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The global iIndustrial gas sensors market size was valued at US$ 822.3 Mn in 2018 and is projected to reach US$ 1348.1 Mn by 2026, exhibiting a CAGR of 6.4% in the forecast period (2019 – 2026).
The market has observed a significant growth in the past few years owing to the stringent government regulation. For instance, the Environmental Protection Agency has been extending the enforcement actions under the Clean Air Act. Furthermore, the governments are opting to curb their greenhouse gas emissions through treaties such as the Kyoto Protocol, providing the necessary platform to innovate in industrial gas sensors technology. A total number of 141 countries have consented to Kyoto protocol.
Similar directives have been designed by various countries for pollution control and measurements, which will boost the demand for industrial gas sensors. Thus, the increasing environmental concerns among several nations are expected to drive the expansion of the market size in the near future.
The increasing investment in technological developments of gas sensors is further expected to drive the industrial gas sensors market growth. For instance, the micro- and nano- gas sensing technologies with newly designed materials are expected to significantly improve the performance of industrial gas sensors.
Moreover, the non-dispersive infrared for carbon dioxide and portable small dimensioned photoionization detectors are gaining popularity among the industrial gas sensors industry. The advancement in terms of easy deployment at a lower cost is further expected to increase the penetration of industrial gas sensors. A rise in the need for compact and cost-effective sensors is expected to result in the growth of the market.
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"NOx gas sensor is expected to gain significant popularity in the global industrial gas sensors market"
The NOx industrial gas sensors segment is expected to gain significant momentum in the global industrial gas sensor market as a result of increasing awareness regarding the impact of NOx emission on climate change. For instance, data from the NASA satellite stated gases detrimental to the atmosphere through made precision measurements on a daily basis, which heightens the importance of installing industrial gas sensors.
Thus, the observation predicted NOx emissions through various regions. The Middle East is expected to remain constant until 2030. Lebanon observed a fall in CO2 emission by 20% in 2011, but its NO2 emission increased by more than 20% in 2014. Thus, increasing environmental awareness through different studies is expected to result in the growth of NOx industrial gas sensors to monitor the emission levels around the world.
CO2 gas sensors, a vital type of industrial gas sensors, are expected to witnessed growth owing to the demand from various industry verticals such as food manufacturing, power plants, generators, boilers, and medical. This is attributed to the combustion of fossil fuel, including oil, gas, and coal. The increasing importance of personal health monitoring in the industrial sector has resulted in the rising adoption of CO2 industrial gas sensors to protect the employees, which will augment the global industrial gas sensors market revenue.
Furthermore, the increasing product development from various manufacturers is expected to drive the market in the near future. For instance, in 2017, the Gas Sensing Solutions (GSS), a UK based manufacturer launched a compact CO2 sensor with SmartIR LED technology.
The infrared technology is likely to observe the fastest growth in the market over the forecast period. This is attributed to the increasing demand for reliable, quick, maintenance-free, compact sensors, and varied types of gases. These industrial gas sensors are gaining popularity among various industries, including oil & gas, chemical and petrochemicals, to avoid accidents.
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Furthermore, the fail-safe feature is expected to be the driving factor of infrared industrial gas sensors in the near future. However, the high cost of infrared gas sensors can act as a restraint to the market growth of the industrial gas sensors.
Asia Pacific is expected to be the fastest-growing region in the Industrial gas sensors market owing to the increasing environmental awareness and governmental policies. For instance, in 2018, China released its 2018-2020 action plan for air pollution. In 2013, China stated PM2.5 targets for key regions, under the Air Pollution Action Plan for the improvement of the air quality, propelling the adoption rate of industrial gas sensors technology.
Asia Pacific Industrial Gas Sensor Market, 2018
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Similarly, the U.S. is expected to observe a growing demand for industrial gas sensors owing to the increasing demand from the petrochemical industry. The stringent government regulations regarding integrated pollution prevention and control (IPPC) is expected to result in the growth of the industrial gas sensors market in Europe.
The report provides qualitative and quantitative insights on the global industrial gas sensors market and a detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by product type, technology, and end-user industry on global as well as regional level. Based on product type, the market is segmented by oxygen, carbon dioxide, NOx and others.
Based on technology, the market is categorized into electrochemical, semiconductor, infrared, and others. Based on the end-user industry, the market is drilled down healthcare, building automation & domestic appliances, automotive, petrochemical, and industrial. Geographically, the market for industrial gas sensors is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, and key industry trends.
By Product Type
By End-User Industry
Fortune Business Insights says that the value of the global Industrial Gas Sensors Market was US$ 822.3 Mn in 2018
The Industrial Gas Sensors Market is projected to reach US$ 1348.1 Mn by 2026
The Industrial Gas Sensors Market will grow at the rate of 6.4% CAGR