Environmental Sensor Market Outlook - 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.
Environmental sensors are used for measuring, monitoring, and recording environmental parameters such as humidity, temperature, and heat loss. Environmental sensors are widely used in air pollution monitoring, smart homes, consumer electronics, and other devices. In the coming years, the environmental sensors industry is expected to generate moderate revenue with investments in development, research, and tests toward environmental sensor. However, the environmental sensors market is reaching its maturing stage, and is expected to generate modest revenue for key players in the coming years.
Factors such as increasing use of environmental sensors in industrial and manufacturing sectors, stringent government regulations on pollution control, and rising demand for environmental sensors in the agriculture sector are expected to drive growth of the market in the future. However, lack of awareness and limited life span acts as major barrier and hampers the market growth. Furthermore, factors such as growing smart homes initiative and ongoing technological advancements in IoT and cloud-based services are expected to offer lucrative opportunities for growth of the market .
The environmental sensors market is analyzed by type, end use, and region. By type, the market is divided into humidity, temperature, pressure, gas, and others. By end user, it is divided into industrial, residential, commercial, automotive, government & public utilities, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with its prominent countries.
Top Impacting Factors
The significant impacting factors in the global environmental sensor market include increasing use of environmental sensors in industrial and manufacturing sectors, stringent government regulations on pollution control, and rising demand of environmental sensors in the agriculture sector. In addition, the market is influenced by lack of awareness and limited life span. Moreover, growing smart homes initiatives and ongoing technological advancements in IoT and cloud-based services affect the market growth to a certain extent. Each of these factors is anticipated to have a definite impact on the global environmental sensor market during the forecast period.
Temperature segment generated the highest revenue in 2020.
Increasing use of Environmental Sensors in the Industrial and Manufacturing Sectors
Sensor is a device, which senses surroundings as per algorithm and provides real time data using advanced wireless technology. Sensors play an important role in factories and automation and link multiple devices and systems and enable various machines to communicate to track systems and equipment. Sensors are divided in various categories as per suitability and application. Some sensors are mass produced and some are customized as per the need of client. Sensors such as position, pressure, flow, light, temperature, force, and ultraviolet (UV) sensors are widely adopted by medical, industrial, motorsport, aerospace, and agriculture sectors. Being a vital part of industries and manufacturing units, sensors provide help in several transitions such as changes in height, length, positions for facilities to detect, measure, analyze, and process products. Sensors are helpful to improve product quality, decreasing production costs while also gaining a new market. Extensive use of Internet of Things (IoT) technology in industries and in manufacturing units have provided a major boost for these sensors adoption positively impacting he market growth.
By End User
Government & Public Utilities segment generated the highest revenue in 2020.
Lack of awareness and limited life span
Lack of robust education system to train skilled professionals in pollution monitoring & control and limited R&D infrastructure to develop affordable monitoring technologies in developing countries hamper implementation of effective pollution monitoring & control reforms. Currently, growth of the environmental sensor market across emerging nations is hindered by high export tariffs for environmental monitoring products to other nations. Moreover, rigorous use of these sensors for measuring environment parameters reduce life span and working span of environmental sensors. Thus, lack of awareness and less life span of environmental sensors in comparison to benefits offered by them is expected to be a major restraint for growth of the environmental sensors market.
Asia-Pacific would exhibit the highest CAGR of 11.0% during 2020-2030
The key players profiled in the 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 strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
The COVID-19 pandemic has impacted the society and overall economy across the globe. The impact of this outbreak has grown day-by-day that affects the supply chain. This has created uncertainty in the stock market; decreased business confidence, slowed supply chain, and increased panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19, which led to slowdown in growth of the environmental sensor market in 2020.
According to the environmental sensor market trends, the COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant demand in industries. Emergence of COVID-19 has declined growth of the environmental sensor market in 2020, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for decline in growth rate of the market as industries were temporarily shut, it reduced the need for maintenance from various industries.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the environmental sensor market size, environmental sensor market growth along with the current trends and future estimations to depict imminent investment pockets.
- The overall environmental sensor market analysis and environmental sensor market outlook is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The present environmental sensor market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the sensor market share of key vendors.
- The report includes the market trends, environmental sensor market size and the environmental sensor market share of key vendors.
Environmental Sensor Market Report Highlights
By End User
The environmental sensor market is competitive, owing to strong presence of existing vendors. Environmental sensor companies, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals as they have the capacity to cater to the market requirements. Competitive environment in the environmental sensor market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by firms.
The environmental sensor market holds a substantial scope for growth on a global scale. Recent discoveries and innovations have created vast opportunities for numerous players to step in the environmental sensor market.
Increase in focus of manufacturing companies to improve customer retention by offering quality products and surge in demand for IoT based system and devices drive the market growth. Lack of awareness and limited life span is the biggest limitation for the market growth.
Surge in competition and reduced awareness among small scale manufactures are the key factors that hamper growth of the market. Increase in awareness for need of environmental sensor and rise in concerns for safety and quality are the factors opportunistic for the environmental sensor market growth.