Dover, DE -- (SBWire) -- 04/27/2016 --Gas Sensors Market Size was valued at USD 1.9 billion in 2014 and is forecast to reach USD 2.89 billion by 2022, as per a new research report by Global Market Insights, Inc. Proliferating demand for smart sensors along with increasing need in end-use industries such as automotive is anticipated to fuel demand over the forecast period.
CO2 gas sensors market size accounted for over 25% of the overall share in 2014, and is expected to grow faster than the global average over the forecast period. This can be mainly attributed to rising need from the bulk food storage sector. NOx sensor industry is expected to be valued at over USD 250 million by 2022.
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Wireless sensors aid in detecting gas concentration and also broadcast a proportional signal. As these devices could be employed in hard-to-reach as well as remote areas, the demand for these systems is likely to remain consistent over the forthcoming years. Several other benefits include cost effectiveness coupled with easy installation. In addition, they have the facility to generate a network of sensors and could be incorporated into convenient electronic devices, namely tablets and smartphones. It enhances the overall performance in harsh peripheral environment.
Key report insights suggest:
Global demand in industrial sector contributed to over 19% of the overall revenue generation in 2014. Government regulations pertaining to ensure healthy and safety environment of employees is likely to fuel the demand growth over the forecast period. Need to monitor cabin air quality as well as the presence of vehicle emission control regulations are expected to be favorable for automotive gas sensors market size.
Electrochemical gas sensors market was valued at USD 350 million in 2014; these products are mainly deployed to detect numerous gases and are also cost effective. Infrared technology supports measurement of volatile organic compounds (VOC) such as acetylene, benzene, butane, etc. along with other gases; however, it is not as cost-effective as its counterparts.
Europe gas sensors market share accounted for over 27% of the overall revenue in 2014 and is expected to dominate the demand. Asia Pacific is likely to be the fastest growing region, primarily attributed due to technology innovation.
Chief manufacturers include Alphasense, Membrapor, Dynament, Figaro Engineering, and City Technology among others. In addition to new product development, companies operating in the industry have adopted long-term agreements, as well as mergers and acquisitions as key growth strategies.
Global Market Insights has segmented the gas sensors industry on the basis of technology, product, end-use and region:
Gas Sensors Technology Analysis (Revenue, USD Million, 2012 - 2022)
Electrochemical
Semiconductor
Solid State
PID
Catalytic
Infrared
Gas Sensors Product Analysis (Revenue, USD Million, 2012 - 2022)
Oxygen
Carbon Dioxide
Carbon Monoxide
NOx
Gas Sensors End-Use Analysis (Revenue, USD Million, 2012 - 2022)
Medical
Building Automation & Domestic Appliances
Environmental
Petrochemical
Automotive
Industrial
Gas Sensors Regional Analysis (Revenue, USD Million, 2012 - 2022)
North America
Europe
Asia Pacific
Latin America
MEA
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Gas Sensors Market Size to Reach $2.89 Billion by 2022: Global Market Insights, Inc.
Gas Sensors Market Size By Technology (Electrochemical, Semiconductor, PID, Solid State, Catalytic, Infrared), By Product (Oxygen, Carbon Dioxide, NOx, Carbon Monoxide), By End-Use (Medical, Environmental, Petrochemical, Building Automation & Domestic Appliances, Automotive, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2015 – 2022