DUBLIN--(BUSINESS WIRE)--The "Gas Sensors Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The gas sensors market is expected to witness a CAGR of over 6% during the forecast period 2019-2024.
Gas sensors are a variant of chemical sensors that are capable of measuring the concentration of a constituent gas in their vicinity. These sensors adopt different techniques for quantifying the exact amount of a gas in a medium.
- The major trend driving the gas sensor market is the development of wireless capabilities and miniaturization, coupled with improved communication capabilities that enable their integration into various devices and machines, without compromising the detection of toxic or flammable gases at safe distances.
- Asia-Pacific is one of the fastest growing regions for the gas sensor market and is projected to be the market leader in the forecasted period. Countries like China, the United States, and Germany are the major markets for gas sensors.
- The evolving nature of the market is leading to rapid changes and over-crowding of sensors for major gases like carbon dioxide and carbon monoxide. Rising costs are also an issue in an ever-changing market characterized by innovations and low product differentiation.
Key Market Trends
Safety & Regulations are Paramount Driver for Industrial Implementation
- In recent years, several types of gases have been used in different areas of industries as raw materials. It becomes crucial to control and monitor these gases, as there is a considerable risk of damage to property and human lives if a leak occurs. The necessity to continually monitor and control the gases emitted has sprouted the need for gas sensors in the industries.
- The stringent government regulations for making the industries safer, applications of gas sensors are mandated. This also made industries more confident towards prevention of accidents related to gas leaks.
- In Northern Ireland, a total of 123 people were admitted to hospital due to suffocation caused by Carbon Monoxide gas. In 2012, carbon monoxide alarms became mandatory in all new builds in NI after several high-profile deaths in the region were caused by deadly household gas leaks.
Asia-Pacific is Expected to be the Fastest Growing Market
- Similar to the global market, even Asia-Pacific is the amalgamation of mature and emerging markets overall. As the major countries like China and India are the fastest developing countries in the world overall, the industries setup are taking place at burgeoning growth.
- Chinese automotive market has the largest scale in the world. According to OICA and CAAM, around 24 million passenger cars were produced in 2018. With this huge production capacity, China is ranked first in automotive production and also is one of the significant drivers for gas sensors market in this country.
- For the genetic drug globally, India is the largest provider. Also, the Indian pharmaceutical sector supplies 50% of the global demand. These pharmaceutical production facilities use a variety of solvents and gases in the manufacturing process and need to be continuously monitored which raises the demand for gas sensors driving the market.
The companies offer various types of gas sensors have product differentiation majorly on technology. Hence, adopting competitive pricing strategies for gaining market share. The gas sensors market trend is towards the fragmentation due to the presence of many players offering the systems.
- Jan 2019 - Firago Engineering Inc. revealed its new digital TGS8101 IAQ sensor. It is an ultra-compact sensor for gas, relative humidity, and temperature and is expected to launch by the middle of this year. The gas sensor consists of a metal oxide compound on a micro hot plate assembled for high operating temperatures that make it possible to detect VOCs and alcohol gas.
- Feb 2018 - Underwriters Laboratories, released two new smoke alarm and detector standards in its seventh edition (UL 217 & UL 268). The seventh edition of this standard is set to take effect in May 2020. It is focused on minimizing false alarms, also known as nuisance alarms, and at detecting different smoke characteristics. Hence, the new smoke detectors in 2020 will now be able to differentiate between smoke from burning food or cooking and other non-lethal sources from actual life-threatening smoke.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Increased Demand for Gas Sensors in Automobiles for Compliance with Governmental Regulations
4.3.2 Growing Awareness on Occupational Hazards across Major Industries
4.4 Market Restraints
4.4.1 Rising Costs and Lack of Product Differentiation
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.2 Carbon Monoxide (CO)
5.1.3 Carbon Dioxide (CO2)
5.1.4 Nitrogen Oxide
5.1.6 Other Types
5.2 By Technology
5.2.2 Photoionization Detectors (PID)
5.2.3 Solid State/Metal Oxide Semiconductor
5.3 By Application
5.3.2 Building Automation
5.3.4 Food & Beverages
5.3.6 Transportation & Logistics
5.3.7 Other Applications
5.4.1 North America
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.4.4 Latin America
18.104.22.168 Rest of Latin America
5.4.5 Middle East & Africa
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Figaro Engineering Inc.
6.1.2 Membrapor AG.
6.1.3 AlphaSense, Inc.
6.1.4 Nemoto & Co. Ltd
6.1.5 Robert Bosch GmbH
6.1.6 Amphenol Advanced Sensors
6.1.7 AMS AG
6.1.8 Trolex Ltd.
6.1.9 ABB Ltd.
6.1.10 Siemens AG
6.1.11 City Technology Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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