Transparency Market Research (TMR) has announced the release of a new market study on the global gas sensors market. The report utilizes industry-standard analytical tools such as SWOT analysis and Porter’s five forces analysis to examine data gathered through primary and secondary research methodologies.
Albany, NY -- (SBWIRE) -- 12/08/2016 -- The historical trajectory of the global gas sensors market, its current statistics, and the expected trajectory of the market from 2012 to 2018 are provided in the report. The report is titled 'Gas Sensors Market - Global Industry Size, Share, Trends, Analysis and Forecast 2012 - 2018' and is available for sale on the official website of TMR. According to the report, the global gas sensors market was valued at US$1.7 bn in 2012. Exhibiting a robust 5.7% CAGR from 2012 to 2018, the market is expected to rise to a valuation of US$2.3 bn.
Gas sensors, as the name suggests, are devices used to sense the presence of various gases. The type of gas being monitored may differ according to the application, leading to a corresponding change in the design of the gas sensor. Combustible or toxic gases are primarily monitored using gas sensors to avoid accidents in industrial settings. When gas sensors detect the presence of the respective gas, they set off an alarm, thus avoiding potential catastrophes.
The global market for gas sensors is majorly driven by the increasing demand for wireless gas sensors due to their increased convenience to the user, the rising demand for smart gas sensors to automate the process of setting off alarms, and the increasing range of applications of gas sensors due to the increasingly stringent regulations being implemented in various industries. The latter, in particular, has provided a massive boost to the global gas sensors market, since it has made the use of gas sensors mandatory in rapidly growing industries such as the automotive industry.
By technology, the global gas sensors market is segmented into electrochemical, infrared, solid state, photoionization detector, semiconductor, catalytic, and others. Of these, electrochemical and semiconductor gas sensors are the most used. These two segments collectively accounted for 35% of the global gas sensors market in 2012. The low prices of these gas sensors are the primary factor driving the demand for them.
On the other hand, infrared gas sensors are the most accurate type of gas sensors in the global market, but are prohibitively expensive for many users, especially in applications where the risk of gas contamination is low. As a result, infrared gas sensors are only used in high-end industrial applications but take up a considerable share in the global market's revenue.
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The industrial sector, comprising of manufacturing and process industries, is the largest end user of gas sensors, according to TMR. The petrochemicals industry is another major end use segment of the global gas market and is expected to remain dominant over the forecast period. The automotive industry has also claimed a sizeable share in the global gas sensors market. In the automotive industry, gas sensors are primarily used to evaluate cabin safety and fuel emissions.
Geographically, the booming manufacturing, petrochemical, and automotive industries in Asia Pacific are expected to provide a significant impetus to the regional market, allowing it to overtake Europe, the current market leader, over the forecast period.
Major gas sensor manufacturers profiled in the report include City Technology, which is owned by Honeywell and took up 28% of the global gas sensors market in 2012, Alphasense, which accounted for 15% of the global market the same year, Dynament, Robert Bosch, Membrapor, Draeger, and Figaro Engineering.