Global Gas Sensors Market Analysis and Forecast to 2022 | Growth Opportunity Assessment
Princeton, NJ -- (SBWIRE) -- 06/13/2018 -- The gas sensors market is expected to be valued at USD 1,297.6 Million by 2023, growing at a CAGR of 6.83% between 2017 and 2023. The major factors driving the growth of this market include increasing enforcement of occupational health and safety regulations by the government, MEMS-based sensors, development of miniaturized wireless sensors, and increasing awareness of air quality control among users.
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This report segments the gas sensors market on the basis of gas type, technology, end-use application, and geography. The gas sensors market for oxygen is expected to witness a significant growth during the forecast period. The rising demand for oxygen gas sensors used in the medical sector in devices, such as anesthesia machines, ventilators, oxygen monitors, and analyzers, is driving the oxygen gas sensors market. Also, oxygen gas sensors are used in huge numbers in automotive and transportation applications. The growth in the automotive industry is also driving the oxygen sensors market significantly.
The gas sensors market for the oil & gas industry to hold the largest share during the forecast period. The gas sensors market for the oil & gas industry is expected to account for the largest market share by 2023 as a result of increasing oil & gas projects, replacement of obsolete sensors, and continuously increasing demand from oil & gas industries from emerging economies. Increasing shale gas production in the US will also drive the gas sensors market in the US.
Consumer electronics is expected to grow at the highest rate during the forecast period. The consumer electronics segment is expected to grow at the highest rate since gas sensors are expected to be integrated into smartphones, tablets, and wearable devices to detect gases such as alcohol, carbon monoxide, carbon dioxide, nitrogen dioxide, and VOCs.
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APAC to hold the largest share and is expected to witness the highest growth in the gas sensors market. The major drivers for the rapid growth of the said market in APAC are the rising investments in sectors such as infrastructure, housing, and medical care, which are attributed to the growing population and urbanization in the said region. The strong economic growth and increase in manufacturing industries, such as automotive, and metals and chemicals, in APAC are expected to drive the gas sensors market in this region.
The global gas sensors market is growing at a faster pace, but there are some technical hitches that are yet to be addressed. Technical hitches such as high power consumption (with respect to applications for smartphones and tablets), high manufacturing cost, and deficiency in selectivity and complex fabrication processes are a few of them. Although, there are many technologies present in the market to manufacture gas sensors none provide all the required features. For instance, devices built on metal oxide semiconductor technology consume more power than an electrochemical technology-based device, whereas devices built with the combination of metal oxide semiconductor and silicon-based micromechanical free standing hot plates (silicon hotplate) technology results in minimum power loss. Other issues are operating conditions, e.g., gas sensors built with current technologies cannot maintain a high level of selectivity in the intense humid environment. Also, the sensitivity of the catalytic bead technology-based sensor is very high toward airborne contaminants, but excess exposure can lead to sensor malfunctioning. These are a few of the restraining factors hampering the growth of the global gas sensors market.
The key players in this market are City Technology Ltd (UK), Dynament (UK), Alphasense (UK), Amphenol Corporation. (US), Bosch Sensortec (Germany), ams AG (Austria), SenseAir AB (Sweden), Figaro Engineering Inc. (Japan), Membrapor AG (Switzerland), and Sensirion AG (Switzerland), and MSA (US).
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