Gas Sensor Market Scenario Highlighting Major Drivers & Trends 2021-2027

The global gas sensor market was valued at US$864.1 Mn in 2020 and expected to reach US$1836.2Mn by 2027and is expanding at a CAGR of 6.4% during the forecast period

Rapid urbanization and Industrialization have increased the demand for gas sensors across oil & gas industries, healthcare, power plants and others. This has promoted the developments in the manufacturing of gas sensors from fixed systems to portable systems among which the adoption of wireless gas sensors has brought a major uplift in its market growth. To keep up safety and security within the workplace of those industries, the adoption of gas sensors has brought a significant boost within the market growth.

Rise in governmental regulations for maintaining a pollution-free city across various regions has brought enormous demand for gas sensors. These sensors help in examining the varied hazardous gases within the atmosphere and provide the measurement of the concentration of varied gases like CO, CO2, NOx, SO2, and others in major workplaces, Industries, and other public places. This trend drives the demand for the gas sensor market. In addition, with the increase in environmental concerns to scale back the emission of harmful gases especially in Industrial regions to secure nearby ecosystems. Gas sensors are commonly installed in industrial regions as a part of a health and safety system within the workplace also as nearby ecosystem are the main factors accelerating the expansion of the gas sensor market across the world.

While the widespread application of gas sensors in automobiles, HVAC systems, air quality monitoring systems, and consumer devices results in increased shipments of these sensors, the sales growth is significantly restrained by price erosion. The reduction in ASP (Average Selling price) is useful for consumers but leads to shrinking profit margins for suppliers. Thus, intense pricing pressure leads to a fall in average selling price, which restrains the revenue growth of the potential market.

In terms of region, Asia-Pacific dominated the market in 2020 and accounted for the largest revenue share of over 31.0%. Rising awareness regarding to the impact of air pollutants on human health across the countries in Asia-Pacific, such as India and China, are accelerating the demand of gas sensor market over the forecast period. Moreover, rapid urbanization and rising automotive industry in the region is a significant contributor for the growth of gas sensing market to a great extent. For instance, According to OICA (Organisation Internationale des Constructeursd'Automobiles) and CAAM (China Association of Automobile Manufacturers) report, around 24 million passenger cars were produced in 2018. With this huge production capacity, China is ranked first in automotive production and is one of the significant drivers for gas sensors market in the region.

Gas Sensor Market Key Findings:

Based on the product, the carbon dioxide sensor accounted for 31.0% market share in the base year 2020
Based on the end user, the petrochemical industry accounted for the highest CAGR in 2020 and will maintain its position throughout the forecast period (2020-2027)
Based on regions, the Asia Pacific region is witnessing a largest revenue share of 33.0% in the gas sensor industry

Gas Sensor Market Recent News:

In August 2020, Sensirion AG launched the new SGP40 VOC (volatile organic compound) sensor for indoor air quality applications such as automated air quality control systems (air purifiers, kitchen hoods, demand-controlled ventilation systems, etc.) and air quality monitoring.
In October 2020, DD-Scientific launched newest range of high performance electrochemical gas sensors. The DceL series provides gas detector manufacturers the same reliability and robustness of bigger sensors in a miniature package, facilitating the design of compact instruments with greater functionality.