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The carbon monoxide gas sensors market share is expected to increase by USD 100.13 million from 2021 to 2026, at a CAGR of 6.8%.
This carbon monoxide gas sensors market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers carbon monoxide gas sensors market segmentation by application (medical, petrochemical, industrial, and others) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The carbon monoxide gas sensors market report also offers information on several market vendors, including ABB Ltd, Aeroqual Ltd., Alphabet Inc., Calibration Technologies Inc., Dynament Ltd., GfG Ltd., Honeywell International Inc., MIPEX TECHNOLOGY, Nemoto and Co. Ltd., NEW COSMOS ELECTRIC Co. Ltd., Nissha Co. Ltd., Rakennuskemia Oy, Renesas Electronics Corp., Robert Bosch GmbH, Sensirion AG, Siemens AG, SPEC Sensors LLC, Trolex Ltd., X-Sense Innovations Co. Ltd., and Yokogawa Electric Corp. among others.
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The rising industrial safety measures is notably driving the carbon monoxide gas sensors market growth, although factors such as lack of skilled human resources may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the carbon monoxide gas sensors industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Carbon Monoxide Gas Sensors Market Driver
The rising industrial safety measures is one of the key drivers supporting the carbon monoxide gas sensors market growth. Industrial safety refers to safety management practices that apply to the industrial sector. It is monitored by federal, state, and local laws and regulations. Meanwhile, the increasing number of fatalities due to CO gas poisoning increases the adoption of safety measures in different industries, such as the adoption of CO gas sensors. For instance, in the US industrial sectors, employers must comply with all applicable OSHA standards. They must also comply with the General Duty Clause of the OSH Act, which requires employers to keep their workplaces free of serious recognized hazards. The OSHA Personal Exposure Limit (PEL) for CO is 50 ppm. OSHA standards prohibit a worker from being exposed to more than 50 parts of CO gas per million parts of air averaged during an 8-hour time period. Thus, detecting excessive levels of CO in these industries will spur the demand for CO gas sensors during the forecast period.
Key Carbon Monoxide Gas Sensors Market Trend
The development of portable CO gas sensors is one of the key carbon monoxide gas sensors market trends contributing to the market growth. The increasing demand for product miniaturization led to the development of portable CO gas sensors. Portable gas detectors are designed to protect personnel from atmospheric gas hazards and to be tested from location to location before entry. They offer multiple configuration modes that can be adapted to different business applications. These handheld devices are essential in many areas where gas hazards exist because they are continuously monitored at close range to the operator while stationary and moving. Moreover, vendors in the global CO gas sensor market are continuously developing portable gas sensors. For instance, in January 2021, ENVEA launched its new portable multi-gas analyzer named MIR 9000P. Thus, the launch of such portable CO gas sensors will boost the growth of the market during the forecast period.
Key Carbon Monoxide Gas Sensors Market Challenge
The lack of skilled human resources is one of the factors hampering the carbon monoxide gas sensors market growth. Many sizes and types of CO gas sensors with different contact configurations can be used in different industries. Such types of CO gas sensors are often used in manufacturing or production sites. The individuals using this equipment need to understand the operation and installation process efficiently. However, there is a lack of skilled human resources as in many instances, end-users are not satisfied with using these gas sensors if they were not properly installed, serviced, or calibrated properly. Furthermore, due to the COVID-19 outbreak, the market faced a shortage of skilled workers, which led to complex supply chain challenges. This has deterred potential buyers from investing in CO gas sensors. Thus, the lack of skilled human resources will hinder the growth of the market in the coming years.
This carbon monoxide gas sensors market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global carbon monoxide gas sensors market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the carbon monoxide gas sensors market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the carbon monoxide gas sensors market encompasses successful business strategies deployed by the key vendors. The carbon monoxide gas sensors market is fragmented and the vendors are deploying growth strategies such as price, brand /image, quality, service, and technical expertise to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The carbon monoxide gas sensors market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the carbon monoxide gas sensors market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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39% of the market’s growth will originate from APAC during the forecast period. China, South Korea, and Japan are the key markets for the carbon monoxide gas sensors market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing use of fuel-burning appliances such as heating systems and water heaters, and consumer products such as grills will facilitate the carbon monoxide gas sensors market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 slowed down the growth of the CO gas sensors market in APAC. However, the market started to recover in the first half of 2021 due to the initiation of large-scale vaccination drives and the restoration of supply chain operations. Furthermore, the recovery of the automobile industry, resumption of oil and gas operations, increasing use of grills in households, and redesigning distribution channels will help the market grow and recover during the forecast period.
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The carbon monoxide gas sensors market share growth by the medical segment will be significant during the forecast period. The increasing use of CO in the medical field will drive the demand for CO gas sensors during the forecast period. Significantly, CO has been actively used as an effective anti-inflammatory agent in preclinical animal models of inflammation, acute lung injury, sepsis, ischemia/reperfusion injury, and organ transplantation. The gas is also used in hospital smoking cessation treatment, which will drive the segment growth in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the carbon monoxide gas sensors market size and actionable market insights on post COVID-19 impact on each segment.
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Carbon Monoxide Gas Sensors Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 6.8% |
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Market growth 2022-2026 |
$ 100.13 million |
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Market structure |
Fragmented |
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YoY growth (%) |
7.79 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 39% |
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Key consumer countries |
US, China, South Korea, Japan, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ABB Ltd, Aeroqual Ltd., Alphabet Inc., Calibration Technologies Inc., Dynament Ltd., GfG Ltd., Honeywell International Inc., MIPEX TECHNOLOGY, Nemoto and Co. Ltd., NEW COSMOS ELECTRIC Co. Ltd., Nissha Co. Ltd., Rakennuskemia Oy, Renesas Electronics Corp., Robert Bosch GmbH, Sensirion AG, Siemens AG, SPEC Sensors LLC, Trolex Ltd., X-Sense Innovations Co. Ltd., and Yokogawa Electric Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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