The NDIR market is projected to grow from USD 379 million in 2020 to USD 535 million by 2025, recording a CAGR of 7.2% between 2020 and 2025
NEW YORK, Nov. 3, 2020 /PRNewswire/ -- The NDIR market is projected to grow from USD 379 million in 2020 to USD 535 million by 2025, recording a CAGR of 7.2% between 2020 and 2025. Major factors driving the growth of the NDIR market include increasing demand for NDIR CO2 sensors in the food processing & storage industry and growing focus on worker safety across industries.
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Based on gas type, hydrocarbons segment held the second-largest share of the NDIR market in 2019
In 2019, hydrocarbons segment held the second-largest share of the NDIR market.The growth can be attributed to the rising demand for hydrocarbon sensors, which are highly accurate and offer fast response, essential to detect and monitor gas leaks in oil & gas and chemical industries.
Moreover, government regulations to contain the spread of various hydrocarbons including methane, propane, and butane is also supporting the growth of market.
Based on application, HVAC application held the second-largest market share in 2019
The HVAC application held the second-largest share of the NDIR market in 2019 and is likely to exhibit a similar growth trend during the forecast period owing to the increasing adoption of HVAC systems in various end-use industries. The increase in pollution and growing use of HVAC systems across all industries and in residences is expected to boost the demand for NDIR sensors; hence, supporting the growth of the market in the future.
Based on vertical, industrial & manufacturing segment held the major share of NDIR market.
The industrial & manufacturing segment held the major share of the NDIR market in 2019.The growing need to ensure the safety of workers, environment, and business infrastructure has led to the increased use of NDIR sensors in the industrial & manufacturing sector.
Safety-related mandates in regions such as North America and Europe are also acting as drivers for the adoption of NDIR in the industrial & manufacturing sector.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing managers, and other executives from various key organizations operating in the NDIR marketplace.
• By Company Type: Tier 1 – 25%, Tier 2 – 35%, and Tier 3 – 40%
• By Designation: C-Level Executives – 35%, Managers – 25%, and Others – 40%
• By Region: North America – 25%, Europe – 43%, APAC – 21%, and RoW – 11%
Amphenol (US), Honeywell International Inc. (US), Senseair AB (Sweden), S+S Regeltechnik GmbH (Italy), Dynament (UK), MIPEX TECHNOLOGY (Russia), Gas Sensing Solutions (UK), Nano Environmental Technology S.r.l. (N.E.T.) (Italy), Zhengzhou Winsen Electronics Technology Co., Ltd. (China), and ELT Sensor Corp. (Korea) are some of the key players in the NDIR market.
The study includes an in-depth competitive analysis of these key players in the NDIR market, with their company profiles, recent developments, and key market strategies.
Research Coverage
The report defines, describes, and forecasts the NDIR market based on gas type, application, vertical, and region.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the NDIR market.
It also analyzes product launches and developments, expansions, partnerships, and acquisitions carried out by the key players to grow in the market.
Key Benefits of Buying the Report
This report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall NDIR market and the subsegments.The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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