CHICAGO, May 18, 2020 /PRNewswire/ -- Based on MarketsandMarkets™ report, "COVID-19 Impact on Gas Sensors Market By Technology (Electrochemical, MOS, IR, Catalytic, Laser), End-use Industry, and Region - Global Forecast To 2021", the global Gas Sensors Market size 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.
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Electrochemical gas sensing technology segment is projected to lead the gas sensors market during the forecast period.
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.
Due to the COVID-19 pandemic, medical & healthcare segment is projected to register the highest CAGR during the forecast period.
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.
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APAC is projected to register highest demand between 2020 and 2021 owing to presence of large medical equipment manufacturing base.
The gas sensors market in APAC is estimated to be the largest in the world. APAC has a large manufacturing base for medical instruments, equipment, and devices. Increasing requirement of these medical supplies from other COVID effected economies is boosting the production of gas sensors in the region. In addition, APAC has a broad base for oil refining, petrochemical processing, chemical processing, food & beverage processing, and others, which further supports the growth of gas sensors in the region.
Honeywell Analytics (US), MSA Safety (US), Amphenol (US), Figaro (Japan), and Alphasense (UK) are some of the leading gas sensors market players benefitting due to rise in demand in this COVID-19 scenario. Donations, increased production, supply chain remodeling, and new product development were the major growth strategies adopted by the market players during this period to enhance their regional presence and meet the growing demand for gas sensors in the affected regions.
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