- Lack of awareness, budgetary constraints to adopting new technology and regularity models are identified as the restraints
- The Asia-Pacific region was forecast to register the highest growth rate
The environmental sensors market was valued at USD$ 1.28 billion in 2018 and is expected to register a CAGR of over 9.25 per cent during the 2019 to 2024 period. The same, as per a MarketWatch Report, is poised to reach a value of USD$ 1.99 billion by 2024.
“With the increase in pollution year on year through air, automobiles, etc environmental sensors market is seeing huge opportunities in forecast future. This is supplemented by the growth of Industry 4.0 because that is creating a market for environmental sensors,” read the report.
Fueled by the growing number of government initiatives
The environmental sensor market is fueled by the growing number of government initiatives for curbing environmental pollution. For instance, the Indian government has announced Rs 637-crore worth ‘National Clean Air Programme’, to improve the air quality in India.
Lack of awareness, budgetary constraints to adopting new technology and regularity models are identified as the restraints for the growth of environmental sensing.
The environmental sensors market, as per the report, is also witnessing a shift from the standalone sensors to integrated sensors that are widely used to measure temperature, humidity, dust intensity, UV radiation, and other environmental parameters.
Asia-Pacific forecast to register highest growth rate
The Asia-Pacific is the fastest-growing economic region in the world. The region is witnessing a rapid proliferation of smart technologies, such as smart cities, autonomous vehicles, IoT applications, home automation, industrial automation, intelligent processing technologies, and others. Such factors, as per the report, are expected to drive market growth.
According to Schneider, the smart homes market is fast evolving in the Indian context. Initially, smart homes were marketed primarily as homes with advanced security features. The market is now evolving into newer areas like lighting systems, gas leakage detectors, fire detection systems, entertainment systems, and energy efficiency systems. Therefore, the growth of smart homes will in return a positive outlook in the environmental sensors market.
