The Worldwide Environmental Sensor Industry is Expected to Reach $2.7 Billion by 2027 at a CAGR of 10.3% from 2021 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 9, 2021--
The “Environmental Sensor Market with Covid-19 Impact Analysis by Type (Temperature, Humidity, Air Quality, Water Quality, Integrated, UV, Soil Moisture), Location (Indoor, Outdoor, Portable), Application, Vertical, Region - Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global environmental sensor market size is estimated to grow from USD 1.4 billion in 2021 to USD 2.7 billion by 2027, at a CAGR of 10.3%.
The market has a promising growth potential due to several factors, including the growing adoption of environmental sensors especially air quality and temperature sensors in consumer electronics and government and public utility verticals will drive the demand for this market in the near future.
The major factor restraining the growth of the environmental sensor market is that long-term monitoring of environmental data may lead to the short life span of sensors. Environmental sensors are widely used to monitor environmental factors and maintain security and safety in various verticals including residential, commercials, enterprises, government and others. however, this requires long-term or continuous monitoring to retrieve data and generate safety alerts. Many of the aforementioned verticals require long-term monitoring in order to detect threats due to environmental changes. But continuous monitoring can degrade the quality and performance efficiency of the sensors and thereby reducing their life span. All these factors may result in a reluctance to deploy sensors at various verticals. This is expected to impact the environmental sensor market negatively in the coming years.
The market declined in 2020, mainly due to the impact of COVID-19. The supply chains were disrupted in 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the environmental sensor market. Though the market has been impacted in 2020, it is expected to fully recover by 2021.
Temperature sensor: The largest segment of the environmental sensor market, by type
The temperature sensor is the largest segment of the environmental sensor market by type. There have been several technological advancements owing to COVID-19. Many players offer temperature sensors which is driving the market for environmental sensor market. Furthermore, the rising adoption of temperature sensors in portable devices, technological advancements in sensors resulting in miniature sensors, and increasing demand for residential & smart city projects are a few of the major driving factors for the growth of the market. Furthermore, the temperature is the most monitored parameter among most physical parameters in an industry. The cost of temperature sensors has been declining, and there is increasing development of new types of temperature sensors. This is expected to drive the market for temperature sensors during the forecast period.
Smart home automation: The fastest growing segment of the environmental sensor market, by application
The environmental sensor market for the smart home automation application is expected to be the fastest growing segment from 2021 to 2027. Major factors fueling the adoption of smart home automation include energy efficiency, smart home security, remote health monitoring, and connected home ecosystem with productivity and ambient indoor environment needs. The growth in the smart home application is attributed to the increasing use of environmental sensors in various home equipment due to increased technological advancements in IoT and machine learning and the HVAC sector.
APAC has the largest market share in the environmental sensor market
The APAC region is expected to dominate the environmental sensor market and is projected to have the largest market share during the forecast period. Also, the region has countries like India, China and Japan where several major players carry out their operations, sales and distribution. China is likely to continue to lead the APAC environmental sensor market as it has been witnessing the rising adoption of environmental sensors. Furthermore, increasing investments in government projects by major countries like China and India is expected to drive the market. Further, technological advancements and stringent government regulations for monitoring and controlling pollution are projected to boost market growth. These factors are expected to propel the environmental sensor market in APAC
- Stringent Environmental Regulations to Reduce Air Pollution
- Health and Safety Concerns Would Upsurge Demand for Environmental Monitoring Systems
- Increase in Air Quality Monitoring Stations
- Long-Term Monitoring of Environmental Data May Lead to Short Life Span of Sensors
- Ongoing Technological Advancements in IoT and Cloud-Based Services
- Development of Nanotechnology-Based Environmental Monitoring Products
- Roles of Remote Sensing Devices and Gis for Real-Time Ambient Air Quality Monitoring
- Increasing Adoption of Environmental Sensors for Consumer Products, HVAC, and Air Purifiers
- Stringent Performance Requirements of Advanced Sensor Applications
- Ams Ag
- Analog Devices
- Apogee Instruments
- Bosch Sensortec
- Breeze Technologies
- Develco Products
- Figaro Engineering
- Meter Group
- Nuwave Sensor
- Riot Technology
- Schneider Electric
- Te Connectivity
- Texas Instruments
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PUB: 07/09/2021 12:14 PM/DISC: 07/09/2021 12:14 PM