According to a report by Global Market Insights, the gas-sensors market was valued at over $2.5 billion in 2017 and will grow at a CAGR of over 3% from 2018 to 2024. Global shipments are expected to exceed 1.5 billion units by 2024. Rising popularity of miniaturization of electronic devices & components is driving the utilization of gas sensors market products.
India gas sensors market, by end-use, 2017 & 2024 (USD Thousand)
Report Highlights
- Increase in the demand for smart and wireless gas sensing components to be deployed for various systems including chemical detection & air quality monitoring is accelerating technical developments in the gas sensors market.
- High costs associated with innovative & advanced products are hindering the gas sensors market demand.
- Infrared technology in the gas sensors market is growing at a CAGR of over 5% owing to longer product life benefits over other sensing materials such as electrochemical & PID.
- Semiconductor-based sensing components are experiencing substantial growth in the gas sensors market due to an increased use in air quality monitoring systems.
- Wireless gas sensors market is expected to witness lucrative expansion over the forecast timeline due to applications in various environmental monitoring systems.
- Oxygen gas sensors market is expected to reach over $760 million due to various applications in laboratory and climate control for indoor environments.
- Carbon monoxide products in the gas sensors industry are growing at a high pace owing to the growing popularity among healthcare applications. Key companies in the market offering these products include Aeroqual, Siemens, ABB Ltd., and Bosch.
- Consumer electronic applications in the gas sensors market was valued at over $150 million, which is expected to significantly be attributed to their implementation in various advanced and connected devices such as wearable devices, smartphones, etc.
- In the gas sensors industry, medical applications are witnessing a substantial growth due to their use in medical diagnostics, treatment, and monitoring systems in healthcare facilities.
- North America gas sensors market will experience growth in terms of unit shipment to reach over 550 million units due to the presence of several governmental regulations that support the protection & safety of workers in manufacturing facilities of various industries.
- Key players operating in the gas sensors market include Amphenol Corporation, Bosch Sensortec, Sensirion AG, Siemens AG, Aeroqual Ltd., Honeywell International Inc., Yokogawa Electric Corporation, Figaro Engineering Inc., Dynament, and Teledyne Technologies Inc.
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