Updated: smartphones to kickstart gas sensor market
The inclusion of gas sensor components in home and wearable equipment and multiple units per equipment towards the end of the decade, and particularly in smartphones, could send the global market skyrocketing to about 250 million units in 2020 and 350 million units in 2021, the market research firm asserts. By then the annual market for these components will be worth $920 million with a compound annual growth rate (CAGR) of 7.3 percent over the 2014 to 2021 period.
Gas sensor market, consumer focus, optimistic scenario in millions of units. Source: Yole Developpement.
This “optimistic” forecast predicts an annual market of 350 million units in 2021.
Gas sensor market in $m 2014 to 2021. Source; Yole Developpement.
Yole estimates that the total gas sensor market — not just consumer — is driven by heating, ventilation and air conditioning (HVAC) demand. It was worth $360 million in 2014 and will reach almost $920 million in 2021; a compound annual growth rate of 7.3 percent. An upside of almost $65 million in 2021 is possibile if gas sensors are widely adoptec in consumer products
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