Technavio market research analysts in their latest report have forecasted the global advanced carbon dioxide sensors market to grow at a CAGR of close to 54% during the period 2018-2022.
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Technavio has published a new market research report on the global advanced carbon dioxide sensors market from 2018-2022. (Graphic: Business Wire)
One of the major trends being witnessed in the market is the increase in the institutional use of advanced CO2 sensors. Benefits such as better health conditions for students, moisture control, energy savings, and greenhouse gas reduction are encouraging schools to implement advanced CO2 sensors in their classrooms. It reduces absenteeism and student performance by maintaining appropriate ventilation in classrooms. Additionally, these sensors ensure overall optimum building performance always, thereby helping to lower energy consumption.
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In this report, Technavio analysts have highlighted the growth of the global construction market as a key driver for the global advanced carbon dioxide sensors market:
Growth of the global construction market
Many high-rise buildings are being constructed in several large and medium-sized cities across the world owing to rapid urbanization and economic growth. Numerous ultra-high-rise buildings (more than 300 meters) are also being constructed in big cities. These buildings act as local landmarks and attract popular domestic and foreign enterprises. Thus, such high-rise projects will propel the demand for advanced CO2sensors around the world as building automation is the predominant end-user for advanced CO2sensors.
According to a senior analyst at Technavio forembedded systems, "Unlike the traditional CO2sensors, the advanced CO2sensors function effectively at higher altitudes as well. The vertical growth of the global construction industry will propel the demand for advanced CO2sensors during the forecast period. The number of high-rise buildings under construction is increasing globally. As a result, there is an increased demand for advanced CO2sensors."
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Global advanced carbon dioxide sensors market segmentation
This market research report segments the global advanced carbon dioxide sensors market into the following products (NDIR and Chemical) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the NDIR segment held the largest market share in 2017, accounting for more than 91% of the market. The market share of this product is expected to decrease by nearly 4% by 2022. However, this segment will dominate the market throughout the forecast period.
EMEA dominated the global advanced carbon dioxide sensors market in 2017, contributing to a market share of around 42%. It was followed by the Americas and APAC respectively. APAC is expected to demonstrate significant growth during the forecast period, by posting about 5% increase in the market share.
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