Gas Sensors Industry to grow at 7% CAGR from 2017 to 2024

Gas Sensors Market size was over USD 2 billion, with more than 900 million units shipped in 2016. Gas Sensors Market size is set to exceed USD 2.8 billion by 2024; according to a new research report by Global Market Insights, Inc. The global shipments are forecast to grow at over 7% CAGR from 2017 to 2024. The gas sensors industry is expected to gain momentum over the forecast timespan, owing to the increasing penetration across applications such as handheld and smart devices. Increasing adoption custom-designed sensors from oil & gas industry to ensure safe working environments is expected to fuel the demand. Manufacturers are innovating continuously to introduce application-specific components for critical applications such as explosion-proof transducers and meet standards such as ATEX and CSA.

NOx sensors market is expected to gain significant share over the forecast timeframe, owing to the increasing adoption in automobile applications. These components are used in vehicles to make petrol engines more environmental friendly by monitoring the exhaust. They are also being used by the governments across the globe to keep a check on nitrogen oxide content in the emissions and exhaust gases to reduce pollution.

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Growth in operational issues is anticipated to hamper the gas sensors industry growth. The continuous evolution of the industry is resulting in over-crowding of components such as CO and CO2 sensors. Low product differentiation and lack of innovations are among the key industry challenges. However, key players in the gas sensors industry are increasingly investing in R&D to develop diverse product portfolio that matches unique requirements of each application.

The MINIGAS project, funded by the European community, developed gas sensing components that enabled use of these components in small instruments for high sensitivity and speed. Under this project, innovative photo-acoustic components were developed that enabled the development portable and highly sensitive measuring equipment for the measurement of very small concentrations.

The U.S. gas sensors market is expected to continue the significant demand owing to the rising stringent regulations pertaining to exhaust from vehicles. A rebound in the production of light motor vehicles and increasing use of exhaust oxygen gas sensors to improve fuel efficiency & performance is expected to drive demand in the region.

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The Environment Protection Agency, under the Clean Air Act, has set limits on certain air pollutants, with setting limits on how much pollutant can be released into the air. The act also gives the EPA the power to limit harmful emissions of air pollutants from sources like utilities, chemical plants, and steel mills. This mandatory law will create huge impact on these industries as they will be enforced to install sensors in the plant to minimize air pollution by controlling harmful emissions.

The Latin America gas sensors market will be driven by the increasing adoption of these components in building automation and domestic appliances. The consumer electronics industry in countries including Brazil and Mexico have also contributed to the demand owing to increase in spending capacity of customers.

The companies in the gas sensors market are developing equipment based on these products to gain competitive advantage. For instance, FIS, Inc. has developed chromatograph, a lightweight, compact, and low-cost device used to measure ultra-low concentrations of gases.

Browse key industry insights spread across 220 pages with 212 market data tables & 20 figures & charts from the report, “Gas Sensors Market Size By Technology (Electrochemical, Semiconductor, PID, Solid State, Catalytic, Infrared), By Product (Oxygen, Carbon Dioxide, NOx, Carbon Monoxide), By Application (Consumer Electronics, Medical, Environmental, Petrochemical, Automotive, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/gas-sensors-market-size

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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