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Environmental Sensor Market Worth $2.19B by 2023
July 25, 2018 | PRNewswireEstimated reading time: 2 minutes
The environmental sensor market is estimated to be worth $1.37 billion in 2018 and is projected to reach $2.19 billion by 2023, at a CAGR of 9.9% from 2018 to 2023. Stringent environmental regulations to reduce air pollution, increase in health and safety concerns would upsurge demand for environmental monitoring systems, and rise in air quality monitoring stations are the key factors driving the environmental sensor market.
Market for integrated environmental sensors to grow at highest CAGR during forecast period
The growth of the environmental sensors market is mainly due to the shifting preference from standalone sensors and integrated sensors widely used to measure humidity, temperature, dust intensity, UV radiation, and other environmental parameters. Increasing demand for environmental sensors in consumer devices, where small size and low power consumption are important aspects to be considered, is the major factor driving the growth of the said market.
Portable environmental sensors expected to account for largest size of environmental sensor market, by location
Due to increasing environmental regulations to reduce air pollution and growing health and safety concerns would increase the demand for portable sensors that are mainly used in devices such as wrist bands, fitness bands, smartphones, and tablets. Due to the increasing use of portable sensors in a few fast-growing applications, it is expected that the market for these sensors would grow at the highest rate during the forecast period.
Consumer electronics vertical to dominate environmental sensor market during forecast period
Consumer electronics vertical is expected to dominate the environmental sensor market. Environmental sensors have a significant opportunity in the consumer electronics market. In smartphones and wearable devices, various sensors are used for environmental sensing. The growth in the consumer electronics vertical is attributed to the increasing use of environmental sensors in smartphones, tablets, and wearable devices. MEMS-based environmental sensors are being implemented in smartphones, tablets, and wearable devices.
APAC to dominate environmental sensor market during forecast period
APAC is the fastest-growing region in the environmental sensor market. This region is likely to continue to hold the largest market and expected to be the fastest-growing region in the environmental sensor market owing to factors such as the increasing use of smart devices (e.g., smartphones and smart bands) in APAC paves the way for growing penetration of environmental sensors in these smart devices. Increasing pollution levels in APAC countries is set to drive the growth of the said market. The growth for environmental sensors is also attributed to the increasing demand for these sensors in verticals such as medical and healthcare. APAC is the largest end user for HVAC equipment. Growing construction industry due to increasing population and urbanization drives the HAVC market, which, in turn, creates demand for the environmental sensors market.
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