Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Environmental Sensor Market.
Market Research Future attempts to propose an accurate COVID-19 analysis of the global environmental sensor market, keeping in view market forecasts until 2018–2023. During this period, the market opportune to garner at a growth rate of 10.21% (CAGR) and expects to reach a valuation of USD 1.99 Billion from previous valuation (USD 1.13 billion in 2017).
Top Grossing Factors
The global environmental sensor market during COVID-19 breakthrough is estimated to experience significant growth over the estimated period owing to the factors such as technological advancement and innovative engineering of individual sensors. The growing demand of the sensors is also witnessed from industrial as well as the agriculture sector, which is projected to impact market growth post COVID 19 pandemic positively.
MRFR estimate that the key trends such as real time sensing capabilities, sensor miniaturization down to the nanoscale, wireless network operation, surged sensibility and rapid processing in the market are making it more stable than ever. With this, the growing demand for intelligent detection and communication systems for agricultural, monitoring, and control, environmental, and industrial applications are ahead to expect a put a positive impact on the market growth over the next six years.
Moving forward, the study also casts light on the fact that environmental sensing technology finds usage in diverse applications such as forest fire detection, greenhouse gas, air pollution monitoring, and landslide detection (GHG) monitoring, and more. To add in this, temperature and humidity air quality control are the most adopted environmental sensors, which is mainly found by various end-use industries such as greenhouse gas emission and monitoring, ambient gas monitoring, and water quality monitoring. Thus, the market for the environmental sensor is expected to proliferate especially after the long-term impact of COVID-19.
Furthermore, the environmental condition has an essential influence on the comfort, welfare, and productivity of humankind. Nowadays, environmental condition is lessening day by day owing to atmospheric change, hazardous pollution, and rising humidity. Due to such reasons, various companies have now started with introducing environmental sensors and smart devices that provide useful meticulous data regarding various parameters that included volatility, temperature, air quality humidity, and soil moisture. All these factors are actively favoring the market, resulting in its growth to expand more and more in the forecasted period.
Segmentation of Market
Depending on the type segment, the market is bifurcated among pressure sensors, temperature sensors, chemical sensors, water quality sensors, smoke sensors, gas sensors, humidity sensors, and more.
Depending on the end-user segment, the market is bifurcated among residential, commercial, industrial, consumer electronics, automotive, government, healthcare & life sciences, and more. The consumer electronics segment is again divided into smartphones & tablets and wearable devices.
The global market of environmental sensors is estimated to grow at a significant rate in the central regions of Europe, Asia-Pacific, North America, and the rest of the world (comprising the Middle East, Africa, and Latin America).
The approval of environmental sensors for monitoring has been significantly amplified owing to expanding challenges to preserve the quality of air in and around industrial areas. North America has the highest approval rate of environmental sensors and supporting massive manufacturing facilities in the US and Canada. These facilities were planned with older environment security measures that do not abide by the current regulations for environment monitoring. However, costs concerned with upgrading the traditional factories into smart factories are reasonably high. Many enterprises have started implementing smart factories, where till now, small and medium enterprises refrain from financial constraints and lack of proper infrastructure. With this, the organizations are experiencing the need for environmental monitoring since the risk involved with getting penalized by the government for not maintaining the emission standard is going up. The US and Canada are the leading countries in North America and growing with a staggering CAGR.
The market of environmental sensors is also leading in Europe. The region has decidedly economically recognized countries with strict environmental policies and regulations. Germany and UK are the leading countries in the environmental sensor market. In the last, Asia-Pacific is might also grow with the highest CAGR in the forecast period.
Top Giant Players
The giant players in the environmental sensor market are identified as Sensirion AG (Switzerland), ams AG (Austria), Bosch Sensortec GmbH (Germany), Honeywell International Inc. (US), OMRON Corporation (Japan), ABB Ltd. (Switzerland), Raritan Inc. (US), Texas Instruments Incorporated (US), Siemens AG (Germany), and Schneider Electric (France).