Non-dispersive Infrared (NDIR) Market worth $535 Million by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, Oct. 26, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets, 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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Increasing demand for NDIR CO2 sensors in the food processing & storage industry and growing focus on worker safety across industries are among the factors driving the growth of the NDIR 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.