Portland, June 30, 2020 (GLOBE NEWSWIRE) -- According to the report, the global gas sensor market accounted $823.1 million in 2019, and is projected to hit $1.33 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027. The report offers an extensive analysis of changing market trends, top winning strategies, business performance, top impacting factors, and competitive heat map.
Emergence of gas sensors in HVAC system, growth in government standards and regulations concerning emission control, and rise in need for air quality monitoring in smart cities have augmented the growth of the global gas sensor market. Nevertheless, high initial cost of the device impedes the market growth. Contrarily, growing trend toward the internet of things (IoT) is expected create multiple opportunities in the near future.
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COVID-19 scenario:
- The spread of COVID-19 has immensely affected the global gas sensor industry, owing to supply chain disruptions. There has been a shortage of raw material required for the production.
- The usage of gas sensors in the healthcare industry have been increased as they are used in oxygen concentrators, ventilators, and other respiratory systems.
- Moreover, the construction of new hospitals and healthcare centers would uplift the demand for gas sensors.
The global gas sensors market is segmented by type, technology, end-use, and region. By gas type, the methane segment dominated the market in 2019, accounting for nearly one-fifth of the global gas sensor market. The segment is anticipated to dominate the market throughout 2027. On the other hand, the oxygen segment is anticipated to manifest the highest CAGR of 8.7% during the forecast period.
By technology, the infrared gas sensor segment is projected to portray the highest CAGR of 8.7% during the forecast period. Nevertheless, the electrochemical gas sensor segment dominated the market in 2019, accounting for nearly one-third of the global gas sensor market, and would lead the trail throughout 2027.
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Based on region, the global gas sensor market across Asia-Pacific accounted for the largest share in 2019, contributing to more than two-fifths of the market. The region would rule the roost throughout the forecast period. Furthermore, the region is expected to register the fastest CAGR of 7.7% during the forecast period. The report also analyzes region across Europe, LAMEA, and North America.
The market leaders in the report include Nemoto Gas Sensors, Honeywell Analytics, Figaro Engineering Inc, MSA, Alphasense, GASTEC Corporation, Membrapor, Amphenol, Dynament, and Sensirion.
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