Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Carbon Monoxide Detectors Market – Forecasted from 2019 to 2026”.
The prime factors propelling the growth of the Carbon Monoxide Detectors Market are the rise in carbon monoxide poisoning cases in some areas, government regulations for installing carbon monoxide detectors, and increased awareness.
As per the report, the Carbon Monoxide Detectors Market is projected to grow at a CAGR of 4.21% to reach US$673.626 million by 2026, from US$504.856 million in 2019.
Carbon monoxide detectors are devices that are employed to detect the presence of carbon monoxide in an indoor setting and therefore assist in protecting from carbon monoxide poisoning. There is raised awareness concerning the hazards associated with carbon monoxide poisoning which has increased the demand for carbon monoxide detectors and is expected to drive the growth of the carbon monoxide detectors market throughout the forecast period. Moreover, cases of carbon monoxide poisoning have been on the rise around the globe which is anticipated to boost the use of carbon monoxide detectors. In addition, governments of several countries around the world have been increasingly passing laws to make the installation of carbon monoxide detectors mandatory, which is another determinant that is expected to strengthen the growth of the carbon monoxide market during the forecast period.
The carbon monoxide detectors market has been categorized on the basis of sensor type, application, end-use industry, and geography.
By sensor type, the market has been classified based on Opto-Chemical, Biomimetic, Electrochemical, and Semiconductor. The growing adoption of an electrochemical sensor in several regions is anticipated to drive the growth of the market.
On the basis of application, the classification has been done into Fuel Fired Furnaces, Gas Water Heaters, Charcoal Grills, and others. By end-use industry, the market has been classified into Medical, Automotive, Petrochemical, Building Automation, Industrial, Environmental, and others. The automotive and Medical industry is expected to witness a significant growth in this segment.
By region, North America is expected to retain a considerable market share due to the government regulations for installing carbon monoxide detectors in the region. In addition, the Asia Pacific region is also predicted to notice significant growth because of the advancement in industrialization which has boosted the demand for carbon monoxide detectors in the region.
Covid-19 had a negative impact on the carbon monoxide detectors market. Because of the lockdown and trade restrictions enforced in several regions of the world, the supply chain of the carbon monoxide detectors market was hit which directed to a drop in the carbon monoxide market in the year 2020. The factories were shut down because of stringent Covid-19 measures and even where the factories were open, there was a lack of laborers, which further led to the decline in the carbon monoxide detectors market.
As a part of the report, the major players operating in the Carbon Monoxide Detectors Market, that have been covered are Nest Labs, BRK Brands Inc., ABB Ltd, United Technologies, Leeo, Inc., X-SENSE, Safelincs Ltd, MTI Industries, Inc., Yondwin Enterprise Co. Ltd., Aeroqual Ltd, Robert Bosch GmbH, Alphasense, Siemens AG, Yokogawa Electric Corporation.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/carbon-monoxide-detectors-market
This analytics report segments the carbon monoxide detectors market on the following basis
- By Sensor Type
- By Application
- Fuel Fired Furnaces
- Gas Water Heaters
- Charcoal Grills
- By End-Use Industry
- Building Automation
- By Geography
- North America
- South America
- United Kingdom
- The Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America