Gas Sensors Market to Reach USD 5,302 Million in 2032 with a CAGR of 7.8%, Report by Market.us
According to Market.us, the gas sensors market Size to Reach USD 5,302 million by 2032 | By Technology, the Electrochemical Gas Sensors Segment Held 23% of the Market Share.
New York, March 21, 2023 (GLOBE NEWSWIRE) -- The global gas sensors market is expected to be worth around *USD 5302 Billion by 2032 from USD 2549 Billion in 2022*, growing at a* CAGR of 7.80%* during the forecast period from 2023 to 2032. Gas sensors are devices that can detect the presence or concentration of various hazardous vapors and gases such as explosive gases, odors, humidity, and volatile organic compounds (VOCs).
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*Key Takeaway:*
· *By Product Type*, 2022, the *wired gas sensors* segment generated the largest revenue share of *53%* in 2022.
· *By Gas Type*, the *Carbon dioxide gas sensors* segment has dominated the market and it accounted for the largest global revenue of *32.5%* in 2022.
· *By Technology*, the *electrochemical gas sensors* segment dominated the market and it accounted for the largest global revenue of *23%* in 2022.
· *By End-Use*, the *Industrial segment* has generated the largest revenue share of *23%* in 2022.
· In 2022, *Asia Pacific* dominated the market with the highest revenue share of *34.2%*.
· *Europe *region is expected to grow at a significant CAGR from 2023-2032.
Gas sensors help prevent the high risk of gas explosions and affecting any casualties within and outside the premises. The gas sensors market is driving rapidly owing to high sensitivity, high selectivity, and high stability.
*Factors affecting the growth gas sensors market*
Several factors can affect the growth of the gas sensors market. Some of these factors include:
· *Increasing use in industrial processes:* The need for gas sensors in industrial processes is continuously increasing owing to monitoring and controlling the emission of hazardous gases.
· *Increasing use in Defence Application:* Gas sensors have significant applications in TENT Protection System in defense which monitors breathable air quality for rapid movement of Army personnel in their forward camp.
· *The emergence of gas sensors in the HVAC Systems:* The HVAC system provides fresh and pure indoor air by removing pollutants from the environment through proper ventilation. HVAC systems have large applications in manufacturing industries which use gas sensors to detect toxic gases in the environment.
· *High maintenance Cost:* As gas sensors are advanced in technology, they require regular maintenance, for routine maintenance they require high cost. This has a negative impact on market growth.
· *Increasing demand in the medical field:* Applications of gas sensors in machines such as oxygen monitors and analyzers, ventilators, and anesthesia machines in the medical sector drive the demand for gas sensors.
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*Top Trends in the Global Gas Sensors Market*
Smart cities are started adopting IOT-based wireless gas sensors to detect air pollution levels and track gas combustion. With help of IOT gas sensors data on air quality can be collected, and analyzed in real time.
Industries where the emission of toxic gases is more, such industries are started adopting gas sensors technology for the safety and health concerns of workers.
To improve the safety and security of pipelines, operators around the world, developed drone-based gas leak detection systems based on gas sensors technology.
*Market Growth*
The market growth is propelled by increasing consumer awareness to improve air quality is driving the demand for gas sensors in applications like automotive and industrial.
Automotive manufacturers have started the production of vehicles with gas sensors to reduce the emission mechanism of hazardous gases driving the demand for gas sensors in automotive industries. With growing concerns regarding health and safety, the demand for oxygen gas sensors is increasing in the global market.
*Regional Analysis*
The gas sensors market was dominated by Asia Pacific, which acquired the most significant revenue share of 34.2% in 2022. Increasing urbanization in Asia pacific region resulted in increasing demand for gas sensors, owing to awareness of the health effects of air pollution. Also, investment in gas sensors in smart city projects in emerging economies such as India, China, and Japan in this region is high.
Europe region is anticipated to experience lucrative growth over the forecast period because of strict government regulations on the emission of gases.
*Competitive Landscape*
Current market conditions are characterized by intense competition among the market leaders for market dominance. Major key players started consolidation through strategic initiatives like mergers, alliances, and acquisitions to increase their businesses.
Some of the major players include ABB, AlphaSense Inc., Senseair AB, Trolex Ltd., Aeroqual Ltd., Emerson Electric Co., City Technology Ltd., Dynament Ltd., Figaro Engineering Inc., Membrapor, Nemoto & Co. Ltd., Robert Bosch LLC, and Other Key Players.
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*Scope of the Report*
*Report Attribute* *Details*
Market Value (2022) USD 2,549 Million
Market Size (2032) USD 5,302 million
CAGR (from 2023 to 2032) 7.8%
Asia Pacific Revenue Share 34.2%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032
*Market Drivers*
Rapid growth is being experienced by the growing demand for control of harmful emissions from manufacturing industries. The compulsory limit on emissions of gases from vehicles creates high demand to install gas sensors in automobiles which are driving the growth of the gas sensors market.
*Market Restraints*
Gas sensors are advanced in technologies, initial cost of gas sensors such as electrochemical gas sensors is very high and requires high maintenance costs, thus hampering the growth of the gas sensors market. Sometimes gas sensors are unable to detect hazardous gases, which leads to critical accidents in industries, and results in a negative impact on the growth of the gas sensors market.
