The VOC sensors and monitors market, by device type, is segmented into monitors and sensors. The monitors segment is expected to dominate and witness significant growth during the forecast period. Increasing implementation of rules and regulations by government bodies to ensure occupational health and safety of employees is the factor spurring the growth of the market for gas sensors as well as VOC monitors. Safety regulations are an important part of any industry, especially in the accident-prone industries such as oil & gas, chemicals, and building and construction.
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The volatile organic compound (VOC) sensors and monitors market is expected to reach USD 176 million by 2023 from USD 140 million in 2018, at a CAGR of 4.6%. Increasing enforcement of occupational health and safety regulations by governments and rising demand in developing countries such as China and India are among the key factors driving the VOC sensors and monitors market. Moreover, growing awareness regarding controlled air quality is another factor boosting the growth of this market.
The market for the air purification and monitoring application is expected to witness significant growth during the forecast period owing to increasing pollution and improving living standards. Improving the air quality in indoor and outdoor environments is a major area of interest. These devices are witnessing the rise in demand across emerging economies, wherein these issues are of great concern owing to the rapid growth of industrialization and urbanization.
The market for sensors is expected to grow at a higher CAGR from 2018 to 2023 owing to their increasing applications in the Internet of Things (IoT) and other consumer electronics. Consumer electronics is a rapidly changing and dynamic industry with increasing competition among the market players. In the current market scenario, the manufacturers of consumer electronics are under great pressure to bring unique and differentiated products to the market. VOC sensors can be integrated into smartphones, tablets, and wearables to ensure safety for users from VOC gasses, thereby bringing differentiation to these products by adding an extra feature to the product
Among all regions, the VOC sensors and monitors market in Rest of the World (RoW) is expected to grow at the highest CAGR during the forecast period. Brazil, Argentina, Chile, and Peru are the major contributors to this growth in RoW. As the South American economies rely heavily on their oil & gas and mining industries, the VOC sensors and monitors market players have huge scope to provide solutions for the safety application in these industries in South America. VOC sensors are the important components of safety systems installed at these plants, which help detect gas leakage along with monitoring and estimating the gas concentrations. The key players are grabbing the opportunities by expanding their global reach and launching new products.