Sensor market hit but also benefiting from pandemic, says report
NEWSBYTE The global gas sensors market is forecast to decline in value from $1.02 billion in 2020 to $1.01 billion by 2021, a modest fall of just under one percent. That’s according to a new report published on Marketsandmarkets.com.
The report, ‘COVID-19 Impact on Gas Sensors Market By Technology, End-use Industry, and Region – Global Forecast to 2021’, predicts that electrochemical gas sensors will lead the field during this period.
Electrochemical gas sensors measure the concentration of a gas by oxidising or reducing it at an electrode and measuring the resulting current. Such devices use less power and are less affected by changes in temperature and pressure than others.
However, medical and healthcare sensors are projected to register the highest compound annual growth rates during the forecast period, due to the coronavirus pandemic.
Gas sensors are used in the manufacture of critical healthcare equipment, such as ventilators, oxygen concentrators, and other respiratory systems. Increasing demand for such devices will be a key driver of the market, says the report.
The APAC region will experience the highest customer demand between 2020 and 2021, owing to the presence of a large medical equipment manufacturing base 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”, says the report.
Honeywell Analytics (US), MSA Safety (US), Amphenol (US), Figaro (Japan), and Alphasense (UK) are among the leading players who stand to benefit from the market dynamics.