Market Research Of Global Gas Sensors Market By Knowledge Sourcing Intelligence
Gas sensor the market is expected to grow at a compound annual growth rate of 5.99% over the
forecast period to reach US$2,340.188 million by 2023, from the estimated value of
US$1,651.126 million in 2017. The gas sensor is basically used for safety
purposes to detect toxic or combustible gasses such as Carbon Monoxide (CO)
both in residential and industrial locations. The increasing
popularity of technologically advanced wireless sensors coupled with
increasing awareness regarding the air quality is expected to augment the
demand for gas sensors among various end-use industries.
Furthermore, occupational
safety and health regulations by the numerous governments across the globe are
another prime factor that is expected to drive the demand for
gas sensors during the next five years. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample view of Global gas sensor market share
There is a rise
in the importance of safety from harmful gases due to either improper combustion
or as by-products to specific manufacturing and chemical production activities.
Simultaneously, the growing focus towards residential air quality and safety
from presence or leakages of harmful gasses are expected to drive the global
gas sensor market at a CAGR of 5.99%, to reach a market size of
US$2,340.188 million by 2023.
The focus on the
reduction of greenhouse gas emissions is one of the key priorities of
governments around the world. This concern is gaining significant importance in
countries with booming industrialization such as China, which in their 13th
Five Year Plan (2016-2020) has bound targets to several key environmental
parameters such as energy consumption and carbon emissions. Additionally,
countries like the United Kingdom have passed laws to reduce the carbon
emissions by the country to net-zero by 2050. Such policies and programs have
strengthened the focus on monitoring of various gasses in the environment, thus
driving the revenue for gas sensors in the coming years. In addition to
this, laws regarding the safety of individuals are also resulting in the growth
of the gas sensor market globally. In the United Kingdom, the government
has started reviewing its rules regarding carbon monoxide alarms fitted in
homes in order to re-establish their purpose. Furthermore, the booming
production in the automotive, electrical and chemical industries, which are
prone to accidents due to challenging environments is further augmenting the
demand for gas sensors during the forecast period.
Increasing Awareness Regarding Air Quality
Increasing
awareness regarding air quality across the globe plays an important role in
driving the demand for the gas sensor market during the forecast period. The
quality of air in the urban areas presently is considered as the major concern
in modern cities on account of significant effects of air pollution on public
health and global environment due to rapid urbanization and industrialization.
Moreover, increased adoption of gas sensors among various end-user industries
such as healthcare, energy among others on account of measurement of the concentration of hazardous gases in their vicinity in order to maintain the
indoor and outdoor air quality is further expected to boost the demand for
gas sensors and thus snowballing the market growth during the forecast
period. Simultaneously, extensive application of toxic gases in process and
manufacturing industries is further anticipated to drive the demand for
these sensors.
Global Gas Sensor Market by Type
By type,
the gas sensor market is segmented as oxygen, carbon monoxide,
carbon dioxide, chlorine, nitrogen oxide, and others. Carbon dioxide is
expected to hold a significant share and is anticipated to be one of the
fastest-growing segments during the forecast period on account of the rising
global warming and growing pollution level across the globe. In addition, The carbon monoxide segment is projected to grow rapidly as a result of rising
government regulations regarding workplace safety concerns for the
employees working in a hazardous environment. Furthermore,
advancements and product launches by major players has broadened its scope in
the gas sensor market.
Sample view of Global gas sensor market share
CARBON MONOXIDE
The carbon monoxide gas sensor market is projected to grow at a CAGR of XX.XX%, rising from US$XX.XX
million in 2017 to reach US$XX.XX million in 2023. Carbon monoxide
(CO) is a tasteless and odorless gas that can be really
harmful. It can cause memory loss and loss of consciousness and in many
cases even death. The rising number of cases with fatal accidents due to
leakage of carbon monoxide is expected to increase the demand for carbon
monoxide gas sensors in the coming years. According to Centers for disease
control and prevention, more than 400 Americans die of carbon monoxide
poisoning every year while approximately 20,000 visit the emergency room and
more than 4,000 get hospitalized due to the poisonous effects of
CO. Rising number of CO poisoning cases across the globe is compelling
people to install gas detectors in their houses as well as offices,
which are further anticipated to boost the demand carbon
monoxide sensor. In addition, various government initiatives coupled with
regulations regarding the installation of detectors are also anticipated to add
on to the growth of the global gas sensor market.
Sample view of Global gas sensor market share
For instance, in
2018 the government of the United Kingdom’s made an
announcement to launch a review into carbon monoxide alarms along
with the requirement to install carbon monoxide alarms across all houses in
England. Furthermore, rising product development and launch by major
players around the globe for monitoring of hazardous gases like CO is expected
to propel the demand for carbon monoxide gas sensors in the coming future.
For instance, the ECO sensor launched SPARROW, a wearable health and safety
monitor that can be used for measuring the carbon monoxide content in the
air.
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