The gas sensors market was estimated to be worth USD 1.8 billion in 2013, according to a report by Radiant Insights, Inc. With recent advancements in its products, the market will grow at a CAGR of 5.1% till 2020.
Wireless gas sensors seem to be leading the trend by transmitting gas leak data to smartphones. Gas sensors are extremely important in residential communities, industrial complexes, universities, and some public places. Accentuated demand for these sensors in the aforementioned places is projected to steer market revenue.
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Gas sensors are programmed to differentiate toxic gases from harmless ones. They are much preferred due to the same. In the automotives sector, hazardous gases are emitted while testing new fuel technologies. Carbon monoxide (CO) and nitrogen oxide (NOx) devices are necessary to keep a check on the high levels of these dangerous gases.
CO and NOx sensing devices are preferred over others and will contribute towards the rise of the gas sensors market. In terms of products, the market is divided into oxygen (O2) sensors, carbon dioxide (CO2) sensors, CO sensors, and NOx sensors. CO2 sensors have witnessed a surge in the food industry for the detection of spoiled food. O2 sensors accounted for 10% of the market in 2013, and would gain a better foothold by 2020.
In terms of technologies, the gas sensors market is categorized into photoionization detectors (PID), electrochemical, metal oxide semiconductor, catalytic, and infrared. Other sensors include ammonia, hydrogen, methane, and hydrocarbon.
The end-users include industrial, medical, environmental, petrochemical, building automation industries, and domestic households. The primary objective of gas sensors in the medical field is to detect the presence of volatile organic compounds (VOCs). They also monitor the concentration of oxygen in incubators and ventilators.
The report splits the gas sensors market into four regions. These are North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). APAC led the market and contributed to 25% of the global revenue in 2013. Emission control regulations will favor the automotive industry in Europe and contribute demand for the market.
The key players in the gas sensors market include City Technology Ltd., Alphasense, Membrapor AG, Dynament Ltd., and Figaro Engineering.
Information Source: Radiants Insights