The 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
this 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.
This report segments the market on the
basis of gas type, technology, end-use application, and geography. The market
for oxygen is expected to witness a significant growth during the forecast
period. The rising demand for oxygen gas sensors used in the medical sector in
devices, such as anesthesia machines, ventilators, oxygen monitors, and
analyzers, is driving the oxygen gas sensors market. Also, oxygen gas sensors
are used in huge numbers in automotive and transportation applications. The
growth in the automotive industry is also driving the oxygen sensors market
significantly.
The gas sensors market for the oil &
gas industry to hold the largest share during the forecast period. The 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 since 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.
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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 are 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.
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