COVID-19 IMPACT ON ENVIRONMENTAL SENSORS MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global environmental sensors market. In addition, complete analysis of changes on the global environmental sensors market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The environmental sensor market declined in 2020. Owing to governments of several developed economies have enforced lockdown to restrain the spread of COVID-19. With lockdown in place, manufacturing activities have been affected significantly. Adding to that, the production and supply chain has taken a significant hit in North America, Europe, APAC and ROW. This also resulted in supply chain disruption in North America. Also, lockdown implemented in other countries caused supply chain disruption along with labours shortage in various applications comprising consumer electronics. Companies were not able to source the required labor their operations owing to travel restrictions. Even though lockdown restrictions were lifted in many regions, manufacturing companies were unable to get the required workforce owing to travel restrictions. Owing to these factors there is significant decline in the environmental sensor market in 2020.
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MARKET OVERVIEW- ENVIRONMENTAL SENSORS MARKET
MARKET DRIVERS
The environmental sensors market is witnessing tremendous growth during the forecast period 2022-2028. The key factors contributing to the growth of global environmental sensors market is availability of different sensors in the market, and growing demand for increased demand for automated monitoring solutions from vertical industries. The components of environmental sensor provide number of benefits and are majorly effective in providing information on the immediate surrounding to assists tackle global climate change, sensors and sensor networks are fundamentally changing awareness of detrimental factors that affect the environment. Adding to that, surge in health concern and increase in deaths owing to rise in pollution levels and rise in the need for better resource management drive the growth of the market. Moreover, ongoing installation of environmental monitoring sensors is also boosting growth of temperature in global environmental sensor market. As the temperature sensor uses different technologies and principles to take the temperature measurement. This can be air temperature liquid temperature or the temperature of solid matter.
MARKET OPPORTUNITIES
The ongoing technological advancements in IoT and cloud-based services is expected to provide lucrative growth opportunities to environmental sensors market. With the introduction and rising use of smart devices and advancements in IoT and cloud-based services, there is a growing opportunity for environmental sensors. These sensors can be used for monitoring the environmental parameter for indoor and outdoor environments. Currently, sensors are housed in a single package and designed for providing detailed, accurate and real-time data outputs, required for many IoT applications. The applications comprise smart homes, smart offices and buildings, and HVAC applications. It is also well-suited to mobile and stationary applications such as indoor air quality measurement and personal weather stations.
MARKET RESTRAINTS
Long-term monitoring of environmental data may lead to short life span of sensors is likely to hamper the growth of environmental sensors market. A key part of monitoring, and a key challenge, is measuring variables over an extended period of time. Continuos monitoring is important owing data gaps reduce the ability to assess the full scope of variability in environmental resources. Also, frequent but significant events are often crucial to the status of environmental resources. So long term monitoring becomes a significant part. But these continuos monitoring and operating of sensors can minimize the efficiency and performance thereby shortening their life span.
MARKET GROWTH CHALLENGES
The stringent performance requirements of advanced sensor applications is estimated to challenge the growth of environmental sensors market. specifications of environmental sensors change with applications and technology being used. For example, consumer electronics applications have stringent requirements regarding the size and power consumption of environmental sensors. In such cases, integrating several types of sensors with consumer applications such as smartphones, becomes very difficult. Similarly, with the change in the industry or vertical, the specification of sensors varies accordingly. For instance, gas sensing parameters in the automotive industry differ from those in the oil and gas industry: so, the performance requirement of gas sensors become critical in advanced applications.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global environmental sensors market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2020 as the base year.
MARKET SEGMENTAL OVERVIEW
The environmental sensors market is bifurcated into Component, Method, Technology, Application and Geography.
ENVIRONMENTAL SENSORS MARKET BY COMPONENTS
The global environmental sensor market is studied for various sensors such as Temperature, Moisture, Humidity, Chemical, Gas, Particulate Matter and others. The temperature segment is estimated to dominate the market in 2021. The factors contributing in the component type growth is availability of different sensors in the market, and growing demand for increased demand for automated monitoring solutions from vertical industries. The components provide number of benefits and are majorly effective in providing information on the immediate surrounding to assists tackle global climate change, sensors and sensor networks are fundamentally changing awareness of detrimental factors that affect the environment.
