Gas Sensors Market Size, Global Trends and Forecast by Regions, Technology (2018-2023)
Gas Sensors Market by Gas Type (Oxygen, Carbon Monoxide, Carbon Dioxide, Ammonia, Chlorine, Hydrogen Sulfide, Nitrogen Oxide, Volatile organic Compounds, Hydrocarbons)
United States, 17 October 2018 -- Gas Sensors Market by Gas Type (Oxygen, Carbon Monoxide, Carbon Dioxide, Ammonia, Chlorine, Hydrogen Sulfide, Nitrogen Oxide, Volatile organic Compounds, Hydrocarbons), Technology, End-Use Application, Geography - Global Forecast 2023
[144 Pages Report] The gas sensors market is expected to witness high growth during the forecast period. The overall market is expected to grow from USD 812.3 million in 2016 to USD 1297.6 million by 2023, at a CAGR of 6.83% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period provided is between 2017 and 2023. The objective of the report is to provide a detailed analysis of the market based on gas type, technology, end-use application, and geography; information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges); and a detailed value chain analysis. Moreover, the objective of this report is to strategically profile the key players and competitive landscape for market players, and provide information on product launches, acquisitions, partnerships, agreements, and collaborations in the gas sensors market.
Some major players offering gas sensors for various end-use application are: Amphenol Corporation. (US) serves a number of end-use applications such as aerospace, automotive and transportation, and medical. Another major player City Technology Ltd (UK) serves applications such as safety, automotive, medical, and residential safety.
This report segments the gas sensors market on the basis of gas type, technology, end-use application, and geography. The market for oxygen is expected to witness a significant growth during the forecast period. The rising demand for oxygen gas sensors used in the medical sector in devices, such as anesthesia machines, ventilators, oxygen monitors, and analyzers, is driving the oxygen gas sensors market. Also, oxygen gas sensors are used in huge numbers in automotive and transportation applications. The growth in the automotive industry is also driving the oxygen sensors market significantly.
The gas sensors market for the oil & gas industry to hold the largest share during the forecast period. The market for the oil & gas industry is expected to account for the largest market share by 2023 as a result of increasing oil & gas projects, replacement of obsolete sensors, and continuously increasing demand from oil & gas industries from emerging economies. Increasing shale gas production in the US will also drive the gas sensors market in the US.
Consumer electronics is expected to grow at the highest rate during the forecast period. The consumer electronics segment is expected to grow at the highest rate since gas sensors are expected to be integrated into smartphones, tablets, and wearable devices to detect gases such as alcohol, carbon monoxide, carbon dioxide, nitrogen dioxide, and VOCs.
APAC to hold the largest share and is expected to witness the highest growth in the gas sensors market. The major drivers for the rapid growth of the said market in APAC are the rising investments in sectors such as infrastructure, housing, and medical care, which are attributed to the growing population and urbanization in the said region. The strong economic growth and increase in manufacturing industries, such as automotive, and metals and chemicals, in APAC are expected to drive the gas sensors market in this region.
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