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“Formulation and implementation of various health and safety regulations across the globe to drive the growth of the gas sensors market”
The gas sensors market is projected to grow from USD 1.0 billion in 2019 to USD 1.4 billion by 2024, recording a CAGR of 6.4% between 2019 and 2024. The formulation and implementation of various health and safety regulations across the globe, increased adoption of gas sensors in HVAC systems and air quality monitors, rise in demand for gas sensors from critical industries, increased air pollution levels, and the need to monitor air quality in smart cities are the major factors driving the growth of the gas sensors market. However, the long duration required for the development of new and innovative gas sensors acts as a restraint for the market growth.
“Based on application, consumer electronics to be the fastest-growing application segment between 2019 and 2024”
Consumer electronics include smart bands, smartwatches, tablets, and smartphones, among others. There has been a significant rise in demand for consumer electronics. This demand-trend is expected to continue in the coming years as well. Technological advancements in consumer devices have led to the integration of compact and advanced sensors in smartphones, which, in turn, is expected to provide growth opportunities for the gas sensors market.
“APAC to record the highest growth rate in the gas sensors market during the forecast period”
By region, the APAC gas sensors market is projected to witness the highest growth rate during the forecast period due to the increasing use of gas sensors in automotive & transportation, smart cities & building automation, power & energy, oil & gas, and chemicals applications in the region. APAC is one of the important regions for the automotive industry due to the increased manufacturing of passenger cars and their sales in various countries, such as China, Japan, and South Korea, of the region. Increasing adoption of oxygen, carbon dioxide, carbon monoxide, and nitrogen oxide gas sensors in the automotive industry is driving the growth of the market. There are several refineries as well as power and chemical plants in APAC. These refineries and plants use gas sensors to ensure the security of their workforce, thereby leading to the growth of the gas sensors market in APAC. Increasing pollution levels in APAC countries are also fueling the demand for gas sensors in the region. There is an increasing awareness among the masses regarding the impact of air pollution on human health in this region. This awareness is leading to the rise in demand for air purifiers, air cleaners, and air quality monitors, subsequently driving the growth of the APAC gas sensors market.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the gas sensors marketplace.
- By Company Type: Tier 1 - 52%, Tier 2 - 31%, and Tier 3 - 17%
- By Designation: C-Level Executives -62% and Managers - 38%
- By Region: North America - 34%, Europe - 20%, APAC - 37%, and RoW - 9%
Honeywell Analytics (UK), MSA (US), Amphenol (US), Figaro (Japan), Alphasense (UK), ams AG (Austria), MEMBRAPOR AG (Switzerland), Dynament (UK), Sensirion (Switzerland), Asahi Kasei Corporation (Japan), Nissha (Japan), IDT (US), Breeze Technologies (Germany), eLichens (France), Bosch Sensortec (Germany), Edinburg Sensors (UK), GASTEC (Japan), Nemoto Sensor Engineering Company Limited (Japan), and SPEC Sensors (US) are some of the major players in the gas sensors market.
The study includes an in-depth competitive analysis of these key players in the gas sensors market, with their company profiles, recent developments, and key market strategies.
- The report defines, describes, and forecasts the gas sensors market based on technology, type, connectivity, application, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the gas sensors market. It also analyzes product launches, acquisitions, expansions, and partnerships carried out by the key players to grow in the market.
Key Benefits of Buying the Report
- This report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall gas sensors market and the subsegments.
- The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.