Gas Sensors Market Is Projected To Be Around $3.40 Billion By 2022
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A research study titled, “Gas Sensors Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the gas sensors market is projected to be around $3.40 billion by 2022.
The global gas sensors market was evaluated around USD 1.70 billion in the 2012 and is expected to reach approximately USD 3.40 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 6.45% over the forecast period. The gas sensor is a device that sense density of diverse gases inside the area, generally as a fraction of a safety system. Utilization of gas sensors is to sense actual gas densities in gas generations or gas leaks. These sensors transform gas compositions or partial pressures measured in gases or air into an electric signal. Few of the key gas sensor products are solid-state gas sensors, electrochemical gas sensors, PID (photoionization detectors), infrared gas sensors, catalytic gas sensors, and others. The gas sensors found application in numerous sectors and some of the major applications are in process industries, automotive industry, building automation, industrial applications, medical applications, and others. Gas sensors include two fundamental parts: a transducer translating the chemical reactions into an output signal and a receptor altering chemical recognition. The gas sensors derived from semiconductor technology are followed by the electrochemical gas sensing technology in a most cost-efficient way. Electrochemical gas sensors are utilized for observing the existence of toxic gases, environmental pollutants, oxygen, and few flammable gases. Catalytic sensors and IR gas sensors are utilized for detecting flammable gases.
The global gas sensors market is expected to witness significant growth with a decent compound annual growth rate over the forecast years from 2012 to 2022. Growing utilization of gas sensors for analysis of breath to ensure the patients’ health is also fueling the gas sensors demand. The key trend driving the global gas sensor market is the expansion of miniaturization and wireless capabilities, along with enhanced communication capacities that facilitate their incorporation into several machines and devices, without compromising the recognition of flammable gases or toxic at secure distances. Asia-Pacific is among the fastest rising areas for the gas sensor industry and is expected to be the industry leader in the projected period. Nations such as, Germany, the United States, and China are the key markets for gas sensor devices. Though, operational problems impacting customers’ adoption and rising costs are the major restraining factors in emerging markets for gas sensors.
The key industry participants for the gas sensors market are; City Technology Ltd., Alphasense, Membrapor AG, Dynament Ltd., and Figaro Engineering. According to the product type, the global market is split into; Carbon Dioxide Sensors, Carbon Monoxide Sensors, NOx Sensors, Oxygen/Lambda Sensors, and Other Products. On the basis of Technology, the global market is divided into; Solid State/MOS, PID, Catalytic, Infrared (IR), Electrochemical, Semiconductor, and other technologies. By End-user, the market is classified as; Environmental, Petrochemical, Automotive, Industrial, Medical, Building Automation & Domestic Appliances, and Other End Users. Geographically, the global gas sensors market is segmented into regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada) and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the gas sensors market
- Increasing use of gas sensors mainly in process industry and healthcare sector is the driving factor for the global market while rising cost is the restraining one.
- Major market players in the global gas sensors market are investing heavily in research and development to develop wider product range that matches exclusive necessities of each application.
- In 2013, Europe region ruled the global demand with an estimated market share of over 30%. Asia-Pacific region followed the Europe with significant market share.
- Key players in the market are; City Technology Ltd., Alphasense, Membrapor AG, Dynament Ltd., and Figaro Engineering.