VOC Sensors and Monitors Market by Device Type (Sensors and Monitors), Application (Industrial Process Monitoring, Environmental Monitoring, Air Purification & Monitoring, and Leak Detection), and Geography - Global Forecast to 2023
Increasing demand for VOC sensors and monitors from developing countries drives market growth
The VOC sensors and monitors market is expected to grow at a CAGR of 4.6% from 2018 to 2023, to reach USD 176 million by 2023 from USD 140 million in 2018. Increasing enforcement of occupational health and safety regulations by governments is among the prime factors driving the VOC sensors and monitors market. Besides these, growing awareness regarding controlled air quality, and rising demand for VOC sensors and monitors from developing countries are other major factors fueling the growth of the said market. However, the technical issues related to size, energy consumption, and temperature can hinder the growth of the VOC sensors and monitors market.
VOC sensors to witness higher CAGR in market during forecast period
The VOC sensors and monitors market, by device type, is segmented into monitors and sensors. The market for VOC sensors is expected to witness higher growth during the forecast period. The high growth of this segment can be attributed to the increasing applications of VOC sensors in IoT and in other consumer electronics. Consumer electronics is a rapidly changing and dynamic industry with increasing competition among the market players. In the current market scenario, the manufacturers of consumer electronics are under great pressure to bring unique and differentiated products into the market. VOC sensors can be integrated into smartphones, tablets, and wearables to ensure safety for users from VOC gases, simultaneously, bringing differentiation to these products by adding an extra feature to the product.
Environmental monitoring application to hold largest share of VOC sensors and monitors market in 2018
In this report, the VOC sensors and monitors market, by application, has been segmented into industrial process monitoring, environmental monitoring, air purification and monitoring, and leak detection. Among these, the environmental monitoring segment is expected to hold the largest share of the market throughout the forecast period. Increasing air pollution globally and the initiatives taken by the government to curb it are a few of the major factors contributing to the high demand for VOC sensors and monitors for the environmental monitoring application.
North America to hold largest share of VOC sensors and monitors market from 2018 to 2023
In terms of market size, North America is expected to dominate the VOC sensors and monitors market during the forecast period. It is a developed region having extensive infrastructure, especially in the form of underground transportation and commercial buildings. North America is the second-largest producer of natural gas. The region is also important for the mining and chemicals industry wherein the VOC sensors and monitors are used for emission control as well as toxic and hazardous gas detection and monitoring, as a safety measure to avoid hazardous events.
In the process of determining and verifying the market sizes gathered through secondary research for several segments and subsegments, extensive primary interviews have been conducted with key officials in the VOC sensors and monitors market. Following is the breakup of the profiles of primary participants for the report.
By Company Type: Tier 1 - 55 %, Tier 2 - 20%, and Tier 3 - 25%
By Designation: C-Level Executives - 35%, Directors - 25%, and Others - 40%
By Region: North America - 10%, Europe - 20%, APAC - 30%, and RoW - 40%
The report profiles key players in the VOC sensors and monitors market and analyzes their market rankings. Players profiled in this report are FIGARO (Japan), ams AG (Austria), Alphasense (UK), Drägerwerk (Germany), Honeywell (US), Aeroqual (New Zealand), Siemens (Germany), Extech (US), Global Detection Systems (US), and USHIO (Japan), Spectrex (US), Compur Monitors (Germany), Riken KEIKI (Japan), and GfG Instrumentation (US).
This report segments the VOC sensors and monitors market by device type, application, and geography. The report also describes major drivers, restraints, challenges, and opportunities pertaining to this market; it also includes value chain and market ranking analyses.
Reasons to Buy This Report
The report will help leaders/new entrants in the VOC sensors and monitors market in the following ways:
1. The report segments the VOC sensors and monitors market comprehensively and provides the closest market size estimation for all subsegments across major regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the VOC sensors and monitors market.
3. With the competitive landscape section describing the competitor ecosystem, the report will help stakeholders understand their competitors better and gain insights to improve their position in the VOC sensors and monitors market.