*Market Opportunities*
The gas sensors market is expected to create growth opportunities due to growing manufacturing and refinery industries in several emerging economies such as Brazil, India, South Africa, and China. Recent advancements in the expansion of nanotechnology and wearable gas sensors are generating openings for the global gas sensors market growth.
*Product Type Insight*
Based on product type, the wired gas sensors segment is dominant in the market with the largest market share of 53%, and is expected to continue its dominance during the forecast period. Wired gas sensors provide significant benefits such as compact size, high accuracy, low maintenance, and low cost. The increasing use of wired gas sensors in civil applications is a key factor responsible for the growth of this segment.
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*Gas Type* *Insight*
On basis of gas type carbon dioxide gas sensor segment is dominant in the market with a market share of 32.5% and will remain dominant during the forecast period. The main purpose of carbon dioxide sensors is to monitor indoor air quality in buildings, homes, offices, automobiles, healthcare facilities, and other applications. Many companies are working to develop MEMS-based carbon dioxide sensors for various applications resulting in the growth of this segment.
*Technology Insight*
Based on technology electrochemical gas sensors segment was dominant in the market with the largest market revenue share of 23% in 2022. The demand for electrochemical gas sensors is increasing as electrochemical sensors consume less power, and offer specificity to target gas among the other gas sensors. Electrochemical technology easily detects toxic gas and vapor concentration with the oxidation of target gas.
*End-Use Insight*
Based on the end-use industrial segment was dominant in the market with the largest market share in 2022. Gas sensors have large applications in the detection of hazardous gases and vapors.
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*Market Segmentation*
*Based on Product Type*
· Wired
· Wireless
*Based on the Gas Type*
· Oxygen
· Carbon monoxide
· Carbon dioxide
· Hydrogen sulfide
· Nitrogen oxide
· Hydrogen
· Others
*Based on Technology*
· Electrochemical gas sensor
· Semiconductor gas sensor
· Solid state/MOS gas sensor
· Photo-ionization detector sensor
· Catalyst gas sensor
· Infrared gas sensor
· Laser gas sensor
· Other gas sensors
*Based on End-Use*
· Medical
· Building automation & domestic appliances
· Environmental, petrochemical
· Automotive & Transportation
· Industrial
· Agriculture
· Food & Beverages
· Waste Water Treatment
· Aerospace & Defense
· Other End-Use.
*By Geography*
· *North America*
· The US
· Canada
· Mexico
· *Western Europe*
· Germany
· France
· The UK
· Spain
· Italy
· Portugal
· Ireland
· Austria
· Switzerland
· Benelux
· Nordic
· Rest of Western Europe
· *Eastern Europe*
· Russia
· Poland
· The Czech Republic
· Greece
· Rest of Eastern Europe
· *APAC*
· China
· Japan
· South Korea
· India
· Australia & New Zealand
· Indonesia
· Malaysia
· Philippines
· Singapore
· Thailand
· Vietnam
· Rest of APAC
· *Latin America*
· Brazil
· Colombia
· Chile
· Argentina
· Costa Rica
· Rest of Latin America
· *Middle East & Africa*
· Algeria
· Egypt
· Israel
· Kuwait
· Nigeria
· Saudi Arabia
· South Africa
· Turkey
· United Arab Emirates
· Rest of MEA
*Key Market Players*
· ABB
· AlphaSense Inc.
· Senseair AB
· Trolex Ltd.
· Aeroqual Ltd.
· Emerson Electric Co.
· City Technology Ltd.
· Dynament Ltd.
· Figaro Engineering Inc.
· Membrapor
· Nemoto & Co. Ltd.
· Robert Bosch LLC
· Other key Players
*Recent Development of the Gas Sensors Market*
· In March 2021, Robert Bosch GmbH company announced the release of the BME688 sensor. This sensor combines artificial intelligence with the ability to sense humidity, gas, temperature, and barometric pressure (AI). The BME688 can detect the presence of numerous gases in the part per billion (ppb) range, including VOCs, hydrogen, and carbon monoxide.
· In January 2021, TDK Corporation introduced the TCE-11101 MEMS gas sensor platform. It is a small, lightweight, low-power, miniaturized device that measures carbon dioxide in homes, hospitals, automobiles, IoT, and other settings.
*Browse More Related Reports:*
· *Iiot sensors in oil and gas market* are projected to grow from USD 1.02 billion in 2017 to USD 2.66 billion by 2030, at a CAGR of 10.5% from 2017 to 2030.
· *Catalytic combustion gas sensor market* accounted for USD 3.16 billion in 2022 and it is expected to reach around USD 6.2 billion by 2030.
· *Automotive exhaust gas sensors market *is estimated to increase by USD 10,392.13 million at a CAGR of 6.72% during the forecast period it will reach by USD 23,301.93 million.
· *Electrochemical gas sensors market* is projected to grow from USD 1.4 Billion in 2022 to USD 2.1 Billion by 2030, at a CAGR of 8.9%.
· *Image Sensors Market* is projected to reach USD 55.8 billion by 2032, expanding at a CAGR of 8.1% between 2023 and 2032.
· *Automotive sensors market* was valued at USD 21.4 Bn and is expected to reach USD 55 Bn by 2032.
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