Gas sensors market size was USD 1.9 billion in 2014 and is predicted to achieve USD 2.9 billion in 2022 as estimated by Global Market Insights, Inc. These devices are effectively used for maintaining the safety level especially in toxic environment condition. These sensors check the level of toxic gases mainly in industrial environments for avoiding any mishap. With a focus on security measures for preventing gas leakages, an exponential growth on this product is predicted. In addition, government norms for ensuring the health and security of workers are anticipated to increase demand over the projected period. Oxygen sensors are widely used in vehicles for maintenance of air quality. And also the effort to control emission across Asia Pacific is going to give a significant boost to the regional industry.Let’s take a look on some of the figures forecasting the future of sensors and their importance in near future.
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Nitrogen oxide sensors touched USD 150 million in 2014 and are anticipated to rise at CAGR of 6.5% from 2015 to 2022. Medical gas sensors market share had exceeded 10% of global revenue in 2014. In addition to this, CO2 gas sensor size was gone above USD 500 million in 2014 and is estimated to fuel up to USD 800 million in the year 2022. Latin America market has noticed 10% of global rise in 2014. Europe is expected to rise at a CAGR of over 4.5% in the coming years. These rising digits are not going to stop in future because of wide use of sensors in numerous industries.
Apart from above mentioned sensors and their statistics, semiconductor gas sensing technology is also widely used for checking the gas level by measuring the change in resistance of semiconductor. It contributed to 18% of overall gas sensors industry in 2014. Along with cost effective feature, these sensors are known for eliminating toxic and combustible gases present in the environment.
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Chief manufacturers of sensors include Alphasense, Membrapor, Dynament, Figaro Engineering, City Technology and Dynament. All of them have dominated the market accounting for over 50% of the industry in 2014. In addition to new product development, companies working in this sector have adopted long-term agreements, along with mergers and acquisitions as primary growth strategies.
However, use of shale gas especially in electricity production may challenge the growth rate. It has emerged as an eco-friendly way of electricity production over the power generated through coal. But as per the predictions of market trends, these products are going to thrive in next coming years.
Author Name : Dhananjay Punekar