The global gas sensors market is expected to
reach USD 2,512.4 million by 2020, according to a new study by Grand View
Research, Inc. Regulatory initiatives, in developed markets of North America
and Europe, in order to boost occupational health and safety are expected to
drive the market over the forecast period. Additionally, growing demand from
end-use industries is expected to positively impact global market
prospects.
Positive outlook on demand for
smart and wireless gas sensors can primarily be attributed to their
effectiveness in detecting toxic gases in hazardous environmental conditions.
Regulations for safety put forth by Occupational Safety and Health
Administration (OSHA) and the Health and Safety at Work Act (HSWA) have been
critical in enhancing market penetration across numerous industries in recent
times. The use of hydrogen as an alternative fuel in hybrid vehicles is also
expected to be a considerable opportunity for industry participants in the
coming years.
Browse full research report on Global
Gas Sensors Market: http://www.grandviewresearch.com/industry-analysis/gas-sensors-market
Further Key findings from the study suggest:
- Carbon dioxide (CO2) sensors accounted for 26.8% of the overall market share in 2012. However, reducing carbon emissions, and the use of alternatives such as shale gas for power generation are expected to limit the CO2 sensors market from reaching its full potential. Nitrogen oxide (NOx) sensors are expected to be the fastest growing product segment, with an estimated CAGR of 6.2% from 2014 to 2020. NOx sensors cost significantly higher as compared to other products, and are mainly used for exhaust gas emission detection in automotives.
- Electrochemical technology accounted for 19.3% of the market in 2012, and is expected to dominate global demand over the next six years. Sensors employing electrochemical gas sensing technology are capable of detecting multiple gases; in addition, they are reliable and cost effective in nature. Infrared gas sensing technology is expected to register the fastest growth of 5.7% from 2014 to 2020. It helps measure volatile organic compounds (VOC), methane, carbon dioxide, etc., and the absence of a chemical reaction ensures longer life span.
- Gas sensors employed for industrial purposes accounted for around 20% of the overall market in 2012, and are further expected to remain the largest market segment over the forecast period. The medical segment is also estimated to be a high growth avenue, and involves monitoring oxygen concentration in incubators as well as ventilators. It is expected to grow faster than the global average, at a CAGR of 5.2% from 2014 to 2020.
- Asia Pacific is expected to be the largest regional market by 2020, spurred by enhancements in sensor technology, and growing demand for handheld sensors and devices. It is also estimated to be the fastest growing region, at a CAGR of 6.0% from 2014 to 2020. Gas sensors are largely used in the automotive sector; therefore, growing automotive production and demand is expected to give impetus to the industry.
- Major industry participants follow development and innovation led strategies to strengthen their foothold in the ecosystem. R&D activities for boosting technological enhancement are also implemented to drive competitive advantage. Companies operating in the market include Honeywell-owned City Technology Ltd., Membrapor AG, Alphasense, Figaro Engineering, and Dynament Ltd. among others.
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/sensors-and-controls
Grand View Research has segmented
the global gas sensors market on the basis of product, technology, end-use
industry and region:
Gas Sensors Product Outlook (Revenue, USD Million, 2012 -
2020)
- Oxygen/Lambda Sensors
- Carbon Dioxide Sensors
- Carbon Monoxide Sensors
- NOx Sensors
- Others
Gas Sensors Technology Outlook (Revenue, USD Million,
2012 - 2020)
- Electrochemical
- Semiconductor
- Solid State/MOS
- PID
- Catalytic
- Infrared (IR)
- Others
Gas Sensors End-Use Industry Outlook (Revenue, USD
Million, 2012 - 2020)
- Medical
- Building Automation & Domestic Appliances
- Environmental
- Petrochemical
- Automotive
- Industrial
- Others
Gas Sensors Regional Outlook (Revenue, USD Million, 2012
- 2020)
- North America
- Europe
- Asia Pacific
- RoW
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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