Increase in use of environmental sensors in industrial & manufacturing sectors and rise in demand of environmental sensors in agriculture sector drive the growth of the global environmental sensor market.
PORTLAND, Ore., Jan. 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Environmental Sensor Market by Type (Humidity, Temperature, Pressure, Gas, and Others) and End User (Industrial, Residential, Commercial, Automotive, Government & Public Utilities and Other): Global Opportunity Analysis and Industry Forecast, 2020–2030." According to the report, the global environmental sensor industry generated $1.43 billion in 2020, and is estimated to reach $3.86 billion by 2030, witnessing a CAGR of 9.7% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Increase in use of environmental sensors in industrial and manufacturing sectors, stringent government regulations on pollution control, and rise in demand of environmental sensors in agriculture sector drive the growth of the global environmental sensor market. However, lack of awareness and limited life span restrain the market growth. On the other hand, surge in smart home initiatives and technological advancements in IoT and cloud-based services create new opportunities in the coming years.
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Production facilities in the electronics and semiconductors sector have been halted due to lockdown restrictions, unavailability of the sufficient workforce, and disrupted supply chain worldwide. This affected the production volumes of environmental sensors.
Moreover, the demand from applications sectors such as residential, commercial, industrial, automotive, and others decreased considerably due to stoppage of daily operations and maintenance activities during the lockdown. However, the demand is estimated to regain post-lockdown as new installation activities begin and production facilities begin to operate with full capacity.
The Temperature Segment to Maintain Its Leadership Status During the Forecast Period
Based on type, the temperature segment accounted for the highest share in 2020, contributing to nearly one-third of the global environmental sensor market, and is estimated to continue its lead position throughout the forecast period. Moreover, this segment is projected to manifest the largest CAGR of 10.8% from 2021 to 2030. This is attributed to ability to send data in real time with high accuracy rate, compact size of sensors, and wireless connectivity that offers flexible mobility to assess data. The research also analyzes the segments including humidity, pressure, gas, and others.
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The Government and Public Utilities Segment to Maintain Its Dominant Share During the Forecast Period
Based on end user, the government and public utilities segment held the highest share in 2020, contributing to more than one-fourth of the global environmental sensor market, and is projected to maintain its dominant share during the forecast period. This is due to agreements and collaborations with various companies and installation of new sensors under rules and regulations of government jurisdictions. However, the commercial segment is expected to manifest the highest CAGR of 11.9% from 2021 to 2030. This is due to improvement of links between data collection and downstream activities, potential to widen the scope of application systems and fields, and excellent integration of stakeholder engagement and sustainable operations to enable longer and greater societal impacts.
Asia-Pacific, Followed by North America, to Maintain Its Leadership Status By 2030
Based on region, Asia-Pacific, followed by North America, contributed to the highest market share in 2020, holding nearly two-fifths of the global environmental sensor market, and is projected to maintain its leadership status by 2030. Moreover, this segment is expected to witness the fastest CAGR of 11.0% during the forecast period. This is attributed to technological developments in emerging economies and high demand for smart homes in smart cities. The other regions analyzed in the report include North America, Europe, and LAMEA.
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Leading Market Players
Honeywell International Inc.
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