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Technology Type, Component, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Honeywell International, Inc., Drägerwerk AG & Co. KGaA, Johnson Controls International, Pem-tech, Inc., Trolex, Ltd., Schauenburg International GmbH, Risco Group, Ltd., Yokogawa Electric Corporation, Aerionics, Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the wireless gas detection market size by 2026?
A1. The wireless gas detection market is projected to reach a total market size of US$1,838.493 million in 2026.
Q2. What are the growth prospects for the wireless gas detection market?
A2. The global wireless gas detection market is projected to grow at a CAGR of 4.32% during the forecast period.
Q3. What is the size of the global wireless gas detection market?
A3. Wireless Gas Detection Market was valued at US$1,367.249 million in 2019.
Q4. Which region holds the largest market share in the wireless gas detection market?
A4. Geographically, the North American region is estimated to hold the largest share in the wireless gas detection market owing to the presence of key market players and the region and early adoption of the internet of things in the region.
Q5. What factors are anticipated to drive the wireless gas detection market growth?
A5. The constant surge in the number of factory-based accidents nationwide is expected to drive the wireless gas detection market during the forecast period.