Pune, India, June 14, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Asia Pacific gas sensors market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 350 million by 2026.
The trend for digitalization to streamline smart manufacturing and industrial automation will augment Asia Pacific gas sensors market value. Governments have upped the focus on supporting smart manufacturing facilities and encouraging developments in the mining sector. According to a 2020 report from the International Energy Agency, Asia Pacific accounted for over 73% of the global coal production in 2019; China dominated with 46% of the total coal production.
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The dynamics of miniaturization of wireless capabilities will complement the demand for smart gas sensors across the region. The need to ensure safety and boost comfort will further trigger the adoption of gas sensors. Stakeholders will potentially vie to cash in on the prevailing trends in emerging economies, including India, Japan and China.
Notably, the Japanese Government announced a stimulus package of USD 708 billion in December 2020 to minimize carbon emission and achieve total carbon neutrality by 2050.
Infrared gas sensors to gain impetus
Infrared technologies have added fillip to the industry growth as they provide high accuracy and faster response time. It provides accurate results with a faster response time amidst the leakage of combustible gases. In addition, industry participants are also likely to count on the growth of the non-dispersive infrared (NDIR) technology. To illustrate, Asahi Kasei Microdevices Corporation (AKM) rolled out three new gas sensors for the detection of flammable gases, including propylene, methane gas and propane gases using NDIR technology. APAC infrared gas sensors segment will expand at a healthy CAGR of more than 7% through 2026.
Wireless connectivity to provide a win-win situation
Megatrends for remote gas sensing and monitoring equipment will be pronounced across petrochemicals, manufacturing and process industries, driving the demand for wireless connectivity. End-use sectors are exploring growth potentials in wireless gas sensors for worker safety through remote monitoring. As such, remote monitoring of process plants, storage terminals and pipelines will receive impetus across the end-use applications. The wireless connectivity segment accounted for 70% APAC gas sensors market share in 2019 and will expand at an impressive CAGR of around 7% through 2026.
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India to be a favorable investment hub
Bullish government initiatives in the Indian oil and gas industry will fare well for the gas sensors suppliers. Prominently, in February 2021, the Government of India announced an investment of USD 103.3 billion to bolster oil & gas infrastructure over the next half-a-decade. The government is contemplating the development of exploration and production activities in the sector. The Indian Brand Equity Foundation (IBEF) projects the Indian oil & gas industry to garner USD 25 billion from production and exploration activities by 2022. Accordingly, the India gas sensors market is anticipated to expand at a strong CAGR of 6% up to 2026.
The competitive landscape indicates a strategic approach towards product rollouts and strategic alliances. To illustrate, Figaro Engineering announced the rollout of a new lead-free galvanic cell-type oxygen sensor portfolio. These sensors could be used in oxygen test kits, the food & beverage industry and environmental control systems. Current trends suggest key players could seek to reduce carbon emissions and bolster wireless sensor technology portfolios.
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
