Gas Sensors Market Size Worth $2.5 Billion By 2020 : Radiant Insights,Inc

San Francisco, Nov. 10, 2015 (GLOBE NEWSWIRE) -- Global Gas Sensors Market is expected to reach USD 2,512.4 million by 2020, as per a new research report by Radiant Insights, Inc. High adoption rate of wireless and smart gas sensor technology coupled with escalating demand from end-use industries such as automotive is likely to drive global demand.

CO2 sensors was the highest revenue generator product segment and was valued USD 479.3 million in 2013. It is expected to witness significant gains, with estimate of USD 696.2 million at a CAGR of 5.5% from 2014 to 2020. Increasing demand from industrial and bulk food storage sectors is spurring the demand growth during the forecast period. Nitrogen Oxide (NOx) was valued at USD 148.3 million in 2013, and is expected to reach USD 225.3 million by 2020, growing at an estimated CAGR of 6.2% over the next few years.

Wireless sensors detect concentration of the target gas, and transmit a proportional signal. Since they can be used in remote or hard-to-reach locations, the demand is expected to remain strong in the coming years. Other benefits include ease of installation, cost effectiveness, and the ability to create a network of sensors. Smart gas sensors can be integrated into portable electronic devices such as smartphones and tablets, which helps enhance overall performance under harsh external conditions. Use of shale gas in electricity production is likely to pose challenge to industry participants.

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Key report insights suggest:

  • Global gas sensors market was valued USD 1,782.1 million in 2013 and is forecast to grow at over 5% from 2014 to 2020.
  • Global demand in industrial sector was USD 354.9 million in 2013 which is expected to reach USD 493.2 billion by 2020, growing at a CAGR of 4.9% over the next few years. Government norms to ensure occupational health and safety of workers are predictable to spur the industry growth. Environmental sector is expected to grow at a CAGR of 5.6% over the forecast period.
  • Electrochemical was the leading technological segment and expected to reach USD 485.6 million by2020 at a CAGR of 5.1% over the forecast period. They are able to detecting several gases and cost effective in nature. Infrared was valued USD 272.6 million in 2013 and expected to be the fastest growing segment.
  • Europe dominated global demand with an market share estimated over 30% in 2013. Asia Pacific gas sensors market is expected to be the fastest growing region, growing at a CAGR of 6% up to 2020. The region is expected to grow at a higher rate owing to technological advancement and innovation in this region.
  • Fairly competitive industry consists of top five manufacturers accounting for more than 60% of the industry share. Major participants include City Technology, Alphasesnse, Membrapor AG, Dynament Ltd. and Figaro Engineering among others.

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Global Gas Sensors Technology Overview (Revenue, USD Million, 2012 - 2020)

  • Electrochemical
  • Semiconductor
  • Solid State
  • PID
  • Catalytic
  • Infrared

Global Gas Sensors Product Overview (Revenue, USD Million, 2012 - 2020)

  • Oxygen
  • Carbon Dioxide
  • Carbon Monoxide
  • NOx

Global Gas Sensors End-Use Overview (Revenue, USD Million, 2012 - 2020)

  • Medical
  • Building Automation & Domestic Appliances
  • Environmental
  • Petrochemical
  • Automotive
  • Industrial

Global Gas Sensors Regional Overview (Revenue, USD Million, 2012 - 2020)

  • North America
  • Europe
  • Asia Pacific
  • RoW

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About Radiant Insights

Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy.Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.

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Source: Radiant Insights