Gas Sensors Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

Gas sensors are instruments used to measure the amount or presence of gases in the atmosphere. They are essential in many applications, such as industrial safety, health diagnostics, and environmental monitoring. The operation of gas sensors relies on their ability to generate a measurable electrical signal that relates to the concentration of a particular gas that is present in the environment.

MARKET OVERVIEW

The gas sensors market is valued at approximately USD 1.5 billion in 2023 and is projected to reach USD 4.15 billion by 2034 exhibiting a compound annual growth rate (CAGR) of 9.7% during the forecast period of 2024-2034. Its purpose is to provide information on the presence of combustible, flammable, or toxic gases, which is crucial for both safety and the environment.

GROWTH DRIVERS

The market for gas sensors has expanded because of the popularity of electric vehicles. Even though EVs have zero tailpipe emissions, gas sensors are still needed for a variety of applications, including battery management systems and monitoring the quality of the air inside the vehicle and battery management systems. In addition, hybrid cars that combine electric and internal combustion engines require advanced gas sensing technologies to maximize efficiency and reduce emissions.

Since indoor air quality directly affects human health, it has grown to be a serious concern. In enclosed areas, pollutants such as carbon dioxide, carbon monoxide, volatile organic compounds (VOCs), and other hazardous gases are capable of building up and cause a variety of health concerns, such as chronic diseases, headaches, and respiratory disorders. The market for gas sensors with excellent indoor air quality monitoring and management capabilities has grown because of the growing awareness of these health hazards.

MARKET SEGMENTATION:

By Type -

·         Wired

·         Wireless

By Product –

·         Gas Analyzers & Monitors

·         Gas Detectors

·         Air Quality Monitors

·         Air Purifiers/Air Cleaners

·         HVAC System

·         Medical Equipment

·         Consumer Devices

·         Others

By Technology –

·         Electrochemical

·         Photoionization Detectors

·         Solid State or Metal Oxide Semiconductor

·         Catalytic

·         Infrared

·         Laser

·         Zirconia

·         Holographic

·         Other Technologies

By Gas Type –

·         Oxygen

·         Carbon Monoxide

·         Carbon Dioxide

·         Ammonia

·         Chlorine

·         Hydrogen Sulphide

·         Nitrogen Oxides

·         Volatile Organic Compound

·         Hydrocarbons

·         Methane

·         Hydrogen

By End User –

·         Water and Wastewater Treatment

·         Medical

·         Oil and Gas

·         Automotive and Transportation

·         Food and Beverages

·         Metals and Chemicals

·         Mining

·         Consumer Electronics

·         Power Stations

·         Smart Cities and Buildings Automation

By Region -

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Gas Sensors Market By Type Segment Review:

The wired segment dominated the global market, accounting for more than half of the total revenue share in 2022, driven by its low maintenance requirements, compact size, lower cost, and higher accuracy.

Gas Sensors Market By Product Segment Review:

Air quality monitors assess the amount of particle matter (PM), volatile organic compounds (VOCs), carbon dioxide (CO2), and other hazardous substances that are present in the air. The demand for these monitors is growing due to rising concerns about air pollution’s impact on human health and the environment.

Gas Sensors Market By Technology Segment Review:

Electrochemical technology accounted for more than one-fifth of total revenue share in 2022, dominating the global market. The ability of these sensors to detect low concentrations of gases makes them an ideal choice for safety applications in industrial environments.

Gas Sensors Market By Gas Type Segment Review:

The carbon dioxide (CO2) sensors segment was the dominant market segment in 2022, with around one-third of the global revenue. The primary uses for these sensors are in the automotive, hospital, workplace, and home sectors for the purpose of monitoring indoor air quality.

Gas Sensors Market By End User Segment Review:

The industrial sector had a dominant position in 2022 and contributed around one-fifth of the global revenue. Industrial gas sensors are used to track and identify potentially dangerous gases and vapors and to trigger visual and audible alarms. 

Gas Sensors Market By Region Segment Review:

In 2022, the market was anticipated to be dominated by Asia Pacific, which contributed almost one-third of worldwide revenue. The market in this region is driven by growing awareness of air quality issues among the population.

Gas Sensors Market Regional Synopsis:

The gas sensor market is expected to be dominated by the Asia Pacific region due to its rapid industrialization and urbanization. The growing awareness in the region of the adverse impacts of air pollution on human health is fueling the market for gas sensors used in air quality monitoring.

In North America, the market growth is being fueled by strict emission and air quality monitoring regulations. Additionally, safety in industrial applications is becoming more crucial, which is driving up the demand for this market.

Over the projection period, Europe is anticipated to witness consistent growth. Stringent laws pertaining to gas emissions and the ensuing requirement for emissions monitoring are anticipated to propel the expansion of the regional market.

The Latin American market is expanding steadily as industry and governments become more conscious of environmental challenges. Governments have begun implementing stricter rules on air quality monitoring, which is expected to increase demand for gas sensors across several industries, including mining, and agriculture.

Industrial activity in the Middle East and Africa is the main driver of the market for gas sensors, especially in oil-rich countries where environmental protection and safety depend on the monitoring of hazardous gases.

Gas Sensors Market Key Challenges:

The high cost of installation and maintenance for gas sensor systems is one of the major obstacles to their broad adoption. An additional factor driving up the cost of these sophisticated gas sensors is the complexity of manufacturing them, especially the wireless portable variants. These expenses have the potential to deter potential customers because of these initial investments and the continuous maintenance costs, particularly in sectors where budget constraints are prevalent.

Another significant challenge in this market is adherence to strict regulations enforced by worldwide governments, such as the Occupational Safety and Health Administration (OSHA) in the United States and REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) in Europe. It is necessary for companies to ensure that their products meet specific safety and environmental standards before they are marketed or deployed in different applications, which extends product development timelines and adds costs associated with testing and certification processes.

Gas Sensors Market Competitive Landscape:

The global market for gas sensors is characterized by a competitive environment that includes numerous established players striving for innovation while addressing regulatory requirements.

Businesses are implementing several strategic initiatives, including partnerships, collaborations, mergers and acquisitions, and the introduction of new products to enhance their capabilities in research and development and improve their competitive position. For instance, in December 2022, Honeywell and Nexceris announced that they are expanding their strategic partnership to improve their vehicle sensing technologies.

Gas Sensors Market Key Players:

·         ABB Ltd.

·         Honeywell International Inc.

·         MSA Safety Incorporated

·         Amphenol Corporation

·         AlphaSense Inc.

·         Figaro Engineering Inc.

·         Membrapor

·         BOSCH

·         Process Sensing Technologies

·         GfG

·         Other Key & Niche Players