Global gas sensors market is projected to register a CAGR of -0.9%, in terms of value, between 2020 and 2021.
The global gas sensors market size during this COVID-19 pandemic is projected to decline from USD 1,025 million in 2020 to USD 1,016 million by 2021, at a Compound Annual Growth Rate (CAGR) of -0.9% during the forecast period. The major factors governing the gas sensors industry include the growing demand from OEMs and medical device/equipment manufacturers for the production of critical care systems such as ventilators, respirators, and slowing requirements from automotive, building & construction, oil & gas, and chemicals, and other sectors.
Medical & healthcare segment estimated to be fastest-growing end-use industry for gas sensors during the forecast period.
The medical & healthcare segment is projected to grow at the fastest pace in the gas sensors market during this COVID-19 scenario. The use of gas sensors is increasing due to their versatility, necessity in the detection of harmful gases, and for the proper functioning of establishments. In the medical & healthcare sector, gas sensors are used in the manufacturing of critical care equipment such as ventilators, oxygen concentrators, and other respiratory systems. Increasing demand for these equipment in this current situation is also driving the requirement for gas sensors in the industry. In addition, the construction of new hospitals, care homes, and related establishments is also adding up to the growth of the market.
Electrochemical gas sensing technology segment is projected to lead the gas sensors market during the forecast period.
The electrochemical gas sensing technology segment is expected to lead the gas sensors industry during the forecast period. Electrochemical gas sensors measure the concentration of a target gas by oxidizing or reducing the target gas at an electrode and measuring the resulting current. These sensors use less power and are less affected by changes in temperature and pressure than others. Also, these sensors are resistant to interference. These sensors can measure O2, CO, ammonia, hydrogen sulfide, and nitrogen dioxide gases and are mainly used in medical & healthcare and automotive & transportation industries.
APAC is expected to witness the highest demand for gas sensors during the crisis period.
The gas sensors market in APAC is estimated to be the largest in the world. APAC has a large manufacturing base for medical instruments, equipment, and devices. Increasing requirement of these medical supplies from other COVID effected economies is boosting the production of gas sensors in the region. In addition, countries in APAC have significant oil reserves and refining capability, along with substantial presence of petrochemical, chemical, food & beverage, water treatment, and other industries, which further supports the growth of gas sensors in the region.
The market sizes estimated in this study were validated through primary interviews conducted with various industry experts globally. These primary sources are divided into three categories:
- By Company Type: Tier I – 25%, Tier II – 50%, and Tier III – 25%
- By Designation: C Level – 20%, Director Level – 30%, and Others – 50%
- By Region: North America – 20%, Europe – 30%, APAC – 25%, South America – 25%, Middle East & Africa – 10%
The report profiles several leading players of the gas sensors market that include Honeywell Analytics (US), MSA Safety (US), Amphenol (US), Figaro (Japan), and Alphasense (UK). The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the market during this crisis period.
Research Coverage
The objective of this study is to define, describe, and forecast the impact of COVID-19 on the gas sensors market, based on various segmentations, and strategically analyze these market segments with respect to individual growth trends, growth prospects, and contribution to the overall growth. In this report, the gas sensors market has been segmented based on end-use industry, technology, and region.
Key Benefits Of Buying The Report
The report is expected to help companies in the gas sensors market in the following ways:
- This report comprehensively segments the impact of COVID-19 on the gas sensors market. It provides the closest approximations for the sizes of different segments of the market across different verticals and regions.
- This report is expected to help stakeholders in obtaining an improved understanding of their competitors and gain insights about their businesses during this period. The competitive landscape section includes detailed information about strategies, such as donations, increased production, supply chain remodeling, and new product development, which were undertaken by various key players to enhance their position in the gas sensors market during this crisis period.
