The Gas Sensors Market is valued at USD 2.07 billion in 2016 and is expected to reach a value of USD 2.85 billion by the end of 2022
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According to a new market research report, the Global Gas Sensors Market is valued at USD 2.07 billion in 2016 and is expected to reach a value of USD 2.85 billion by the end of 2022, growing at a CAGR of 5.56 %.
The proliferation of handheld devices has led to developments in the field of smart gas sensors, which has considerably widened their scope of application. Need for ensuring safety in workplaces is expected to be the key driving force for the market over the next six years.
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Regulations in developed markets of North America and Europe mandate the use of these sensors in potentially hazardous environments.
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The growing trend of incorporating gas sensors in automobiles for comfort and safety of passengers is a major reason for the growth of the Gas Sensors Market in automotive applications.
Increasing use of gas sensors in breath analysis to check the health of patients is also driving the demand for gas sensors. The major trend driving the global gas sensor market is the development of wireless capabilities and miniaturization, coupled with improved communication capabilities that enable their integration into various devices and machines, without compromising the detection of toxic or flammable gases at safe distances.
ABB LTD, Aeroqual Ltd., Alphasense, City Technologies, Dragerwerk AG & Co, Dynament Ltd., Figaro Engineering, Gfg Europe Ltd, Membrapor AG, Ngk Insulators Ltd., Nemoto & Co. Ltd, Robert Bosch, Llc, Siemens AG, Trolex Ltd and Yokogawa Electric Corporation are the key players in this market that are mentioned in the report.
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Asia-Pacific is one of the fastest growing regions for the gas sensor market, and is projected to be the market leader in the forecasted period. Countries like China, U.S. and Germany are the major markets for gas sensors.
However, operational issues are affecting consumer adoption in emerging markets.
The evolving nature of the market is leading to rapid changes and over-crowding of sensors for major gases like carbon dioxide and carbon monoxide. The lack of regulation in Asian markets like China is also expected to impede growth.
Rising costs are also an issue in an ever-changing market characterized by innovations and low product differentiation.
The global Gas Sensors Market is segmented on the basis of type (Oxygen Sensors, Carbon Dioxide Sensors, Carbon Monoxide Sensors, NOx Sensors, and Others), technology (Electrochemical Sensors, Semiconductor Sensors, Solid State/MOS, PID, Catalytic, and IR) industry (Medical, Building Automation, Environmental, Petrochemical, Automotive, Industrial, and Others), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America).
What the report offers
- Market Definition for Gas Sensors along with identification of key drivers and restraints for the market.
- Market analysis for the Gas Sensors Market, with region specific assessments and competition analysis on a global and regional scale.
- Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on Global and a regional scale.
- Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
- Identification and analysis of the Macro and Micro factors that affect the Gas Sensors Market on both global and regional scale.
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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