Gas Sensors Market Worth $1.4 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 8, 2019 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets™, the Gas Sensors Market 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.
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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.
Amongapplications, 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.
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.
Browse in-depth TOC on "Gas Sensors Market"
111 – Tables
47 – Figures
187 – Pages
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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.
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