Global Market for Gas Sensors: A Market Driven by the Diversity of Applicability
A variety of sensing technologies have been widely studied and used for gas detection in past decades. Due to applicability in highly diverse fields and inherent limitations of the many gas sensing technologies available in the market, a vast amount of research has been undertaken on a number of scenarios related to gas sensing technologies.
Gas Sensors Market Worldwide Description:
Gas sensors are instruments that help measure the presence or concentration of a gas in a particular environment. Gas sensors form an important part of larger intelligent sensing systems used in a variety of industries and manufacturing plants. Being a product for safety technology at their core, gas sensors are chiefly installed as a safety measure and to protect workers and ensure the safety of the area. A typical gas detection system detects concentration of dangerous gases, triggers alarms in case of a leakage, and, depending on the level of sophistication of the device, also activates certain countermeasures to ensure that the situation does not turn fatal for employees, the environment, and other assets.
Safety of an area that can be potentially affected by dangerous gases depends, to a high degree, on the reliability of gas detection systems and on the quality of sensors in the systems. Recently, gas sensors are receiving increasing attention in a number of industries due to tightening safety regulations at manufacturing and processing units in a variety of industries and rising concerns about occupational health. According to a report published by U.S.-based market research firm Transparency Market Research (TMR), the global gas sensors market for had a valuation of US$1.664 billion in 2012. Growing at a 5.7% CAGR between 2012 and 2018, valuation of the market is expected to rise to US$2.328 billion by 2018.
Market’s Development Driven by Diversity of Applicability
Owing to the widespread and common applications of gas sensors in a variety of industries, gas sensors have become a significant part of safety systems in numerous industries. The highly diverse nature of most locations where gas sensors are fitted requires the development of a variety of gas sensors. Thus, the field has observed numerous studies establishing a number of branches of gas sensing mechanisms. Research has been most extensively diverted to three major areas of the gas sensor market: introduction and investigation of different varieties of sensors, study on various sensing principles, and techniques of fabricating gas sensors.
Most commonly, gas sensors are used in areas such as industrial production, automotive industry, medical applications, environmental studies, and indoor air quality supervision.
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Currently, the global market for gas sensors earns a major share of its revenue from industrial applications. According to the TMR report, industrial applications held a 20% share in the global gas sensor market in 2012. Demand for gas sensors in the automotive industry accounted for a 16% share in the overall market valuation in the same year.
Geography-wise, the demand for gas sensor systems was the highest in Europe in 2012, when the regional market held a 30% share in the overall market. Rising level of industrialization in Asia Pacific is expected to lead to increased demand for gas sensors from this regional market in the coming years.