APAC gas sensors market to witness remarkable proceeds over 2018-2024, China to be a major revenue pocket
Gas sensors market is one among the few vibrant business spheres where innovations and technology quite aptly outline the key to profitability and opportunities. The industry participants are thoroughly investing in research activities to bring product improvisations in terms of advancements and sustainability quotients, that in extension is enhancing the product and commercialization matrix of this fraternity.
India gas sensors market, by end-use, 2017 & 2024 (USD Thousand)
Backing the fact with a recent case in point – Sensirion AG, a leading manufacturer of high-end sensors, has bestowed the marketplace with novel gas sensors that are not only technologically progressive, but are also environmentally viable. As claimed by the experts, Sensirion’s upgraded solutions offer precise air quality information based on some of the major environmental grounds such as VOC content, humidity, carbon dioxide presence, temperature, and particulate matter content. Undoubtedly, such exemplary initiatives undertaken by the renowned giants with regards to environmental sensing have opened up a slew of lucrative opportunities for gas sensors market players, in terms of commercialization and sustainability.
In terms of revenue, Global Market Insights, Inc. reports the global gas sensors industry to have surpassed a valuation of USD 2.5 billion in 2017. Safety measures, of late, have become an integral axiom in the manufacturing space, subject to the stringent regulatory framework regarding workplace safety and health hazards due to poor air quality. Gas sensors industry trends is heavily influenced by the growing governmental initiatives across the world. Companies involved in gas sensors industry are introducing innovative application-specific components that comply with the safety standardization such as CSA and ATEX.
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In this regard, it is important to note that majority of these air quality standardizations and norms are implemented in industrial and automotive sectors. For instance, EPA’s Clean Energy Act has already set limits on some of the air pollutants, that is claimed to be hazardous for the environment. The act also gives the EPA the power to limit harmful emissions of air pollutants from sources like utilities, chemical plants, and steel mills. These mandatory roll-outs have left a huge impact on gas sensors market penetration, subject to the fact that these aforementioned sectors are mandated to install gas sensors in the plants to curb air pollution by efficiently regulating harmful emissions.
Asia Pacific to strongly influence global gas sensors market growth
The expanding automobile sector and rising trend of automation across a myriad range of domains are chronicled to be some of the major factors driving APAC gas sensors market size. Reportedly, China and India are anticipated to be the major revenue pockets for APAC gas sensors industry. The growth in these regions can be primarily credited to the phenomenally increasing technological developments with regards to curtailment of hazardous air pollutant emissions.
Allegedly, China has been remarkably incorporating miniaturized and wireless sensors to enable convenient detection of toxic gases. Moreover, the growing urbanization and demand for technologically upgraded products such as E- compressor and E-turbo is further fueling China gas sensors market share. Beijing and Shanghai are touted to be pivotal contributors to the rapidly deteriorating outdoor air quality, that exceeded the set particulate matter concentration by the WHO by a substantial proportion in 2017, which has further impelled China gas sensors market.
However, in parallel to these developments the industry is also facing some major challenges with the exponentially increasing number of CO and CO2 sensors. The overcrowding of these devices has not only impacted the strategic landscape but has also raised a question on the product differentiation and innovations with regards to these sensors. Keeping this into consideration, the market players are vigorously investing in R&D activities to offer a diversified range of products, addressing the innovation and feasibility parameters. Some of the prominent names in the industry include Amphenol Corporation, Dynament, Bosch Sensortec, City Technology, Figaro Engineering Inc., Honeywell International Inc., Teledyne Technologies Incorporated, Trolex Ltd, and Siemens AG.
With the expanding application spectrum of gas sensors industry across a myriad range of sectors including consumer electronics, medical, environmental, petrochemical, automotive, industrial and the increasing trend of wireless and miniatured devices, it is overt for this business space to record commendable gains in the ensuing years. Statistics project the global gas sensors market size to surpass USD 3 billion by 2024.
Author Name : Saipriya Iyer