The global gas sensors market is poised to witness a highly intense competition during the forthcoming years, says Transparency Market Research based on a recently published report. Presently, the market exhibits a highly fragmented vendor landscape owing to the presence of innumerable players. Most players are focusing on facilitating regional expansions in the near future as a prime strategy to improve their presence in the market. Achieving product differentiation and price regulation also are other key strategies being implemented by most players operating in the global gas sensors market. Robert Bosch, LLC, Dragerwerk AG & Co. KGaA, Aeroqual Ltd., Dynament Ltd, Nemoto & Co., Ltd., Figaro Engineering Inc., GfG Europe Ltd, Trolex Ltd, ABB Ltd., NGK Insulators Ltd., Alphasense, Membrapor AG, Siemens AG, City Technology Ltd., and Yokogawa Electric Corporation are key players operating in the global gas sensors market.
The global gas sensors market gained a revenue of about USD1664.8 million in 2012 and further projected to gain a revenue of 2328.3 mn by 2018. This growth has been projected to occur at a healthy CAGR of 5.7% during the forecast period from 2012 to 2018.
Brisk Industrialization Boosts Gas Sensor Market’s Growth
Remarkable efficiency of detection of gaseous presence as well as low costs are two prime features associated with most types of gas sensors, thus increasing their preference among users. In this way, a high preference for use of these sensors has been primarily driving the global gas sensors market. Briskly expanding oil & gas industry as well as rapid industrialization occurring in most regions of the world is also substantially driving the global gas sensors market’s growth. Numerous companies are taking a lot of effort to introduce new and efficient gas sensors in the oil and gas industry, by targeting its permanent involvement in relevant processes. Such efforts are surely making the market expand gradually by pushing a lot of onus on achieving extensive product development.
Rising Environmental Concerns Dampens Proliferation
However, high initial costs required to be borne by businesses new in this market has notably hindered the global gas sensors market’s growth. Strict government regulations regarding reduction in carbon emissions and decreasing overall carbon footprint especially in various industrial sectors is also posing as a key restraint for the market to perform well. Nevertheless, extensive advancements are occurring in this market thanks to immense efforts taken by many players to develop eco-friendly gas sensor devices. This is certainly expected to offset the restraints the market up a considerable extent in future.
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The global gas sensors market is spread across North America, Asia Pacific, Europe, and Rest of the World from a region-wise perspective. Currently Europe ranks as topmost revenue collector in this market owing to highly advanced industrial sectors. However, the forthcoming years are expected to showcase Asia Pacific to depict a fantastic growth in the global gas sensors market, mainly due to a rising number of strong players getting established in this region.