"The overall gas sensors market is expected to grow at a CAGR of 6.83%"
The overall gas sensors market is expected to be valued at USD 1,297.6 million by 2023, growing at a CAGR of 6.83% between 2017 and 2023. The major factors driving the growth of the gas sensors market include increasing enforcement of occupational health and safety regulations by the government, MEMS-based sensors, development of miniaturized wireless sensors, and increasing awareness of air quality control among users. Advanced technologies, e.g., MEMS-based fabrication of sensors create the opportunity for the gas sensors market to grow. This technology has enabled miniaturization, production in high volume, and low-cost integration with electronics.
"The gas sensors market for the oil & gas industry to hold the largest share during the forecast period"
The gas sensors market for the oil & gas industry is expected to account for the largest market share by 2023 as a result of increasing oil & gas projects, replacement of obsolete sensors, and continuously increasing demand from oil & gas industries from emerging economies. Increasing shale gas production in the US will also drive the gas sensors market in the US.
"Consumer electronics is expected to grow at the highest rate during the forecast period"
The consumer electronics segment is expected to grow at the highest rate as gas sensors are expected to be integrated into smartphones, tablets, and wearable devices to detect gases such as alcohol, carbon monoxide, carbon dioxide, nitrogen dioxide, and VOCs.
"APAC to hold the largest share and is expected to witness the highest growth in the gas sensors market"
The major drivers for the rapid growth of the said market in APAC are the rising investments in sectors such as infrastructure, housing, and medical care, which is attributed to the growing population and urbanization in the said region. The strong economic growth and increase in manufacturing industries, such as automotive, and metals and chemicals, in APAC are expected to drive the gas sensors market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the gas sensors market. The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 = 20 %, Tier 2 = 55%, and Tier 3 = 25%
- By Designation: C-Level Executives = 50%, Directors = 25%, and Managers = 25%
- By Region: North America = 60%, Europe = 20%, APAC = 10%, and RoW = 10%
The report also profiles the key players in this market. The prominent players profiled in this report are City Technology Ltd (UK), Dynament (UK), Alphasense (UK), Amphenol Corporation. (US), Bosch Sensortec (Germany), ams AG (Austria), SenseAir AB (Sweden), Figaro Engineering Inc. (Japan), Membrapor AG (Switzerland), and Sensirion AG (Switzerland), and MSA (US).