Environmental Sensors Market to Incur Rapid Extension With 9.25% CAGR during the forecast period 2019-2024 where Smart Homes Initiatives to Drive the Environmental Sensors Industry and Asia-Pacific is expected to Register Highest Growth Rate.
— Market Overview
The environmental sensors market was valued at USD 1.28 billion in 2018 and is expected to register a CAGR of over 9.25% during the forecast period 2019 -2024, to reach a value of USD 1.99 billion by 2024. With the increase in pollution year on year through air, automobiles, etc environmental sensors market is seeing huge opportunities in forecasted future. This is supplemented by the growth of Industry 4.0 because that is creating a market for environmental sensors.
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- Further, with the Industry 4.0 developments, environmental sensors are expected to reap the benefits of multiple automation and smart city initiatives, collectively. For instance, machine-to-machine (M2M) would include interactions between technologies (such as factory floor sensors), to enhance the manufacturing processes and safety (example: Durathon Battery Factory.
- To make life simple, in January 2019, Omron Electronics came up with 2JCIE-BL01-P1 Sensor Development Kit with sensors, wireless connectivity, and onboard memory for environmental monitoring in smart homes, offices, and many other environments. The kit has sensors for temperature, humidity, light, UV exposure, barometric pressure, and sound noise, and Bluetooth. This sensor notifies about the environmental changes and uncomfortable conditions.
- The environmental sensor market is fueled by the growing number of government initiatives for curbing environmental pollution. For instance, the Indian government has announced INR 637-crore worth National Clean Air Programme, to improve the air quality in India.
- However, lack of awareness, budgetary constraints to adopting new technology and regularity models are identified as the restraints for the growth of environmental sensing.
Scope of the Report
Environmental sensors are critical in making a more connected world possible. From providing information on the immediate surroundings to help tackle global climate change, sensors and sensor networks are fundamentally changing awareness of the detrimental factors that affect the environment around us. The environmental sensors market is also witnessing a shift from the standalone sensors to integrated sensors that are widely used to measure temperature, humidity, dust intensity, UV radiation, and other environmental parameters.
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Key Market Trends
Smart Homes Initiatives to Drive the Environmental Sensors Market
- Smart home movement along with the green building initiative aims at reducing carbon footprint, saving on energy and water consumption, adopting renewable energy systems and providing a visually and thermally comfortable indoor environment.
- According to the Worlds Resources Institute, buildings consume water and electricity which is one-third of global energy consumption is in buildings along with with with them the raw materials used in construction. The concept of green building is triggered by governments regulations and consumers demand.
- To support the growth of green buildings, Leadership in Energy and Environmental Design (LEED), is the most widely used green building rating system in the world. LEED certification is a globally recognized symbol of sustainability achievement. According to LEED, the number of registrations is increasing year on year which implies that the concept of green building is growing which in return will help the environmental sensor market to grow.
Asia-Pacific is expected to Register Highest Growth Rate
- The Asia-Pacific is the fastest-growing economic region in the world. The region is witnessing the rapid proliferation of smart technologies, such as smart cities, autonomous vehicles, IoT applications, home automation, industrial automation, intelligent processing technologies, and others. such factors are expected to drive market growth.
- Further, according to Schneider," The smart homes market is fast evolving in the Indian context. Initially, smart Homes were marketed primarily as homes with advanced security features. The market is now evolving into newer areas like lighting systems, gas leakage detectors, fire detection systems, entertainment systems, and energy efficiency systems. Therefore, the growth of smart homes will in return a positive outlook in the environmental sensors market.
- Moreover, increasing government initiatives to control environmental pollution levels, increasing government funding for pollution control and monitoring, ongoing installations of environment monitoring stations, and growing initiatives for the development of environment-friendly industries are some key factors driving the growth of the global market.
- For instance, in January 2019, India launched, much-anticipated National Clean Air Program (NCAP) which provided a roadmap to prevent, control, and reduce unhealthy air pollution. The NCAP is expanding the national air quality monitoring network, build capacity for air pollution management, and strengthen public awareness about the dangers of air pollution.
The environmental sensors market is highly competitive because of the presence of many major players in the market. The Leading companies operating in the environmental sensors market are AMS AG, Powelectrics Limited, Texas Instruments Inc, Omron Corporation, Honeywell International, Bosch Sensortec, and Texas Instruments. Key players in the environmental sensor market are catering the demand by collaborating, product innovations and acquiring with small players and investing in technologically advanced product portfolio across the globe.
- November 2018 - Omron intorduced a USB version of its multi-function Environmental Sensor (2JCIE-BU01) that quickly allows designers to monitor several parameters. This sensor can accumulate data for approx. 3 months (based on a communication frequency of once every 5 mins) and connect to multiple devices, such as smartphones, via Bluetooth 5.0
- April 2018 - Sensirion introduced SGPC3, the ultra-lower gas sensor which manages indoor air quality detecting for mobile and battery-driven applications. The mobile devices using these sensors could measure indoor air quality, determine the alcohol content on an individual's breath, or recognize smells.
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