Gas Sensor Market Shipments to Exceed 80 Million Units by 2026: Global Market Insights, Inc.
Europe's gas sensor market revenue was over USD 400 million in 2019 and is poised to observe a substantial growth of nearly 4% through 2026 due to growing digitalization in Germany's manufacturing industry.
SELBYVILLE, Del., June 18, 2020 (Newswire.com) - According to the latest report “Gas Sensor Market by Product (O2/Lambda Sensors, CO2 Sensors, CO Sensors, NOx Sensors), Technology (Electrochemical, Semiconductor, Solid State PID, Catalytic, Infrared), Connectivity (Wired, Wireless), Application (Consumer Electronics, Medical, Environmental, Petrochemical, Automotive, Industrial), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of gas sensors will cross $2 billion by 2026. The integration of connected devices, IoT, and wireless technology with sensors to gather real-time monitoring data will positively influence the market growth.
The carbon monoxide (CO) gas sensor market will witness a growth rate of 7% from 2020 to 2026 due to its increasing adoption in medical and healthcare devices. These sensors find application in point-of-care (POC) diagnostic devices for monitoring patient health conditions. Furthermore, CO gas is highly toxic, colorless, odorless, and highly undetectable in the environment. The rising demand for safety and security will increase the deployment of CO sensors in buildings, smart homes, and industrial automation. The installation of these sensors in air monitoring systems will help in curbing exhaust emission levels and reducing air pollution.
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The Photoionization Detector (PID) sensor shipments held a market share of around 20% in 2019 and are projected to register an 8% growth till 2026. The PID technology is extensively incorporated in sensors used in military applications, confined spaces, and industrial processes. These sensors are incorporated in hand-held portable instruments for instantaneous readings. PIDs are widely used for ammonia detection in material handling and are effectively integrated for controlling environmental contaminations.
The consumer electronics sector in the gas sensor market is set to expand at more than a 4% CAGR during the projected timespan, propelled by rising technological advancements with the evolution of IoT and smart devices. This has led to the popularity of wireless gas sensors that have a simpler design and can be used to analyze data in real-time. These sensors are being integrated into portable electronics, driving their demand in the consumer electronics segment. Companies are focusing on technological innovations of gas sensors, further boosting their adoption in smartphone applications.
Europe's gas sensor market revenue was over USD 400 million in 2019 and is poised to observe a substantial growth of nearly 4% through 2026 due to growing digitalization in Germany's manufacturing industry. Increasing focus of governments on energy-efficiency and emission control standards has resulted in the proliferation of these sensors in the European automotive industry. The growing chemical sector in Europe will create a high growth opportunity for the market. In chemical plants, gas sensors are used to monitor the safety parameters of toxic & flammable gases, which are produced while manufacturing chemicals. The adoption of Continuous Emission Monitoring Systems (CEMS) for gas emission analysis at plant sites will propel the demand for gas sensors in the region.
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Some of the key players operating in the market include Bosch Sensortec, Siemens AG, Amphenol Corporation, Sensirion AG, Aeroqual Ltd., Yokogawa Electric Corporation, Honeywell International, Inc., Figaro Engineering, Inc., Teledyne Technologies Inc., and Dynament. Companies are focusing on developing innovative products and are investing in R&D activities to improve their existing offerings and gain a competitive edge in the market.
Some major findings of the gas sensor market report include:
- The medical industry is witnessing a substantial growth owing to rising demand for enhanced treatment, monitoring systems, and medical diagnostics in healthcare facilities. The integration of gas sensors with medical devices, such as smart inhalers, drug delivery systems, and ventilators, will drive the market.
- The rising adoption of IoT in various connected and smart home devices will boost the demand for gas sensing applications. Technological advancements in MEMS and multi-sensor integration will further support the measurement application in a single sensor package.
- Stringent industrial & government regulations for workers’ safety from chemical emissions and gases in industrial areas are projected to bring new growth opportunities in the market.
- The proliferation of the gas sensor market in Asia-Pacific is majorly due to rising automation in the manufacturing and production industries. Consumers in the region are more inclined toward the adoption of air-quality sensors in several electronic devices, such as smart wearables, smartphones, tablets, and laptops, accelerating market growth.
- Infrared technology in gas sensors will gain lucrative opportunities in the food & beverage industry. These devices are experiencing rising adoption of infrared technology in detecting the quality of production and harmful gases at production facilities.
- Wireless gas sensors will experience significant growth opportunities in the market owing to their low-cost and low-space installation benefits compared to wired alternatives
Table of Contents (ToC) of the report:
Chapter 3. Gas Sensor Market Insights
3.1. Industry segmentation
3.2. Impact analysis of coronavirus (COVID-19) pandemic on market
3.2.1. Global outlook
3.2.2. Impact by region
22.214.171.124. North America
126.96.36.199. Asia Pacific
188.8.131.52. Latin America
3.2.3. Industry value chain
184.108.40.206. Research and development
3.2.4. Competitive landscape
220.127.116.11. Distribution network
18.104.22.168. Business growth
3.3. Industry ecosystem analysis
3.3.1. Raw material and component supplier
3.3.4. End users
3.3.5. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Miniaturization of gas sensors
3.4.2. Wearable gas sensors
3.4.3. Portable gas detectors
3.4.4. Flexible printed gas sensors
3.4.6. Carbon nanotubes
3.4.8. Chemical gas sensors
3.4.9. Graphene-based gas sensors
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.2. Industry pitfalls and challenges
3.7. Growth potential analysis
3.8. Porter’s analysis
3.8.1. Industry rivalry
3.8.2. Threat of new entrants
3.8.3. Buyer power
3.8.4. Supplier power
3.8.5. Threat of substitutes
3.9. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.