iCrowdNewswire Jan 19, 2021 7:10 AM ET
According to the new market research report “COVID-19 Impact on Gas Sensors Market by Technology (Electrochemical, MOS, IR, Catalytic, Laser), End-use Industry, and Region – Global Forecast to 2021″, 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. Factors governing the gas sensors market include the growing demand from OEMs and medical device/equipment manufacturers for the production of critical care systems such as ventilators, respirators, and restricted demand conditions from automotive, oil & gas and chemicals, building & construction, and other sectors.
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Based on technology, 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. In addition, these sensors are resistant to interference.
Based on end-use industry, the medical & healthcare segment is expected to register the highest CAGR between 2020 and 2021. The use of gas sensors is increasing due to their versatility, necessity in the detection of harmful gases, and 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 types of equipment in this current situation is also a driver for gas sensors in the industry.
Browse and in-depth TOC on “COVID-19 Impact on Gas Sensors Market – Global Forecast to 2021”
15 – Tables
8 – Figures
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The global gas sensors market size during this 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 market include the growing demand from OEMs and medical device/equipment manufacturers for the production of critical care systems such as ventilators, respirators, and restricted requirement from automotive, oil & gas and chemicals, and other sectors.
Gas sensors are used in industries such as automotive & transportation, oil & gas and chemicals, building & construction, medical & healthcare, water treatment, food & beverage, and others. Companies such as Honeywell Analytics (US), MSA Safety (US), Amphenol (US), Figaro (Japan), and Alphasense (UK) are some of the leading players operating in the gas sensors market. They have adopted short, mid, and long term growth strategies such as donations, increased production, supply chain remodeling, new product development, and others to serve their customers efficiently and improve their future market shares.
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Honeywell Analytics (US) has a strong position in the global gas sensors market. The company has built a reputation for manufacturing reliable and efficient safety solutions for various industries such as oil & gas, pulp & paper, steel, chemical, water treatment, electronics, and so on. The company offers industrial fire and gas systems, portable gas detection systems, flame, and centralized gas monitoring systems, and systems used for commercial building environments. The company offers sensors for the detection of gases such as oxygen, carbon monoxide, ammonia, hydrogen sulfide, nitrogen dioxide, hydrocarbons, methane, hydrogen, chlorine, and dioxides. In March 2020, Honeywell announced adding manufacturing capabilities to its existing aerospace site to produce 20 million N95 masks in support of the US government’s response to COVID-19. This development is expected to help the company in maintaining long term strategic relations with local government and also aid in revenue generation in a post-pandemic world.
MSA Safety (US) is another major player operating in the gas sensors market. The company’s products integrate the use of electronics, mechanical systems, and advanced material in their manufacturing. The company’s main products include supplied-air respirators, fire helmets, fall protection, air-purifying respirators, gas detection, flame detection, rescue helmets, and thermal imaging. MSA has an extensive geographical presence in regions such as North America, Central & South America, Europe, APAC, and Africa. MSA also has strong R&D capabilities and product development processes. In April 2020, MSA Safety donated 65,000 N95 masks to the Pittsburgh medical community to help medical workers active in the area. The company also announced that it would continue to produce advanced air-purifying respirators, such as elastomeric half-mask, full-facepiece respirators, and powered air-purifying respirators (PAPRs). This development is expected to help the company in maintaining mid to long term relations with customers, which will prove to be a driving factor in the post-pandemic world.
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