The global Gas Sensor market was valued US$ 864.1 Mn in 2020 is expected to reach US$1,836.2Mn by 2027, with a growing CAGR of 6.4% during the forecast period (2021-2027).
Gas sensors are key elements in many applications that affect the quality of natural life as well as the efficiency of industrial production. They are used across various applications such as industrial, medical, automotive, petrochemical, and environmental. The gas sensors are primarily used for indoor and outdoor air-quality monitoring and maintenance, detection of combustible and toxic gases, exhaust emission control in automobiles, and others. The emergence for gas sensor in HVAC system is expected to drive the growth of gas sensor market over the forecast period. HVAC system gives fresh and pure indoor air by eliminating contaminations from the climate through legitimate ventilation and compression. Such systems include measures that convey burnable or poisonous materials. Consequently, to recognize and dissect the degree of harmful substances present in the climate, gas sensors are progressively being utilized in HVAC systems across all significant ventures that incorporate the presence of ignitable gases and poisonous components. Therefore, growth in adoption of HVAC systems directly accelerates the demand of gas sensor.
In addition to this, technological advancements such as increasing use of IoT (Internet of Things) and Artificial Intelligence (AI) across all industries is anticipated to fuel the growth of gas sensor market over the forecast period. In the current situation, individuals are pushing towards digitization of solution and services. This has prompted an expanded spotlight on IoT-based gadgets because of their creative and progressed interface and benefits. IoT is an innovation that connects devices such as cell phones, microwaves, fridges, guard &military, medical services, and other structures. IoT utilizes electronic programming, sensors, and actuators for connecting all these things to a common network. For instance, in March,2021, Bosch Sensortec launched the BME688, the first air quality MEMS sensor that combines gas, humidity, temperature and barometric pressure sensing with innovative artificial intelligence (AI) capability; essentially creating the world’s smallest four-in-one air quality measurement solution. This single device enables customers to reduce their total cost of ownership, cut their development time and simplify design.
Carbon dioxide sensors are mainly used for monitoring indoor air quality in schools, office buildings, homes, and hospitals. Given that unnecessary openness to carbon dioxide can prompt medical issues, like migraines, and anxiety, among others, the demand for carbon dioxide sensors is rising significantly. Carbon dioxide sensors are likewise utilized for constant checking of newness, quality, and wellbeing of horticultural items.
The segment is also expected to register substantial growth over the forecast period owing to the rising fatalities from carbon monoxide poisoning. For instance, according to the CDC (Centres for Disease Control and Prevention), it is estimated that around 430 people die in the U.S. from accidental CO poisoning. Approximately 50,000 people in the U.S. visit the emergency department each year due to accidental CO poisoning.
The petrochemical segment is expected to register the fastest CAGR over the forecast period. The LPG and LNG industry verticals have been aggressively deploying gas sensors as these industry verticals require monitoring at every step of storage, production, and transportation of gas. While natural gas production has been growing across the globe, the accentuation on wellbeing and security at the handling offices has additionally been similarly reinforcing. Thereby, the demand of gas sensor continuously increases with growing petrochemical segment.
Asia-Pacific dominated the market in 2020 and accounted for the largest revenue share of over 33.0%. 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 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. For instance, according to the report published by the United Nations Department of Economic and Social Affairs, 2018, the world population is expected to add 2.5 billion people to urban areas by 2050, with close to 90% of this increase is expected to come from Asia and African countries.
Drivers
Restraints
Opportunities
With the outbreak of the COVID-19, various businesses are at the forefront to combat this pandemic. The pandemic has hindered the industrial supply chain and also disrupted the product segment. Government across the countries has imposed strict lockdown to limit the spread of disease. The gas sensor market is projected to decline due to the shutdown in the industrial operations. The major factors governing the gas sensors industry include the growing demand from OEMs and medical device/equipment manufacturers for the production of critical care systems such as ventilators, respirators, and slowing requirements from automotive, building & construction, oil & gas, and chemicals, and other sectors.
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Sr. No. |
Trends |
Impact |
|
1 |
The increasing adoption of the Internet of Things (IoT) enabled application |
Positive |
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2 |
The rapid development in the project of smart cities |
Positive |
The key players operating in the Gas Sensor Market market are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
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