Gas Sensors Market size forecast to exceed $2.89bn by next seven year Gas Sensors Market size

Gas Sensors Market size forecast to exceed USD 2.89 billion by 2022:
Global Market Insights Inc.

Gas sensors market size was USD 1.9 billion in 2014 and is predicted to achieve USD 2.9 billion
in 2022 as estimated by Global Market Insights, Inc. These devices are effectively used for
maintaining the safety level especially in toxic environment condition. These sensors check
the level of toxic gases mainly in industrial environments for avoiding any mishap. With a
focus on security measures for preventing gas leakages, an exponential growth on this
product is predicted.
In addition, government norms for ensuring the health and security of workers are anticipated
to increase demand over the projected period. Oxygen sensors are widely used in vehicles for
maintenance of air quality. And also the effort to control emission across Asia Pacific is going
to give a significant boost to the regional industry. Let’s take a look on some of the figures
forecasting the future of sensors and their importance in near future.

Nitrogen oxide sensors touched USD 150 million in 2014 and are anticipated to rise at CAGR
of 6.5% from 2015 to 2022. Medical gas sensors market share had exceeded 10% of global
revenue in 2014. In addition to this, CO2 gas sensor size was gone above USD 500 million in
2014 and is estimated to fuel up to USD 800 million in the year 2022. Latin America market
has noticed 10% of global rise in 2014. Europe is expected to rise at a CAGR of over 4.5% in
the coming years. These rising digits are not going to stop in future because of wide use of
sensors in numerous industries.
Apart from above mentioned sensors and their statistics, semiconductor gas sensing
technology is also widely used for checking the gas level by measuring the change in
resistance of semiconductor. It contributed to 18% of overall gas sensors industry in 2014.
Along with cost effective feature, these sensors are known for eliminating toxic and
combustible gases present in the environment.
Chief manufacturers of sensors include Alphasense, Membrapor, Dynament, Figaro
Engineering, City Technology and Dynament. All of them have dominated the market
accounting for over 50% of the industry in 2014. In addition to new product development,
companies working in this sector have adopted long-term agreements, along with mergers
and acquisitions as primary growth strategies.
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