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COVID-19 Impact on Gas Sensors Market - Exclusive Report by MarketsandMarkets™
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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.
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.
COVID-19 Impact on Gas Sensors Market
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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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