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The global gas sensors market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Gas sensors are products that help to detect hazardous gases in the environment and offer alerts with the help of an alarm.
Gas sensors have proven beneficial in detecting several flammable, toxic, and combustible gases. Some of the end-use industries which have deployed gas sensors include food and beverages, transportation, metals, chemicals, and power plants. Gas sensors are available in analog and digital types and few types of gas sensors that have witnessed high demand include air quality monitors and gas detectors.
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Gas Sensors Market – Trends and Opportunities
Surge in demand for various smart sensing technologies in a bid to detect different harmful gases is the key growth driver for global gas sensors market.
Increasing product demand from various end-use industries in a bid to detect the presence of toxic gases is expected to help create significant revenue-generating opportunities for leading players in global gas sensors market.
Rising demand for electronic device miniaturization is projected to augment the growth in overall gas sensors market.
Integration of infrared technology in gas sensors has proven beneficial in increasing the life of the product as well as improved the efficiency of identifying hydrocarbon gas detection. Growing demand for gas sensors integrated with infrared technology is expected to fuel the growth in overall gas sensors market.
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Also, IoT market surveys indicate the segment to emerge as fastest growing market in future. IoT-integrated gas sensors with improved features could witness increased demand in future which would help market growth.
Oxygen gas sensors is anticipated to make the largest contribution, in terms of revenue, to overall gas sensors market because of growing product demand in various end-use industries such as food and beverages and automotive in prominent countries worldwide.
Gas Sensors Market – Competitive Landscape
The global gas sensors market comprises several well-established market players, which has intensified the competition. It is anticipated that leading players will account for a large share in the overall market, in future.
New product launches could help prominent market players gain a competitive edge over other players.
Sensirion, a Switzerland-based market player in August 2020 announced the launch of a new gas sensor named SGP40 VOC which has proven beneficial for indoor air quality applications such as air quality monitoring.
R&D undertakings to produce improved quality of products could be a key, revenue-generating strategy for well-established gas sensors market players.
Leading market players could establish manufacturing units in leading economies globally which would function exclusively to produce novel products that could be deployed in different application areas.
Some of the leading players in global gas sensors market include Honeywell International Inc., Siemens, Yokogawa Electric Corporation, and Figar Engineering Inc.
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Gas Sensors Market – Regional Assessment
The global gas sensors market is divided into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
Asia Pacific is expected to emerge as maximum revenue-generating region in global gas sensors market because of factors such as strict government regulations and growing awareness about environment preservation in countries such as India and China.
North America is projected to witness substantial growth in overall gas sensors market because of increasing product demand from petrochemical industry in countries such as US and Canada, contributing hugely to market growth in the region.
Europe is anticipated to witness strong growth in the overall market because strict government regulations owing to growing pollution levels in countries such as UK and Germany.
Other parts of the world such as Middle East and Africa and Latin America are expected to witness moderate growth in global gas sensors market in future.
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