Newark, NJ, July 23, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global gas sensors market is expected to grow from USD 1.54 billion in 2019 and to reach USD 2.91 billion by 2027, growing at a CAGR of 8.30% during the forecast period 2020-2027.
A rise in the demand for air conditioning, ventilation and heating control systems are driving the growth of the gas sensors market as it offers intelligent ventilation control. Increased demand for real-time and continuous monitoring in miniaturization, networking/communication, power management, and reliability are contributing to the growth of the market. New sensor technologies such as substance-specific electrochemical sensors, non-dispersive Infrared sensors for combustible gas or CO2 and miniaturized photoionization detectors are creating opportunities for the growth of the market. Increased awareness regarding outdoor and indoor air quality in applications such as environmental monitoring and commercial building automation is creating an opportunity for the market.
Gas sensors are used in the measurement of the concentration of gases such as nitrogen oxide, carbon dioxide and oxygen. Gas sensors are widely utilized in the medical sector in the lung function diagnosis, ventilator monitoring systems, breathing monitoring system and patient monitoring system. It has a wide range of applications such as manufacturing and process industries in order to identify toxic gases like nitrogen dioxide and hydrogen sulfide. Gas sensors consist of a highly sensitive element which is connected to the circuits. A rise in the awareness regarding environment safety is generating higher growth for the gas sensors in order to identify volatile organic compounds and pollution levels. Also, government regulations and standards regarding emission control in the industrial sector is driving the growth of the market. The factors such as technological advancements, high-end features, rise in the requirement for sensor devices are contributing to the growth of the gas sensors market.
Change in the preferences towards flexible electronics, printed sensor manufacturing and miniaturized systems are expected to contribute to the growth of the market. Moreover, the need to monitor air quality in smart cities, increased air pollution levels, rise in demand for gas sensors from critical industries, adoption of gas sensors in the HVAC system and implementation of various health and safety regulations are anticipated to boost the market. Factors such as expensive sensors and large package size restrict the growth of the market. Hence, manufacturers are emphasizing on technological improvements along with higher accuracy. A rise in the adoption of wireless sensors with the Internet of Things can challenge the growth of the market over the forecast period.
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Key players operating in the global gas sensors market include MSA, Figaro, AMS AG, Dynament, Asahi Kasei Corporation, IDT, Honeywell Analytics, Alphasense, Sensirion, MEMBRAPOR AG, Amphenol and Nissha. To gain the significant market share in the global gas sensors market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, In January 2019, NGK Spark Plug Co. Ltd. acquired Caire Inc., a gas sensor manufacturer. The acquisition enabled NGK Spark Plug Co. Ltd. to expand its product portfolio across the globe by including oxygen sensors.
Carbon dioxide segment dominated the market and held the largest market share of 16.58% in the year 2019
The product segment includes hydrogen, ammonia, hydrogen sulfide, methyl mercaptan sensor, NOx sensor, carbon monoxide sensor, carbon dioxide sensor and oxygen/lambda sensor. Carbon dioxide segment held the largest market share of 16.58% in the year 2019. Carbon dioxide sensor is highly beneficial as it is majorly used in industrial processes. Also, it is increasingly used for indoor air quality monitoring applications. Moreover, it is also used to identify spoilage in the food storage sector.
Electrochemical segment dominated the market and valued at USD 405.63 million in the year 2019
The technology segment includes infrared, catalytic, photoionization detector, solid-state/MOS, semiconductor and electrochemical. The electrochemical segment dominated the market and valued at USD 405.63 million in the year 2019. It is majorly used to detect toxic gas concentration. It is done at the electrode by oxidizing the target gas and then is measured at the resultant current. The generated current shows the proportional amount of gas present in the vicinity. The demand for the electrochemical gas sensor is increasing due to its ability to detect landfill gases, control emission of harmful gases and enhance indoor air quality.
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Regional Segment Analysis of the gas sensors market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global gas sensors market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Europe region accounted for the significant market share of 46.12% in the year 2019. Also, Europe is expected to show significant growth over the forecast period in the gas sensors market. It is due to advancements in sensor technologies and a rise in the investments in the IT sector. Also, the increasing requirement for safety at workplaces as well as need for the integrated handheld devices is driving the growth of the market in the region.
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About the report:
The global gas sensors market is analyzed on the basis of value (USD Billion), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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