Gas Monitoring System Market: Global Industry Analysis And Forecast (2023-2029)

Gas Monitoring System Market size was valued at US$ 4.87 Bn. in 2022 and the total Gas Monitoring System revenue is expected to grow by 9.6 % from 2022 to 2029, reaching nearly US$ 9.26 Bn.
Gas Monitoring System Market Overview:
Presently, gas leaks in gas businesses or gas cylinders in homes are caused by human carelessness or other external situations, as well as a lack of patience. Because of the potential for calamity in such instances, the demolition is uncertain. If the calamity could be predicted in advance, then other measures may be made to avert similar situations. For this objective, an IoT device is built that monitors gas leaks and reports the status of the gas whenever the user specifies a check. The IoT approach for determining the state of gas detection is implemented through the usage of specific use cases. Depending on the consumer's preference, these IoT are deployed manually or virtually.To know about the Research Methodology :- Request Free Sample Report

In this report, the Gas Monitoring System market's growth reasons, as well as the market's many segments (Type, End-Use Industry, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Gas Monitoring System market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Gas Monitoring System market situation.
Dynamics:
The primary driver of the market is the digitization of the electric and gas distribution grids and network management optimizations.

The Internet of Things is a network of interconnected items and devices that transfer digital data. The increasing deployment of IoT has resulted in major digitization across numerous industries, including gas and electricity. Grid operators and gas firms may now supply contemporary energy services thanks to IoT communications infrastructure. Moreover, the increased use of Narrow Band IoT will open up opportunities for smart gas monitoring for new consumers, as many companies lack the means or ability to build and manage a network system. Digitalization also involves heterogeneous cloud architecture, which will enable networks to be managed more flexibly and efficiently by using higher data processing capabilities and IoT.

A major challenge in the market growth is that due to the difficulty of system integration, the realization of return on investment is often delayed.

Intelligent gas monitoring projects throughout the world have been delayed or canceled because their implementation is capital-intensive and might pose an investment risk for owners and consumers. The total cost of installing and operating smart gas monitors is quite expensive. Authorities do not give subsidies in most countries, and there are no formal objectives or regulations for the installation of smart gas detection systems. The entire initiative is contingent on the utility intending to carry out the deployment, therefore money is a significant obstacle. Additionally, as the amount of consumers rises, the integration of the systems becomes even more complex, thus delaying smart gas detection operations. Even in matured smart gas monitoring markets, e.g. Italy and Sweden, companies are implementing intelligent gas meters in stages to make new generation smart gas detection system integration feasible.

The key opportunities in the market are system innovations coupled with government initiatives.
Government entities have taken preventative measures to impose the use of gas detectors in potentially dangerous places, where they are viewed as crucial systems for activating safety procedures across facilities in the event of an unusual rise in the concentration of gases that are purposefully monitored for air quality and identification of combustible gases, primarily in the chemical, manufacturing, healthcare, and automotive sectors. With rising research and development efforts and technological developments by some of the major players, technologies e.g. Diode lasers are being established, which trace and measure gases at reduced air density, providing several monitoring advantages e.g. extremely reliable calibration and lower interference from the involvement of other gases.
Segment Analysis:
By End-Use Industry, the Oil and Gas segment is expected to grow at a CAGR of 5.3% in the aforementioned forecast period. The rising need for gas monitoring facilities, which detect the presence of hazardous gases, is anticipated to drive the segment growth, especially in the industrial sector. The use of IoT in the oil and gas sector has resulted in enhanced external connectivity, real-time supervision, digitized oil field architecture, decreased maintenance costs, lower power consumption, enhanced efficiency, and increased asset and labor safety and security. For example, gas waste is a serious problem that must be addressed. LPG gas is very combustible and can endanger both people and property. Gas detectors, when combined with IoT, may play a significant role in gas detection and gas waste reduction, hence boosting the segment growth.

Moreover, global energy consumption is expected to rise by roughly 35.5% between 2021 and 2029, notably in developing countries e.g. India, Pakistan, and China, while the International Energy Agency stated that demand for oil and gas will rise by 48% and 18%, correspondingly. Also, the finding of oil deposits in India and China, as well as future investments in exploratory procedures, are expected to drive the need for gas monitoring systems. According to the most recent figures given by the Bureau of Safety and Environmental Enforcement in the United States, appropriate safety procedures may have prevented nearly 30 percent of the mishaps that happened in offshore businesses, including spills, gas leaks, fires, and explosions.
Gas Monitoring System Market Regional Insights:
Substantial engagement in the offshore oil and gas industry, as well as growing industrial activity, are two of the most important drivers of the European gas monitoring system market.

According to the most recent oil and gas workforce data issued by Oil and Gas United Kingdom, the country has nearly 3000 active drillers. Because of the limited talented employees, it has been difficult for oil and gas corporations to acquire new staff with the same technical capabilities. As a result, demand for automated gas monitoring systems, particularly stationary systems, is relatively greater in the region.

Significant exploration efforts have occurred in European countries e.g. the United Kingdom, leading to critical discoveries such as Glendronach. It is thought to be the fifth-largest traditional natural gas resource found in the United Kingdom continental in the last millennium. The area, particularly Germany, is also investing in solutions to deal with methane leaks. The European Space Agency is also developing satellites that measure greenhouse gases. In partnership with other firms, it also deployed a satellite named TROPOMI (to monitor atmospheric gases)

The objective of the report is to present a comprehensive analysis of the Gas Monitoring System market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Gas Monitoring System market dynamics, and structure by analyzing the market segments and projecting the Gas Monitoring System market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Gas Monitoring System market make the report investor’s guide.
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Global Gas Monitoring System Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 4.87 Bn.


Forecast Period 2023 to 2029 CAGR:
9.6 %
Market Size in 2029:
US $ 9.26 Bn.


 Segments Covered:
by Type
Portable
Fixed


by End-Use Industry
Oil and Gas
Chemicals and Petrochemicals
Healthcare
Building Automation
Other End-user Industries



Gas Monitoring System Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Gas Monitoring System Market Key Players
1. ABB
2. Airtest Technologies, Inc.
3. FLIR Systems, Inc.
4. Fluke Corporation
5. General Electric Company
6. Honeywell International Inc.
7. Lynred
8. Opgal
9. Siemens
10.Thermo Fisher Scientific, Inc.
11.Enmet LLC
12.Robert Bosch GmbH
13.GfG Gas Detection UK Ltd
14.Detcon Inc.
15.Tyco Gas and Flame Detection

FAQs:

1. Which is the potential market for the Gas Monitoring System in terms of the region?
Ans. Europe is the potential market for the Gas Monitoring System in terms of the region.

2. What are the opportunities for new market entrants?
Ans. The key opportunities in the market are system innovations coupled with government initiatives.

3. What is expected to drive the growth of the Gas Monitoring System market in the forecast period?
Ans. The primary driver of the market is the digitization of the electric and gas distribution grids and network management optimizations.

4. What is the projected market size & growth rate of the Gas Monitoring System Market?
Ans. Gas Monitoring System Market size was valued at US$ 4.87 Bn. in 2022 and the total Gas Monitoring System revenue is expected to grow by 9.6 % from 2023 to 2029, reaching nearly US$ 9.26 Bn.

5. What segments are covered in the Gas Monitoring System Market report?
Ans. The segments covered are Type, End-Use Industry, and Region.