"Gas sensors devices are effectively used for maintaining the safety level
especially in toxic environment condition. These sensors check the level of
toxic gases mainly in industrial environments for avoiding any mishap."
Market Size - $ 1.9 Billion in
2014, Market Growth - CAGR of 5.4%, Market Trends – Increasing demand for
compact and low power consumption sensors
Gas Sensors Market Size was USD 1.9 billion in 2014 and
is predicted to achieve USD 2.9 billion in 2022 as estimated by Global Market
Insights, Inc. These devices are effectively used for maintaining the
safety level especially in toxic environment condition. These sensors check the
level of toxic gases mainly in industrial environments for avoiding any mishap.
With a focus on security measures for preventing gas leakages, an exponential growth
on this product is predicted. In addition, government norms for ensuring the
health and security of workers are anticipated to increase demand over the
projected period. Oxygen sensors are widely used in vehicles for maintenance of
air quality. And also the effort to control emission across Asia Pacific is
going to give a significant boost to the regional industry.
Let’s take a look on some of the figures forecasting the future of sensors
and their importance in near future.
Nitrogen oxide sensors touched
USD 150 million in 2014 and are anticipated to rise at CAGR of 6.5% from
2015 to 2022. Medical gas sensors market share had exceeded 10% of global
revenue in 2014. In addition to this, CO2 gas sensor size was gone above USD
500 million in 2014 and is estimated to fuel up to USD 800 million in the year
2022. Latin America market has noticed 10% of
global rise in 2014. Europe is expected to
rise at a CAGR of over 4.5% in the coming years. These rising digits are not
going to stop in future because of wide use of sensors in numerous industries.
Apart from above mentioned
sensors and their statistics, semiconductor gas sensing technology is also
widely used for checking the gas level by measuring the change in resistance of
semiconductor. It contributed to 18% of overall gas sensors industry in
2014. Along with cost effective feature, these sensors are known for
eliminating toxic and combustible gases present in the environment.
Chief manufacturers of
sensors include Alphasense, Membrapor, Dynament, Figaro Engineering, City
Technology and Dynament. All of them have dominated the market accounting for
over 50% of the industry in 2014. In addition to new product development,
companies working in this sector have adopted long-term agreements, along with
mergers and acquisitions as primary growth strategies.
However, use of shale gas especially in electricity
production may challenge the growth rate. It has emerged as an eco-friendly way
of electricity production over the power generated through coal. But as per the
predictions of market trends, these products are going to thrive in next coming
years.
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