Environmental Sensor Market to Reach $3.86 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “Environmental Sensor Market by Type and End user: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global environmental sensor market share was $1.43 billion in 2020, and is projected to reach $3.86 billion by 2030, registering a CAGR of 9.7% from 2021 to 2030.

The key factor that drives growth of the environmental sensor market size include increasing use of environmental sensors in the industrial and manufacturing sectors, stringent government regulations on pollution control and rising demand of environmental sensors in agriculture sector are expected to drive growth of the market in the future. However, lack of awareness and limited life span. Moreover, growing smart homes initiative and ongoing technological advancements in IoT and cloud-based services create ample opportunities for the environmental sensor market growth.

By type, the environmental sensors market is fragmented into humidity, temperature, pressure, gas, and others. The gas segment was the highest revenue generating segment that accounted for $ 347.4 million in 2020. However, the Temperature segment is expected to witness fastest growth at a CAGR of 10.8% during the forecast period.

By end user, the market is divided into industrial, residential, commercial, automotive, government and public utilities and other. The Government and Public Utilities segment was the highest revenue generating segment that accounted for $ 391.7 million in 2020. However, the Industrial segment is expected to witness fastest growth at a CAGR of 10.8% during the forecast period.

By region, the environmental sensor market analysis id done across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $428.9 million in 2020. This region is further expected to attain a market value of $559.5 billion by 2022, to grow at a CAGR of 8.2%. Moreover, Asia-Pacific is expected to maintain its dominant position during the forecast period.

COVID-19 Impact:

COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.

Demand from the wireless communication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing, for future optimization.

Some of the environmental sensor companies have witnessed temporary delays in services, increased costs, delay in and revenue losses due to the pandemic.

The manufacturing sector witnessed severe loss, and thus no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and electric devices markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the market is facing major obstacles from the emergence of the COVID-19 pandemic.

The overall impact of the pandemic is impacting the production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.

Key Findings of the Study

• The commercial sector is projected to be the major industry vertical during the forecast period.
• North America and Asia-Pacific dominate the market in 2020.
• Asia-Pacific is anticipated to witness highest growth rate during the environmental sensor market forecast period.
• U.S. was the major shareholder in 2020 in the North America environmental sensor market.

The key players profiled in this report include ABB, Amphenol, AMS AG, Bosch Sensortec, Honeywell International Inc., Omron Corporation, Schneider Electric, Sensirion, STMicroelectronics, and Texas Instruments. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, and adoption of environmental sensor market trends to increase their footprint in the environmental sensor industry during the forecast period