ENVIRONMENTAL SENSORS MARKET BY METHOD
The various methods analyzed in the global environmental sensors market are active monitoring, continuos monitoring, intermittent monitoring and passive monitoring. The continuos monitoring is expected to dominate the market in 2021. The chief driving factors which are attributing to the growth of segment are the rising government funding towards environmental sustainability, development of policies and initiatives to minimize environmental pollution levels, rising installations of environmental monitoring stations and increases adoption of environmental monitoring strategies by the public and private companies. Adding to that, use of internet of things (IoT) technology and nanotechnology provides lucrative opportunities for the growth of method segment in environmental sensor market.
ENVIRONMENTAL SENSORS MARKET BY TECHNOLOGY
The global environmental sensor market is studied for various technologies such as ethernet, WiFi and cellular. The ethernet segment is estimated to dominate the environmental sensor market in 2021. The key drivers influencing growth of technology in environmental sensor market are governments across globe are increasing heavily by installing the environmental sensors at different places such as markets, industrial areas, highways, healthcare centers, public parks and many other places in order to monitor the air pollution level and formulate plans to control the pollution level. The technology is the sum of any techniques, skills, methods and processes used in the production of goods and services or in the accomplishment of objectives such as scientific investigations.
ENVIRONMENTAL SENSORS MARKET BY APPLICATIONS
The report analyses various applications of environmental sensors such as warehouse monitoring, food monitoring, data center monitoring, medication monitoring, residential, commercial and others. The food sensors is likely to hold the dominant position in the environmental sensors market in 2021. The key driver fueling growth of stringent rules and regulations by various government owing to rise in environmental concerns and health and safety concern. There is an intense price-based competition in the global environmental sensor market. The local players of developing countries are penetrating the markets of developed economies by offering affordable and efficient environmental sensor. The increasing number of consumer electronics and pharmaceutical companies are constantly focusing to expand their operation and manufacturing units across the globe is also boosting growth of segment in global environmental sensor market.
ENVIRONMENTAL SENSORS MARKET BY GEOGRAPHY
The report analyses various geographical regions such as North America, Europe, Asia Pacific and Rest of the World. The market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is likely to continue to hold the highest market share and is expected to be the fastest growing region in the environmental sensor market due to factors like increasing use of smart devices in APAC which paves the way for the growing penetration of environmental sensors in these smart devices. Rising pollution levels in countries in APAC are also driving the growth of the environmental sensor market. Owing to rising government activities to minimize air pollution in countries like China and India, it is estimates that there would be high growth opportunities for the environmental sensor market in APAC.
COMPETITIVE LANDSCAPE ANALYSIS
The environmental sensors market is witnessing high competition owing to presence of many major players in the market. The key companies operating in the environmental sensors market are catering to the demand by collaborating, innovative, acquiring small players and investing in a technologically advanced product portfolio across the globe. For instance, in November 2018, Omron introduces a USB version of its multi-function environmental sensor (2JCIE-BU01) which swiftly allows designers to monitor several parameters. This sensor can couple data for approximately three months (based on a communication frequency of once every 5 mins) and connect to multiple devices such as smartphones via Bluetooth 5.0.
RECENT DEVELOPMENTS:
July 2021: Minebea Mitsumi launched durable semiconductor digital temperature and humidity sensor “MW3827”. The MW3827 is a semiconductor digital temperature and humidity sensor that has excellent durability and small characteristics fluctuation even under high temperature ad high humidity conditions.
March 2021: Monnit announced launch of its ALTA Soil Moisture Sensor. Primed to meet AgriTech market demand, the soil moisture sensor alerts on mobile device or computed how much, when and where to water crops or commercial landscaping.
January 2021: Swift sensors launched Sub-Zero temperature sensor to meet COVID-19 vaccine monitoring and storage requirements. The Swift Sensors is a provider of industrial IoT sensor solutions, announced the launch of its secure wireless vaccine storage unit monitoring and alert system to enable medical facilities and pharmacies to remotely monitor COVID-19 vaccine storage temperatures, automate data logging and respond quickly in case of an equipment problem or power failure.
August 2020: Sensirion AG launched the new SGP40 VOC (volatile organic compound) sensor for indoor air quality applications such as automated air quality control systems (air purifiers, kitchen hoods, demand-controlled ventilation systems etc.) and air quality monitoring.
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