Future Growth of Gas Sensors Market Global Analysis by Key Players - Aeroqual Ltd., Amphenol Corporation, Figaro Engineering, Inc., Bosch Sensortec, Sensirion AG, Dynament, Teledyne Technologies, Inc., Honeywell International, Inc., Siemens AG, Yokogawa E
Gas Sensors Market is projected to surpass USD 3 billion by 2024. The demand for these components is expected to grow over the forecast timeframe due to the stringent regulations regarding workplace safety. The companies are focusing on the intrinsic safety to prevent the occurrences of hazards at workplaces. Countries including the U.S., UK, Germany, and France have implemented government legislation and specific standards & ratings for the implementation of sensors for safety, thus propelling the gas sensors market growth. For instance, the Health and Safety Executive of the UK has published a guideline that provides advice & information regarding the installation, selection, maintenance, and use of industrial gas sensors.
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Some of the key players in the gas sensors market include Aeroqual Ltd., Amphenol Corporation, Figaro Engineering, Inc., Bosch Sensortec, Sensirion AG, Dynament, Teledyne Technologies, Inc., Honeywell International, Inc., Siemens AG, Yokogawa Electric Corporation, etc. These players are collaborating with device manufacturers to develop application-specific products to improve functionality.
The growing trend of integration of gas sensors with wearable and handheld devices is expected to propel the gas sensors market growth. These components enhance the functionality of these devices, allowing users to assess air quality and monitor the environment. The use of these components in fitness wearable devices such as Fitbit allows users to diagnose and monitor the health and exercise environment. The companies are investing in the development of these components to make them conducive to be used in wearable devices. For instance, the Royal Society of Chemistry published the development of highly stretchable and transparent gas sensors with highly efficient mechanical and optical characteristics.
The infrared gas sensors market growth is expected to gain momentum over the forecast timespan due to advantages such as simple design and easy maintenance & operability. The components based on infrared technology are less expensive and offer high durability. These components have been proven highly effective for the measurement of carbon dioxide and hydrocarbons.
Oxygen gas sensors market will grow at a high rate due to the growing demand for these components in medical devices. These are used in the medical sector in devices such as ventilators, analyzers, oxygen monitors, and anesthesia machines. These components are also widely used in automotive applications for driver safety. These are used to determine the air-to-fuel ratio in automobile engines in real time.
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Consumer electronics applications are expected to accelerate the growth of the gas sensors market due to the increasing use of these components in handheld devices. With increasing competition amongst smartphones, tablets, and mobile device manufacturers, these companies are seeking to enhance the sensing capabilities. This is increasing the demand for air quality sensors to monitor the level of environmental pollution. Companies such as SGX Sensortech are working in collaboration with device manufacturers to reduce cost, power requirements, and the size of gas sensors to be efficiently implemented in handheld devices.
The Asia Pacific gas sensors market will grow rapidly due to the growing production of electrical and electronic components in the region. Changing regulatory environment is mandating companies to enhance employee safety in manufacturing facilities, increasing the demand for these components.
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