The gas sensor market is expanding globally owing to its application across various industries such as manufacturing, processing, petrochemical, automotive, and metal. Furthermore, one of the major trends driving the gas sensor market is increasing demand for gas sensor devices in the manufacturing and process industries. The global gas sensor market was valued at $986.75 million in 2018. The market for gas sensor is poised to grow at a CAGR of 5.27% during the forecast period 2019-2025.
IndustryARC’s report, titled, “Gas Sensors Market: By Type (Catalytic, Thermal, Electrochemical, Optical, IR, Semiconductor & Others); By Gas type (O2, CO, CO2, NOX & Others); By Application (Automotive, Medical, Industrial, Petrochemical & Others); By Geography – Forecast (2019 - 2025),” contains a detailed description of top 10 startup companies, and includes investment, revenue, market share, market size and application, and venture capital and funding analysis of the gas sensor market. Additionally, the report also offers an in-depth analysis of pricing, patents, and market value of the top 10 companies such as Honeywell, Bosch, Siemens, and Mettler-Toledo.
Gas Sensor Market: Leading Segments
North America dominated the global gas sensor market with a regional share of 34.27% in 2018. Owing to an increase in the demand for integrated handheld devices and increased IT investments, the region is expected to drive growth of the gas sensor market. Furthermore, various regulatory frameworks, firms, and agencies have mandated the use of gas sensors in potentially hazardous environments.Government agencies such as the Occupational Safety and Health Administration (OSHA) in the U.S. mandate healthy and safe work conditions.OSHA provides an assurance for healthy and safe working conditions for men and women by providing them with information, research, training, and education in the dangerous areas. Owing to such governmental regulations, the gas sensor market is expecting growth in the forecast period.
The medical segment is the key end-user for the gas sensor market. This industry is the fastest growing due to the adoption of electrochemical-based devices in medical laboratories for protection of patients and employees. Moreover, demand for gas sensors in the medical segment is expected to grow at a CAGR of 8.74% through to 2025.
Gas Sensor Market: Trends and Growth Drivers
- Photo-Ionization Detectors (PIDs) for Measurement
Photo-ionization detectors are driving growth of the gas sensor market. Industries such as chemicals prefer PIDs, as they can detect low concentrations of volatile organic compound (VOCs). PIDsare essentially used to measure hazardous substances found in the surrounding environment
- Non-Dispersive Infrared (NDIR) for CO2
Non-dispersive infrared (NDIR) is commonly used to measure carbon dioxide. These sensors are optimized for waveguides that allow the optical light path to be folded. Additionally,NDIR operates at much lesser power levels and are also combined with a photo-diode light detector. Hence, the gas sensor market is gaining global traction and experiencing substantial growth.
- Air Quality Concerns Driving Growth
The increasing indoor and outdoor air quality concerns are fueling growth of the gas sensor market since they are increasingly being used for commercial building automation, the buildings that have centralized control to maintain the air conditions, heating, and ventilation. Thus, the construction industry is driving growth of the gas sensor market.
Gas Sensors Market: Competitive Landscape
The prominent players operating in the gas sensor market are Teledyne Technologies, Mine Safety Appliances, Integrated Device Technology, Inc., Dragerwerk AG, AmphenolCorporation, Bosch GmbH, Sensirion, Mettler-Toledo, DensorCorporation, Siemens AG, YokogawaElectric Corporation, and Honeywell International Inc.
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