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Pune, India, 22nd July 2019: The global Industrial Gas Sensors Market is likely to gain impetus from a rise in the awareness and strict government regulations regarding pollution prevention and control. Fortune Business Insights in a published report, titled, “Industrial Gas Sensors Market: Global Market Analysis, Insights and Forecast, 2018-2026,” the global market was valued at US$ 822.3 Mn in 2018. Fortune predicts that the market is projected to reach US$ 1348.1 Mn by 2026, exhibiting a CAGR of 6.4% in the forecast period. Advancements in miniaturized wireless sensors, growing responsiveness of the masses about the quality of air, and demand for MEMs-based sensors are expected to boost the market growth.
Implementation of Pollution Control Measures Across the Globe to Propel the Market
The Environmental Protection Agency, an independent agency of the U.S., for instance, has extended the enforcement actions under the Clean Air Act. The governments of numerous countries have started implementing various methods to control the emission of greenhouse gas through treaties, such as Kyoto Protocol. The Kyoto Protocol is an international agreement that is linked to the United Nations Framework Convention on Climate Change. It sets emission reduction targets. Till date, 140 countries have agreed to Kyoto Protocol. Many other directives have also been designed for pollution control and prevention by many countries across the globe. Hence, a rise in environmental concerns is one of the major factors that will impact the global market positively in the forthcoming years. Additionally, rising demand for IoT and acceptance in consumer electronic application are likely to propel growth. But, technical issues and expensive nature of the gas sensors may obstruct the growth of the global market.
Rising Awareness About Environmental Concerns to Boost Growth of NOx Segment
The report classifies the global market on the bases of product type, technology, end-user industry, and geography. By product type, the market is divided into carbon dioxide, oxygen, NOx, and others. Out of these, the NOx segment is anticipated to hold notable amount of the industrial gas sensors market share during the forecast period. This will occur because of a rise in awareness campaigns regarding the harmful impacts of NOx on climate change. The data from a NASA satellite, for instance, found that NOx concentrations are falling quickly because the smaller emission sources have a major role to play. The satellite observation also stated that the Middle East is likely to maintain a consistency till 2030. In 2011, Lebanon, witnessed a fall in carbon dioxide by 20%. But the country faced the emission of NO2 by more than 20% in 2014. A rise in the number of studies about environmental awareness is likely to increase the demand for sensors for monitoring emission levels across the globe. This will in turn, increase the global industrial gas sensors market sales.
Infrared Sensors Segment to Gain Impetus from Increasing Demand for Compact and Reliable Devices
In terms of technology, the global market is grouped into infrared, electrochemical, semiconductor, and others. Amongst these, infrared technology is projected to witness rapid growth during the forecast period. This is likely to occur because of a rise in the demand for less time consuming, compact, reliable, and maintenance-free sensors and different types of gases. The infrared sensors have started gaining massive popularity because of the demand from several industries, namely, chemical, petrochemicals, and oil and gas, in order to avoid accidents. Moreover, infrared gas sensors possess the fail-safe feature which is predicted to contribute to the growth of the global market. However, the expensive nature of infrared gas sensors may hinder the growth of the market.
Fortune Business Insights profiles some of the leading companies operating in the global gas sensors market. They are Bosch Sensortec GmbH, Aeroqual Ltd., City Technology Ltd., Techcomp Group, DENSO Europe B.V., NGK Spark Plug, Alphasense, JJS Technical Services, Figaro Engineering Inc., Nemoto Sensor Engineering Co. Ltd., and other prominent market players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/industrial-gas-sensors-market-101064
The global industrial gas sensors market can be segmented into:
By Product Type
By End-User Industry