According to MarketsandMarkets "Non-dispersive Infrared (NDIR) Market with COVID-19 Impact Analysis by Gas Type (Carbon dioxide, hydrocarbons), Application (Monitoring, HVAC, Detection and Analysis), Vertical (Industrial & Manufacturing, Oil & Gas), and Region - Global Forecast to 2025", The NDIR size is projected to reach USD 535 million by 2025 from an estimated USD 379 million in 2020, at a CAGR of 7.2% from 2020 to 2025.
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COVID-19 Impact on the Global NDIR Market
The outbreak and the spread of COVID-19 have significantly impacted players operating in the NDIR value chain. The increased global demand for automotive is one of the key factors fueling the growth of the NDIR market. However, as the sales of automotive have decreased significantly worldwide owing to lockdowns imposed by different governments to contain the spread of the COVID-19, it has impacted the growth of the NDIR market. Moreover, these lockdowns have also impacted the GDP of countries and the per capita income of individuals across the world. The low disposable income has resulted in reduced purchasing power of masses, thereby resulting in a decline in the y-o-y growth for the whole market.
Carbon dioxide segment to projected to register the highest CAGR between 2020 to 2025
The carbon dioxide is a prime gas in the environment and is closely related to the daily life functions and activities of humans. The concentration of carbon dioxide compared to other gases is more in the environment. It is also responsible for increased global warming. Thus, it is important to monitor the CO2 levels in the atmosphere to protect the environment, and human, and animal life. Thus, the NDIR CO2 sensors and modules segment is projected to grow at the highest CAGR during the forecast period.
By application, monitoring applications is projected to grow at the highest CAGR during the forecast period
The monitoring applications is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to the rising demand for highly accurate, small size, simple design, reliable, and pocket-friendly NDIR sensors and modules in different industries to monitor indoor and outdoor air quality.
By vertical, the medical segment is projected to grow at the highest CAGR during the forecast period
The medical segment is expected to capture the highest CAGR during the forecast period. The demand for NDIR solutions in this sector is primarily driven by the surging demand for anesthesia machines, patient monitoring systems, respiratory monitoring, and HVAC systems. This factor is likely to drive the growth of the market during the forecast period as well.
By region, the APAC NDIR market estimated to grow at the highest CAGR throughout the forecast period
In 2019, APAC held the largest share of the NDIR market. The market in the region is expected to grow at the highest CAGR from 2020 to 2025. The growth of the NDIR market in APAC can be attributed to the growing population in countries of APAC. The region houses some of the world’s highly populated countries, including Chain and India. These countries are witnessing growth in smart city projects and sales of NDIR sensors and modules. This, in turn, drives the growth of the NDIR market in APAC.
Amphenol (US), Honeywell International Inc. (US), Senseair AB (Sweden), S+S Regeltechnik GmbH (Italy), Dynament (UK), MIPEX TECHNOLOGY (Russia), Gas Sensing Solutions (UK), Nano Environmental Technology S.r.l. (N.E.T.) (Italy), Zhengzhou Winsen Electronics Technology Co., Ltd. (China), and ELT Sensor Corp. (Korea) are some of the key players in the NDIR market.
The scope of the report covers detailed information regarding major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the NDIR market. A detailed analysis of the key industry players has been carried out to provide insights into their business overviews, product offerings, and key strategies, such as product launches and developments, expansions, partnerships, and acquisitions, associated with the NDIR market.
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