The global gas sensors market has witnessed a massive rise in competition among manufacturers and innovators in the recent years owing to dropping costs of raw materials and manufacturing processes, observes Transparency Market Research in a recent report. The presence of a large set of small and large gas sensor companies in the global marketplace has rendered the vendor landscape fragmented and further competitive. To stand out from peers, companies have focused their research efforts towards the development of new and more effective varieties of sensors and more effective techniques for fabricating gas sensors.
Some of the leading companies in the market are Dragerwerk AG & Co. KGaA, Robert Bosch, LLC, Nemoto & Co., Ltd., Aeroqual Ltd., GfG Europe Ltd, Dynament Ltd, Figaro Engineering Inc., and Trolex Ltd, ABB Ltd.
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According to the report, the global gas sensors market is estimated to exhibit a healthy 5.7% CAGR from 2012 to 2018, rising to a revenue opportunity of US$2328.3 mn by 2018.
Europe Accounts for Dominant Share in Overall Market
In terms of technology, the segments of electrochemical and semiconductor gas sensors collectively accounted for a share of over 35% of the overall market. The high efficiency and low cost of sensors based on these technologies are the key forces attributable to their high consumption. From a geographical perspective, the market in Europe currently ranks as the leading revenue contributor to the global market owing to stringent employee safety regulations in the region and the advanced industrial sector.
Increased Focus on Employee Safety to Help Market Pick Pace
Areas that are at a potential risk of harm from fatal gases are largely dependent on the reliability and efficiency of the gas leak detector systems and the sensors used in them. Of late, stringent government regulations regarding the safety of workers at workplaces, especially in oil, gas and chemical industries, and occupational health and the rise in investment in these industries have led to an increased demand for gas sensors. Moreover, the market benefits from the commonplace and widespread applications of gas sensors across a number of other industries, wherein advanced gas sensors are becoming the key to effective safety mechanism of a vicinity or plant.
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However, the demand for these systems on a global front is also somewhat limited by their lower profit margins owing to the highly competitive market, and severe cost-cuttings in oil and gas industries owing to the unsteady supply and demand scenario on a global front. Nevertheless, opportunities abound as research and development activities aimed at the integration of innovative artificial intelligence and automation technologies with gas sensors to develop more effective gas sensing systems rise at a promising pace.