Impact of COVID-19 on Gas Sensors Market

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• Covid Impact on Gas Sensors Market, growth/decline in product type/use cases of Gas Sensors Market due to cascaded impact of Covid on Extended Ecosystem..
• How top 50 companies in Gas Sensors Market are making rapid shifts in their strategies as we speak here...
• Outside-in view of top 50 companies client and client's clients shifting short-term priorities

The gas sensors market size is projected to grow from USD 1.0 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 6.4% from 2019 to 2024. The formulation and implementation of various health and safety regulations across the globe, increased adoption of gas sensors in HVAC systems and air quality monitors, rise in demand for gas sensors from critical industries, increased air pollution levels, and the need to monitor air quality in smart cities are the major factors driving the growth of the gas sensors market.

Smart cities & building automation segment to hold the largest market size by 2024

By application, the smart cities & building automation segment is projected to lead the gas sensors market by 2024. Rising environmental pollution levels and an increasingly degrading indoor air quality have created a significant demand for gas sensors in HVAC and air quality monitoring systems. In smart cities, gas sensors can be used for environmental monitoring applications. Major gases that are monitored include CO, CO2, SO2, NO, NO2, and VOCs. The increasing number of smart city projects in developing countries is expected to drive the growth of the gas sensors market.

Oxygen segment to lead the gas sensors market during the forecast period

By gas type, the oxygen segment is projected to lead the gas sensors market during the forecast period. Oxygen detectors, analyzers, and monitors are widely used in automotive, smart cities & building automation, food & beverages, and other industrial applications. Medical equipment is another application area for oxygen sensors. These oxygen sensors are used in incubators and other hypoxic life science products, anesthesia monitors, respirators, and oxygen concentrators.

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APAC to account for the largest share of the gas sensors market during the forecast period

By region, Asia Pacific (APAC) is projected to account for the largest share of the gas sensors market during the forecast period. The market in this region has been studied for China, Japan, India, South Korea, and the Rest of APAC. The APAC gas sensors market is mainly dominated by China and Japan. The market growth in this region can be attributed to the increased use of gas sensors in automotive & transportation, smart cities & building automation, power stations, oil & gas, and chemical applications. Rising awareness regarding the impact of air pollution on health has led to an increase in demand for air purifiers, air cleaners, and air quality monitors in APAC, which, in turn, drives the growth of the market in the region. Increasing government activities to reduce air pollution in several APAC countries, such as China and India, are expected to drive the demand for gas sensors in the Asia Pacific region. This region is also the largest end-user of HVAC equipment. The growing construction industry, due to increasing population and urbanization, drives the APAC HVAC market, which, in turn, creates a demand for gas sensors in the region.

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Gas Sensors Market worth $1.4 billion by 2024

The report "Gas Sensors Market by Gas Type (Oxygen, Carbon Monoxide, Carbon Dioxide, Ammonia, Chlorine, Hydrogen Sulfide, Nitrogen Oxide, Volatile Organic Compounds, Hydrocarbons), Technology, Application, Geography - Global Forecast 2024", size is projected to reach USD 1.4 billion by 2024 from an estimated USD 1.0 billion in 2019, at a CAGR of 6.4% from 2019 to 2024.

The formulation and implementation of various health and safety regulations across the globe, the increased adoption of gas sensors in HVAC systems and air quality monitors, and the rise in demand for gas sensors from critical industries are the major factors driving the growth of the gas sensors market. Networking of gas sensors through the Internet of Things (IoT), cloud computing, and big data; rising adoption of gas sensors in consumer electronic devices, growing involvement of several private and public organizations to create awareness among the masses about air quality monitoring, and increasing demand for miniaturized wireless gas sensors across the globe present growth opportunities for the gas sensors market.

By gas type, the VOC segment of the gas sensors market is projected to register the highest CAGR between 2019 and 2024

VOC sensors are used in the automotive, HVAC, and smart cities & building automation sectors. The market for VOC sensors is expected to grow at the highest CAGR during the forecast period, due to their rising adoption in consumer electronics. Increasing awareness regarding the consequences of pollution on human health is expected to fuel the demand for portable air quality monitors. This, in turn, is anticipated to drive the growth of the VOC sensors market.

By connectivity, the wireless segment is expected to witness a higher CAGR than the wired segment during the forecast period

By connectivity, the wireless segment of the gas sensors market is projected to register a higher CAGR than the wired segment during the forecast period due to the increasing use of wireless gas sensors in various industries, to detect the presence of toxic gases and to ensure the safety of their workforce. Wireless gas sensors are used for continuous monitoring of remote locations in a reliable and cost-effective manner.

Among applications, the consumer electronics segment is projected to grow at the highest rate during the forecast period

Consumer electronics include smart bands, smartwatches, tablets, and smartphones, among others. With technologies used in consumer electronics evolving, the manufacturing of smart consumer electronics devices has also increased. Sensors create effective human-machine interfaces and play an important role in improving the performance of a range of consumer electronic devices. Gas sensors are, therefore, expected to witness increased adoption in consumer electronic devices in the coming years.

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By region, Asia Pacific is estimated to lead the gas sensors market throughout the forecast period

Consumer electronics are an important application for gas sensors. According to the Groupe Speciale Mobile Association (GSMA) Intelligence, APAC has the highest number of smartphone users in the world. With advancements in gas sensing technologies, the integration of gas sensors is expected to increase in smartphones, smart bands, and tablets. This, in turn, will fuel the market for gas sensors in the Asia Pacific region.

