Pune, India, April 13, 2023 (GLOBE NEWSWIRE) -- The global Industrial Gas Sensors Market is expected to witness rapid growth due to the implementation of government regulations to reduce pollution. According to a report by Fortune Business Insights, titled “Industrial Gas Sensors Market: Global Market Analysis, Insights and Forecast, 2019-2026.” As per the report, the global industrial gas sensors market was valued at USD 822.30 Million in 2018. The market is expected to reach USD 1348.1 Million by 2026, exhibiting a CAGR of 6.4% in the forecast period. The report further states that a rising investment by various organizations aimed at technological advancements of gas sensors is anticipated to boost the global industrial gas sensors market size in the coming years.
List of the Companies in the Market:
- City Technology Ltd.
- DENSO Europe B.V.
- Bosch Sensortec GmbH
- Alphasense
- Figaro Engineering Inc.
- NGK Spark Plug
- Nemoto Sensor Engineering Co. Ltd.
- JJS Technical Services
- Aeroqual Ltd.
- Techcomp Group
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast CAGR | 6.4% |
| 2026 Value Projection | USD 1,348.1 million |
| Base Year | 2018 |
| Market Size in 2018 | USD 822.3 million |
| Historical Data | 2015-2017 |
| No. of Pages | 140 |
| Segments Covered | By Product Type, By Technology, By End-User Industry, By Geography |
| Growth Drivers | Rise in Demand for Affordable and Compact Gas Sensors to Result in Market Growth |
Covid-19 Impact:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Market Drivers:
Rise in Demand for Affordable and Compact Gas Sensors to Result in Market Growth
The nano and micro gas sensing technologies infused with newly designed materials are expected to improve the performance of gas sensors. There has also been a rise in demand for cost-effective and compact sensors which in turn, is projected to increase global industrial gas sensors market sales during the forecast period. Also, portable small dimensioned photo ionization detectors and non-dispersive infrared for carbon dioxide have slowly started gaining popularity and this will propel the market. The latest advancements in gas sensors as well as reduction in cost are likely to contribute to the growth. In terms of technology, the market is grouped into semiconductor, electrochemical, infrared, and other gas sensors.
Increasing Demand from the Petrochemical Industry to Show Notable Growth North America
The global industrial gas sensors market is geographically divided into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Amongst these regions, Asia Pacific is anticipated to be one of the fastest-growing regions in the global industrial gas sensors market during forecast period. This will occur due to a rise in the strict governmental regulations and ongoing environmental awareness campaigns. In 2018, for instance, China had released an action plan for air pollution and in 2013, the country began its PM2.5 targets under the Air Pollution Action Plan, for key regions. This was done to improve the quality of air. North America, on the other hand, is projected to witness notable industrial gas sensors market growth. This is because the U.S. is witnessing an increasing demand of gas sensors from the petrochemical industry. In Europe, the governments of numerous countries have imposed strict regulations regarding the prevention and control of pollution. This is most likely to contribute to the growth of market in the region.
Sensirion, RLS, and Other Prominent Key Players Focus on Innovative Product Launches to Gain Competitive Edge
Sensirion, a leading manufacturer of high-quality sensors and sensor solutions, headquartered in Switzerland, announced the launch of its new SCD40 in May 2019. It is the first miniaturized carbon dioxide sensor that is suited for cost-effective and high-volume applications, namely, automotive, IoT, consumer goods, appliances, and HVAC markets. The sensor fits in a space that is just one cubic centimeter. The SCD40 miniature sensor is all set to revolutionize product designs and make way for a vast range of advanced applications.
Earlier, in March 2015, RLS, a producer, designer, and supplier of advanced rotary and linear motion sensors, unveiled its latest high performance miniature encoder sensor. The sensors are used in embedded OEM motion control applications. They are lightweight and this makes them perfect for optics, 3D printers, hand held devices, positioning, gimbals, and other medical applications. They also offer rotary and linear performances and come in four different shapes.
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Regional Analysis:
Favorable Government Policies in Asia-Pacific to Augment Growth
Among the regions, Asia-Pacific is expected to gain momentum and hold the largest global industrial gas sensors market revenue during the forecast period. Additionally, the region generated a revenue of USD 161.3 million in 2018 and is likely to witness growth owing to favorable government policies to reduce environmental pollution. For instance, in 2018, the Chinese government established a well-planned action to drastically reduce and keep in check the air pollution. North America, on the other, is anticipated to witness significant growth for the market during the projected horizon. This is ascribable to factors such as increasing demand from the petrochemical industry to keep the pollution levels in control.
The market in Europe is likely to witness steady growth owing to stringent government regulations regarding integrated pollution prevention and control (IPCC) between 2019 and 2026.
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Industry SWOT Analysis
- Price Trend Analysis
- Global Industrial Gas Sensors Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Product Type (US$ Million)
- Oxygen
- Carbon Dioxide
- NOx
- Others
- Market Sizing Estimations and Forecasts – By Technology (US$ Million)
- Electrochemical
- Semiconductor
- Infrared
- Others
- Market Sizing Estimations and Forecasts – By End User Industry (US$ Million)
- Healthcare
- Building Automation & Domestic Appliances
- Automotive
- Petrochemical
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Geography (US$ Million)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- North America Industrial Gas Sensors Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
Continued
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