Gas Sensor Market Poised to Expand at a Robust Pace Over 2027
Allied Market Research, titled, “Gas Sensor Market by Gas Type, Technology and End Use: Opportunity Analysis and Industry Forecast, 2020-2027,” the global gas sensor market size was valued at $823.1 million in 2019, and is projected to reach $1,336.2 million by 2027, growing at a CAGR of 6.4% from 2020 to 2027.
Increasing demand for gas sensors for various end uses has fueled the gas sensor market growth globally and is estimated to increase further during the forecast period. The competitive advantages of gas sensors over conventional alternatives have been also described in the report. Gas sensors have a wide range of end uses in automobiles such as fuel & ignition, powertrain systems, emission control among others. Gas sensors have ample opportunities in consumer electronics such as in HVAC systems, and wearable devices, which is expected to boost the market growth of gas sensors.
Air pollution is a major problem globally. According to the World Health Organization (WHO), around 80% of the urban areas have recorded air pollution levels that are beyond acceptable values. Therefore, there is a growing concern toward controlling the level of air pollution in the world. Gas sensors are being used in smart cities to monitor air quality in the urban areas as well as residential spaces. IoT-enabled gas sensors are being used to monitor pollution levels especially for smart infrastructures. These smart devices detect pollution levels and send data to the IoT cloud.
Factors such as increase in adoption of gas sensors in HVAC system and rise in need for air quality monitoring in smart cities and surge in government standard and regulations concerning emission control are driving the global gas sensor market. However, high cost of the devices is expected to hamper the market growth to a certain extent. Furthermore, growth in trends toward internet of things (IoT) for networking, and rise in demand for smart gas sensors is expected to offer lucrative opportunities for the gas sensor market globally.
Region wise, the gas sensor market trends is analyzed across North America, Europe, Asia- Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor, accounting for $377.2 million in 2019, and is estimated to reach $676.0 million by 2027, with a CAGR of 7.7%. This is attributed to the increase in demand for sensors due to capacity addition in the refinery sector and growth in the IoT sector in developing countries such as India, China, and Indonesia.
The global gas sensor market is segmented into gas type, technology, end use, and region. On the basis of gas type, the market is analyzed across carbon monoxide, methane, hydrogen, ammonia, oxygen, and others. The technology segment is analyzed across infrared gas sensors, photo ionization sensors, electrochemical gas sensors, thermal conductivity gas sensors, catalytic gas sensor, and others. By end user, the market is studied across military & defense, healthcare, consumer electronics, defense & military, automotive & transportation, industrial, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA, along with their prominent countries.
Key Findings Of The Study
By gas type, the methane segment was the highest contributor to the market, with $149.7 million in 2019, and is estimated to reach $240.7 million by 2027, at a CAGR of 6.2% during the forecast period.
By technology, the electrochemical gas sensor segment was the highest contributor to the market, with $270.1 million in 2019, and is estimated to reach $423.5 million by 2027, at a CAGR of 5.9% during the forecast period.
By end use, the industrial segment was the highest contributor to the market, with $364.5 million in 2019, and is estimated to reach $571.6 million by 2027, at a CAGR of 6.0% during the forecast period.
By region, Asia-Pacific is expected to dominate the market, garnering a major gas sensor market share during the forecast period.
Key players operating in the gas sensor market include Honeywell Analytics, Sensirion, GASTEC Corporation, Nemoto Gas Sensors, Figaro Engineering Inc, MSA, Alphasense, Membrapor, Amphenol, and Dynament. The gas sensor industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, agreements, among others to influence the market growth.
