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Environmental Sensor market Size
Environmental Sensor Market Forecast, 2020-2030: Key Trends and Innovations Shaping the Future
Industrial, manufacturing, and Agriculture sectors drive environmental sensor growth. Barriers include awareness and limited lifespan, but smart homes and IoT advancements offer opportunities.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, October 31, 2024 /EINPresswire / -- 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.
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The key factor that drives the growth of the environmental sensor market size include the increasing use of environmental sensors in the industrial and manufacturing sectors, stringent government regulations on pollution control, and rising demand for environmental sensors in the agriculture sector are expected to drive the growth of the market in the future. However, lack of awareness and a 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 accounting for $ 347.4 million in 2020. However, the Temperature segment is expected to witness the 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 others. The Government and Public Utilities segment was the highest revenue-generating segment accounting for $ 391.7 million in 2020. However, the Industrial segment is expected to witness the fastest growth at a CAGR of 10.8% during the forecast period.
By region, the environmental sensor market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor and 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.
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Competitive Analysis:
The Environmental Sensor industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Environmental Sensor Market include,
ABB
Amphenol
AMS AG
Bosch Sensortec
Honeywell International Inc.
Omron Corporation
Schneider Electric
Sensirion
STMicroelectronics
Texas Instruments
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, delays, 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 semiconductors 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 a total lockdown and temporary shutdown of industries.
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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 the highest growth rate during the environmental sensor market forecast period.
- The U.S. was the major shareholder in 2020 in the North American environmental sensor market.
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.