Honeywell Analytics (UK), MSA (US), Amphenol (US), Figaro (Japan), Alphasense (UK), ams AG (Austria), MEMBRAPOR AG (Switzerland), Dynament (UK), Sensirion (Switzerland), Asahi Kasei Corporation (Japan), Nissha (Japan), IDT (US), Breeze Technologies (Germany), eLichens (France), Bosch Sensortec (Germany), Edinburg Sensors (UK), GASTEC (Japan), Nemoto Sensor Engineering Company Limited (Japan), and SPEC Sensors (US) are some of the key players in the gas sensors market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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MarketsandMarkets™ INC.

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Gas Sensors Market worth 1,297.6 Million USD by 2023 with a growing CAGR of 6.83%

The gas sensors market is expected to be valued at USD 1,297.6 million by 2023, growing at a CAGR of 6.83% between 2017 and 2023. The major factors driving the growth of this market include increasing enforcement of occupational health and safety regulations by the government, MEMS-based sensors, development of miniaturized wireless sensors, and increasing awareness of air quality control among users.

This report segments the market on the basis of gas type, technology, end-use application, and geography. The market for oxygen is expected to witness a significant growth during the forecast period. The rising demand for oxygen gas sensors used in the medical sector in devices, such as anesthesia machines, ventilators, oxygen monitors, and analyzers, is driving the oxygen gas sensors market. Also, oxygen gas sensors are used in huge numbers in automotive and transportation applications. The growth in the automotive industry is also driving the oxygen sensors market significantly.

The market for the oil & gas industry to hold the largest share during the forecast period. The market for the oil & gas industry is expected to account for the largest market share by 2023 as a result of increasing oil & gas projects, replacement of obsolete sensors, and continuously increasing demand from oil & gas industries from emerging economies. Increasing shale gas production in the US will also drive the gas sensors market in the US.

Consumer electronics is expected to grow at the highest rate during the forecast period. The consumer electronics segment is expected to grow at the highest rate since gas sensors are expected to be integrated into smartphones, tablets, and wearable devices to detect gases such as alcohol, carbon monoxide, carbon dioxide, nitrogen dioxide, and VOCs.

APAC to hold the largest share and is expected to witness the highest growth in the gas sensors market. The major drivers for the rapid growth of the said market in APAC are the rising investments in sectors such as infrastructure, housing, and medical care, which are attributed to the growing population and urbanization in the said region. The strong economic growth and increase in manufacturing industries, such as automotive, and metals and chemicals, in APAC are expected to drive the  market in this region.

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The key players in this market are City Technology Ltd (UK), Dynament (UK), Alphasense (UK), Amphenol Corporation. (US), Bosch Sensortec GmbH (Germany), ams AG (Austria), SenseAir AB (Sweden), Figaro Engineering Inc. (Japan), Membrapor AG (Switzerland), and Sensirion AG (Switzerland), and MSA (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Product Development Has Been the Key Strategy Adopted by the Market Players to Grow in the Gas Sensors Market

The gas sensors market is highly competitive with the presence of many established and emerging players. This market is expected to grow at a CAGR of 6.83% during the forecast period.

Product development has been the key strategy adopted by the market players to grow in the gas sensors market. This strategy accounted for a share of ~57% of the overall growth strategies adopted by the market players between October 2013 and May 2017.

The rising demand for gas sensors for various applications has encouraged companies to adopt this strategy. Besides product launches, companies have also adopted the strategies of acquisition, partnerships, expansions, and agreements to expand their business operations, product portfolio, and distribution network as well as strengthen their position and share in this market.

ams AG. (US) is one of the leading manufacturers of gas sensors. The company is involved in the design and production of sensors, sensors interfaces, power management ICs, and wireless ICs. The company offers a strong product portfolio; it provides a range of environmental gas sensors for monitoring indoor air quality, detecting volatile organic compounds, carbon dioxide, and hydrogen in various applications such as consumer appliance, automotive, building technology, and consumer and industrial. Recently, the company has launched only a few products; however, the company’s product portfolio is increasing rapidly due to a number of acquisitions. The company’s technological portfolio is enhanced with the addition of technologies such as MEMS for gas sensors. In July 2017, ams AG expanded manufacturing facility in Singapore to meet the growing demand for sensor solutions. It will help ams AG meet the growing demand for advanced sensor solutions that are used in mobile applications. The company plans to invest in differentiating technologies, equipment, and employees in this region.

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Figaro Engineering Inc. (Japan) is one of the leading manufacturers of gas sensors. The company offers an exhaustive product portfolio of gas sensors. It offers gas sensors for almost all gas types. The company mainly offers sensors based on electrochemical, MOS, and catalytic sensing technologies. It offers sensor products for a wide range of gases including combustible, toxic, and refrigerant gases. Figaro also manufactures electronic products such as detectors and analyzers that utilize gas sensing products. Recently, the company launched a sensor based on MEMS-based technology. The company has more than 40 patents worldwide. The company’s strategy focuses on two areas-patent rights and protection of know-how. The company serves a number of industry verticals such as domestic safety, industrial health and safety, air quality control, automotive, and application control and measurement. In April 2016, Figaro Engineering launched an ultra-compact electrochemical CO gas sensor. The CO gas sensor is useful in space-limited equipment, such as portable CO detectors and fire alarms, and is greatly enhanced.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

newsletter@marketsandmarkets.com