According to a new market research report published by Credence Research“Gas Sensors Market (Technology – Electrochemical, Catalytic, Semiconductor, Solid-state/MOS, Infrared and Others) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”,theglobal gas sensorsmarket was valued at US$ 1.96 Bn in 2015 and is projected to reach the US$ 3.02 Bn by 2023, expanding with a CAGR of 5.6% from 2016 to 2023.
The complete report is available at http://www.credenceresearch.com/report/gas-sensors-market
Gas sensors refer to sensing devices used across various applications for detection of different gases and their concentration. These sensors are designed to signal (typically sound an alarm) the operators/people in a given area where gas leakage is happening. Gas sensors are used across commercial, industrial as well as residential applications, with industrial sector being the most popular end-user of gas sensors, globally. In the industrial application segment, gas sensors have emerged among the most integral components, over the period of time. Gas sensors are typically designed for detecting concentration of a particular gas and hence can be easily used for specific industrial applications.
The overall gas sensors market is highly driven by the ever rising industrial development worldwide.Thus, regions having high density of manufacturing, oil & gas and chemical processing facilities emerge highly lucrative, in terms of consumer base. This makes Asia Pacific and Europe major markets for gas sensors across the world. As of 2015, the overall gas sensors market is dominated by the Asia Pacific region accounting for over one third of the total market revenue worldwide. The market here is majorly backed by countries such as China, Japan, Taiwan, South Korea and India, having high industrial presence. Due to further anticipated industrial expansion in the region, Asia Pacific is estimated to remain dominant in the market throughout the forecast period.
Gas sensors market is quite consolidated in nature with few international players accounting for over half of the total market revenue. With the prolonged existence of gas sensors coupled with worsening environment conditions, developing advanced sensors having high sensitivity and less need for calibration has emerged a prominent trend in the market. Thus, companies such as City Technology Ltd., Alphasense, Figaro Engineering, Inc., Draegerwerk AG, Robert Bosch emphasize on developing sophisticated and compact gas sensing devices. One of the most significant drivers for the gas sensors market is the rising regulations (especially in Europe) for installing gas detectors. Thus, compliance with regulations is another major trend strictly followed in the market.
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