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Environmental Sensor Market to Reach $2.19 Billion by 2023
August 3, 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. The growth of this market can be attributed to stringent environmental regulations to reduce air pollution, increase in health and safety concerns, and rise in air quality monitoring stations.
The environmental sensor market based on type is segmented into, temperature, humidity, air quality, UV index, integrated, and soil moisture. Integrated sensors are expected to grow at the highest CAGR during the forecast period. Due to rising interests of government and stakeholders in smart city applications, it is expected that environmental sensors would be used in environmental monitoring activities on a larger scale.
Many companies are developing integrated sensors with advanced technologies, such as IoT and Big Data, which helps to analyze the huge amount of environmental and atmospheric data, thus shifting from standalone systems to cloud-based services. Humidity, temperature, dust intensity, and UV radiation sensors are among the commonly used integrated sensors.
Environmental sensors have a significant opportunity in the consumer electronics market. In smartphones and wearable devices, various sensors such as temperature, air quality, humidity, gas sensors, UV index, and integrated sensors are used for environmental sensing that can further contribute considerably to the growing popularity of MEMS sensors, considering the vast benefits that environmental sensors have to offer.
The market for portable environmental sensors is expected to grow at the highest CAGR during 2018-2023. The environmental sensor market based on location has been segmented into indoor, outdoor, and portable sensors. Portable sensors are mainly used in handheld 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.
The environmental sensor market has been segmented on the basis of vertical into government agencies and public utilities; commercial; residential; enterprise; industrial; healthcare and pharmaceutical; consumer electronics, and others. The market for consumer electronics vertical is expected to grow at the highest CAGR during the forecast period. The growth in the consumer electronics vertical is attributed to the increasing use of environmental sensors in smartphones, tablets, and wearable devices.
APAC is expected to grow at the highest CAGR for the environmental sensor market during the forecast period. APAC continues to be a significant market for environmental sensors. The key countries in APAC include China, Japan, India, and South Korea. These countries have shown a promising demand for environmental sensors, and the demand is expected to grow at a higher rate in the near future. APAC is the also an important market for environmental sensors due to the development of various smart city projects.
Leading verticals for environmental sensors are commercial, enterprise and data centers, and industrial and residential. The consumer vertical is expected to show a significant growth rate for the environmental sensor market in APAC. APAC has the largest number of end users for smartphones and advancement in technology lead to growing integration of environmental sensors in smartphones, thereby driving the growth of the market in this region.
Growing awareness among people regarding the impact of air pollution on health creates demand for these sensors from devices such as low cost and smart air quality monitors, smart bands, air purifiers, and air cleaners while long term monitoring of environmental data may lead to short life-span of sensor remains to be a major restraining factor.
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