July 18, 2024

Gas Sensors Are Fastest Growing Segment Fueling The Growth Of The Gas Sensor Market

Market Overview:

Gas sensor is a device that detects the presence and concentration of gases in an area, especially gases that can be harmful to humans or equipment. Main advantages are they detect harmful or combustible gases and provide early warnings in case of leaks.

Market key trends:

One of the key trends in the gas sensor market is the development of miniaturized gas sensors. Miniaturized gas sensors have the key advantages of reduced size, weight, and cost which opens up new applications for gas detection across various end-use industries. For example, developments in Microelectromechanical Systems (MEMS) technology has enabled the manufacturing of very small yet accurate gas sensors that can be easily integrated into devices like mobile phones, IoT devices, and wearables to detect gases like carbon monoxide, methane etc. This is expected to fuel the demand for gas sensors during the forecast period.

Segment Analysis
The global gas sensor market is segmented by type into oxygen, carbon monoxide, carbon dioxide, ammonia, chlorine, hydrogen sulfide, nitrogen oxide and others. The oxygen segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. This is due to wide applications of oxygen sensors for measuring oxygen content in the air in various end-use industries like healthcare, automotive and petrochemical.

Key Takeaways

The global gas sensor market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for gas sensors from industrial and environmental monitoring applications.

The global Gas Sensor Market Size is estimated to be valued at US$ 3.09 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Regional analysis

Asia Pacific is expected to be the fastest growing as well as dominating region in the global gas sensor market due to rapid industrialization and growing automobile production in countries such as China and India. North America and Europe are also significant markets owing to stringent emission control regulations.

Key players

Key players operating in the gas sensor market are Honeywell, Sensirion, Gastec Corporation, Nemoto Sensor-Engineering, Figaro Engineering Inc., Figaro Engineering Inc., Alphasense, MSA, Membrapor, Amphenol, and Dynament. Honeywell is the global market leader due to its wide product portfolio for industrial and household applications. Sensirion commands a significant share of the market for CO2 and other gas sensors used in heating, ventilation and air conditioning systems.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it