The gas sensors market share in North America is expected to increase by USD 173.76 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 9.38%.
This gas sensors market in North America 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 gas sensors market in North America segmentations by type (wired and wireless) and geography (US, Canada, and Mexico). The gas sensors market in North America report also offers information on several market vendors, including Control Instruments Corp., DOD Technologies Inc., Dragerwerk AG and Co. KGaA, Edinburgh Instruments Ltd., Figaro Engineering Inc., Gas-Sensing.com, Mettler Toledo International Inc., SIARGO Ltd., SPEC Sensors, LLC, and Zhengzhou Winsen Electronics Technology Co Ltd. among others.
What will the Gas Sensors Market Size in North America be During the Forecast Period?
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Gas Sensors Market in North America: Key Drivers, Trends, and Challenges
The increase in LNG trade is notably driving the gas sensors market growth in North America, although factors such as price volatility in the oil and gas industry 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 gas sensors industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Gas Sensors Market Driver in North America
The increase in LNG trade is one of the key drivers supporting the gas sensors market growth in North America. In 2021, the US was the largest producer of natural gas globally. Natural gas supplies about one-third of the US primary energy consumption, with its primary uses being heating and generating electricity. While the majority of it is delivered in its gaseous form via pipeline in the US, the growth in the international market for natural gas has led to the use of it in a liquefied form, or LNG. For instance, according to the US Energy Information Administration (EIA), natural gas marketed production will increase to an average of 104.4 billion cubic feet per day (Bcf/d) in 2022 and then further increase to a record-high of 106.6 Bcf/d in 2023. Thus, rising LNG production and use in the region would further bolster the demand for gas sensors in North America during the forecast period.
Key Gas Sensors Market Trend in North America
Increasing adoption of IoT products is one of the key gas sensors market trends in North America that is contributing to the market growth. Sensors used in the gas industry are IoT enabled, which provide a high level of accuracy, reliability, and flexibility for a variety of applications in the industry, which further includes remote monitoring, condition monitoring, and analysis. Furthermore, gas sensors are primarily used to measure the pressure, level, flow, and temperature of the gas. Meanwhile, governments across the region are approving rules to encourage the adoption of IoT technology to increase efficiency, downtime, and operational costs. According to Oxford Economics, the use of IoT in the gas industry could boost the global GDP by $816 billion between 2018 and 2028. As a result, it will further drive the adoption of gas sensors in North America during the forecast period.
Key Gas Sensors Market Challenge in North America
Price volatility in the oil and gas industry is one of the factors hindering the gas sensors market growth in North America. The oil and gas industry is a major consumer of gas sensors. The need for continuous monitoring of high-value assets throughout the upstream, midstream, and downstream industries makes the oil and gas industry highly dependable on sensors. Therefore, the slowdown in the oil and gas industry due to price volatility can adversely affect the growth of the market. For instance, crude oil prices have fallen significantly since the beginning of 2020, which was attributed to the economic contraction caused by the COVID-19 and, in a span of a month, a sudden increase in crude oil supply following the suspension of agreed production cuts among the Organization of the Petroleum Exporting Countries (OPEC) and partner countries. Moreover, with the declined demand and increasing supply, daily price changes for the US crude oil have become extremely volatile. Such factors are limiting the market growth.
This gas sensors market in North America 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.
Parent Market Analysis
Technavio categorizes the gas sensors market in North America 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 gas sensors market in North America during the forecast period.
Who are the Major Gas Sensors Market Vendors in North America?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Control Instruments Corp.
- DOD Technologies Inc.
- Dragerwerk AG and Co. KGaA
- Edinburgh Instruments Ltd.
- Figaro Engineering Inc.
- Gas-Sensing.com
- Mettler Toledo International Inc.
- SIARGO Ltd.
- SPEC Sensors, LLC
- Zhengzhou Winsen Electronics Technology Co Ltd.
This statistical study of the gas sensors market in North America encompasses successful business strategies deployed by the key vendors. The gas sensors market in North America is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Control Instruments Corp. - The company offers gas sensors that is designed for indoor and outdoor area monitoring installations and report the readings from up to four sensors including catalytic sensors for lfl monitoring and electrochemical sensors for oxygen and toxic gas monitoring.
- DOD Technologies Inc. - The company offers gas sensors that include fixed gas detectors detector, portable gas detectors, specialty monitors, controllers, chemotic detectors, toxic gas handhelds.
- Dragerwerk AG and Co. KGaA - The company offers gas sensors that includes portable gas detection, fixed gas detection, single gas detectors, multi gas detectors, tubes, connected solutions.
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 gas sensors market in North America forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Gas Sensors Market In North America Value Chain Analysis
Our report provides extensive information on the value chain analysis for the gas sensors market in North America, 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.
The value chain of the electronic equipment and instruments market includes the following core components:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- After-sales service
- Support activities
- Innovation
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Which are the Key Regions for Gas Sensors Market in North America?
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66% of the market’s growth will originate from the US during the forecast period. The US is the key market for gas sensors market in North America. Market growth in this region will be slower than the growth of the market in other regions.
The growing gas industry will facilitate the gas sensors market growth in the US 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
The country was among the severely affected by the COVID-19 pandemic in the region. Moreover, the pandemic has caused heavy losses to various industries in the region, which can delay the ongoing construction of LNG plants. Such factors can hinder the market growth during the forecast period.
What are the Revenue-generating Type Segments in the Gas Sensors Market in North America?
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The gas sensors market share growth in North America by the wired segment will be significant during the forecast period. The wired segment has captured the highest market share in the gas sensors market in North America in 2021. This is attributed to the increasing exploration and production activities in the industry, which would further surge the installation of sensors for accurate monitoring of overall operations. Furthermore, wired sensors have high reliability, as they are directly linked to the devices that receive the input through wires. This will, in turn, drive the market for wired sensors in the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the gas sensors market size in North America and actionable market insights on post COVID-19 impact on each segment.
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Gas Sensors Market Scope in North America |
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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 |
Accelerate at a CAGR of 9.38% |
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Market growth 2022-2026 |
$ 173.76 million |
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Market structure |
Fragmented |
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YoY growth (%) |
8.89 |
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Regional analysis |
US, Canada, and Mexico |
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Performing market contribution |
US at 66% |
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Key consumer countries |
US, Canada, and Mexico |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Control Instruments Corp., DOD Technologies Inc., Dragerwerk AG and Co. KGaA, Edinburgh Instruments Ltd., Figaro Engineering Inc., Gas-Sensing.com, Mettler Toledo International Inc., SIARGO Ltd., SPEC Sensors, LLC, and Zhengzhou Winsen Electronics Technology Co Ltd. |
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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, Market condition analysis for 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. |
What are the Key Data Covered in this Gas Sensors Market in North America Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive gas sensors market growth in North America during the next five years
- Precise estimation of the gas sensors market size in North America and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the gas sensors industry in North America across the US, Canada, and Mexico
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of gas sensors market vendors in North America
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