(PharmaNewsWire.Com, April 05, 2024 ) The Global NDIR Market is expected to be valued at 681 million in 2024 and is projected to reach USD 965 million by 2029; it is expected to grow at a CAGR of 7.2% from 2024 to 2029. The market's growth is propelled by increasing demand for NDIR CO2 sensors in the food processing & storage industry. However, challenges related to competition from alternative technologies still need to be addressed. Despite these obstacles, opportunities arise, and demand for NDIR sensors is rising in the medical industry.
Key Market Players:
Major players operating in the NDIR market are Honeywell International Inc. (US), Yokogawa Electric Corporation (Japan), MSA (US), and Amphenol Corporation (US).
Carbon dioxide sensors by gas type have experienced rapid growth in the NDIR market due to their impact on the climate. By providing industries with a quicker and more convenient way of understanding their emissions, Co2 sensors help reduce emissions. Additionally, these sensors help follow governmental regulations, labor laws, etc. As general awareness about CO2 emissions increases, the demand for such sensors is expected to increase.
The growth of Detection & Anlaysis by application type in the NDIR is expected to be high during the forecast period. In industrial safety monitoring, it's crucial to continuously monitor carbon dioxide and methane levels in real-time to prevent dangerous gas concentrations. Sensors play a vital role in detecting potential gas leaks early on, particularly in industrial manufacturing, oil and gas, chemicals, and healthcare sectors. By providing early warnings, these sensors enable prompt actions to safeguard lives and assets. The NDIR market segment focuses on detection and analysis and is subdivided into hazardous gas detection, flame detection, alcohol detection, and blood gas analysis, catering to various industrial safety needs.
The Industrial and Manufacturing segment is anticipated to witness the second-highest CAGR in the NDIR market by vertical. The increasing emphasis on workplace safety and regulatory compliance is driving the demand for accurate gas detection solutions. Expansion of industrial activities across diverse sectors necessitates robust monitoring systems to mitigate environmental risks and ensure operational efficiency. Technological advancements in NDIR sensor capabilities, including improved sensitivity and reliability, further contribute to their adoption in industrial applications for precise and continuous gas detection.
The North American region is expected to hold the second-highest market share in the NDIR market due to several key factors. The region's advanced industrial infrastructure and extensive adoption of gas detection technologies, particularly in sectors such as oil & gas, automotive, and healthcare, further drive market growth. Ongoing investments in research and development, coupled with technological innovation, position North American manufacturers as crucial players in the NDIR market, contributing to their presence in the industry.
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