The global market for gas sensors is expected to reach USD
2,512.4 million by 2020, according to a new study by Grand View Research, Inc.
Regulatory initiatives, in developed markets of North America and Europe, in
order to boost occupational health and safety are expected to drive the market
over the forecast period. Additionally, growing demand from end-use industries
is expected to positively impact global market prospects.
Positive
outlook on demand for smart and wireless gas sensors can primarily be
attributed to their effectiveness in detecting toxic gases in hazardous
environmental conditions.
Regulations for safety put forth by Occupational
Safety and Health Administration (OSHA) and the Health and Safety at Work Act
(HSWA) have been critical in enhancing market penetration across numerous
industries in recent times. The use of hydrogen as an alternative fuel in
hybrid vehicles is also expected to be a considerable opportunity for industry
participants in the coming years.
Further
Key findings from the study suggest:
- Carbon dioxide (CO2) sensors
accounted for 26.8% of the overall market share in 2012. However, reducing
carbon emissions, and the use of alternatives such as shale gas for power
generation are expected to limit the CO2 sensors market from reaching its
full potential. Nitrogen oxide (NOx) sensors are expected to be the
fastest growing product segment, with an estimated CAGR of 6.2% from 2014
to 2020. NOx sensors cost significantly higher as compared to other
products, and are mainly used for exhaust gas emission detection in
automotives.
- Electrochemical technology
accounted for 19.3% of the market in 2012, and is expected to dominate
global demand over the next six years. Sensors employing electrochemical
gas sensing technology are capable of detecting multiple gases; in
addition, they are reliable and cost effective in nature. Infrared gas
sensing technology is expected to register the fastest growth of 5.7% from
2014 to 2020. It helps measure volatile organic compounds (VOC), methane,
carbon dioxide, etc., and the absence of a chemical reaction ensures
longer life span.
- Gas sensors employed for
industrial purposes accounted for around 20% of the overall market in
2012, and are further expected to remain the largest market segment over
the forecast period. The medical segment is also estimated to be a high
growth avenue, and involves monitoring oxygen concentration in incubators
as well as ventilators. It is expected to grow faster than the global
average, at a CAGR of 5.2% from 2014 to 2020.
- Asia Pacific is expected to be the
largest regional market by 2020, spurred by enhancements in sensor
technology, and growing demand for handheld sensors and devices. It is
also estimated to be the fastest growing region, at a CAGR of 6.0% from
2014 to 2020. Gas sensors are largely used in the automotive sector;
therefore, growing automotive production and demand is expected to give
impetus to the industry.
- Major industry participants follow
development and innovation led strategies to strengthen their foothold in
the ecosystem. R&D activities for boosting technological enhancement
are also implemented to drive competitive advantage. Companies operating
in the market include Honeywell-owned City Technology Ltd., Membrapor AG,
Alphasense, Figaro Engineering, and Dynament Ltd. among others.
• Gas Sensors Product Outlook (Revenue, USD Million, 2012 - 2020)
• Oxygen/Lambda Sensors
• Carbon Dioxide Sensors
• Carbon Monoxide Sensors
• NOx Sensors
• Others
• Gas Sensors Technology Outlook (Revenue, USD Million, 2012 - 2020)
• Electrochemical
• Semiconductor
• Solid State/MOS
• PID
• Catalytic
• Infrared (IR)
• Others
• Gas Sensors End-Use Industry Outlook (Revenue, USD Million, 2012 - 2020)
• Medical
• Building Automation & Domestic Appliances
• Environmental
• Petrochemical
• Automotive
• Industrial
• Others
• Gas Sensors Regional Outlook (Revenue, USD Million, 2012 - 2020)
• North America
• Europe
• Asia Pacific
• RoW
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