Air Quality Sensor Market: Competition Landscape and Key Developments
energomonitor s.r.o; Aeroqual Limited; MetOne Instruments, Inc.; Siemens AG; and Renesas Electronics Corporation are the five key players in the global air quality sensor market. The listing of key players is based on parameters such as overall revenue; brand image; current automatic tire inflation system solutions portfolio; technology integration and product enhancements; geographic reach; and new product/feature launches, market initiatives, mergers and acquisitions, and other market-related activities. Moreover, Honeywell International Inc., Schneider Electric SE, Sensirion AG Switzerland, Suez, and Zhengzhou Winsen Electronics Technology Co., Ltd. are among the other notable air quality sensor market players, which were studied and analyzed during this the market study.
In 2019, SUEZ announced the creation of a new Air Division. The engineers of the company developed a range of solutions to help industrial customers in lowering their environmental footprint and local authorities in improving air quality.
In 2019, Renesas Electronics Corporation announced the successful acquisition of IDT. Jointly, the companies would offer a broader range of leading-edge technology and embedded solutions.
Many people spend most of their time indoors, and IAQ has a momentous impact on their comfort and health; poor air quality can make room stuffy and uncomfortable, and it can negatively impact the productivity, cognitive function, health, and well-being of the indoor occupants. Indoor pollutants such as radon, mold, pressed wood products (which might contain formaldehyde), and secondhand smoke may lead to health issues such as lung cancer and asthma among occupants. Further, the Environmental Protection Agency (EPA) states that the worker’s productivity at workplaces can be improved by 5–6% when air pollution levels are set optimum. As balanced and increased ventilation optimizes IAQ, the demand for air quality sensors is rising significantly in various sectors, including residential, commercial, and industrial.
APAC led the air quality sensor market in 2019. The market growth in this region is mainly attributed to rapid developments in technologies deployed for improving air quality, government standards for the protection of environment, and rising disposable income of population. The air quality sensor market in APAC is further expected to grow at the fastest CAGR during 2020–2027, and the projected market growth can be ascribed to dynamic industrial and manufacturing sectors in the region, which are prominent users of air quality sensors. Governments of China, India, and other developing economies are focusing on upgrading their existing infrastructure. The growing number of infrastructural projects in commercial and industrial sectors is likely to fuel the adoption of outdoor air quality sensors in the region as the operations at project sites of these sectors pollute the surrounding air.