Gas Sensors Industry to Witness Rapid Growth: Driven by Industrial Safety Measures and Environmental Regulations: TMR Study
Growth in the need for accurate and reliable gas detection systems for experimental purposes is likely to create lucrative opportunities for vendors in the global gas sensors industry
Wilmington, Delaware, United States, Aug. 04, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global gas sensors market stood at US$ 1.4 billion in 2022 and the global market is projected to reach US$ 3.5 billion in 2031. Global gas sensors are anticipated to expand at a CAGR of 10.9% between 2023 and 2031.
Rise in focus on industrial safety is expected to propel the gas sensors market size in the next few years. Surge in implementation of stringent environmental regulations and increase in concerns regarding residential and commercial safety are also projected to boost market expansion in the near future.
Gas detectors are extensively used to detect and monitor various gases in research laboratories and development projects in several sectors including chemistry, environmental science, and materials science.
Growth in need for accurate and reliable gas detection systems for experimental purposes is likely to create lucrative opportunities for vendors in the global gas sensors industry. Vendors are investing significantly in the R&D of new and advanced products to expand their product portfolio and increase their gas sensors market share.
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|Market Revenue||US$ 1.4 Bn|
|Estimated Value||US$ 3.5 Bn|
|Growth Rate – CAGR||10.9%|
|No. of Pages||174 Pages|
|Market Segmentation||By Sensor Type, Technology, Application, End-use Industry|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||ABB Ltd., Aeroqual, Alphasense (AMETEK), Amphenol Advanced Sensors (Amphenol Corporation), ams-OSRAM AG, Bosch Sensortec GmbH, Dynament, Emerson Electric Co., Euro-Gas, Figaro Engineering Inc., Honeywell International Inc., Nemoto & Co., Ltd., Renesas Electronics Corporation, Sensirion AG, Siemens AG, Yokogawa Electric Corporation, Other Key Players|
Key Takeaways of Market Report
- The global gas sensors market to generate absolute dollar opportunity worth US$ 3.5 billion until 2031.
- Global gas sensors market is currently valued at US$ 1.4 billion in 2022.
- The global gas sensors market stood at US$ 1.48 billion in 2023.
- Market value of the global gas sensors market management from 2018 to 2022 is 9.2%
- North America is said to have a market share of 33.2%
- Asia Pacific market region is estimated to have a market share of 30.8%
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Global Gas Sensors Market: Growth Drivers
- IoT-based gas sensors enable real-time monitoring of gas concentrations, providing immediate alerts and notifications in case of gas leaks or abnormal conditions. This capability is crucial for ensuring safety in industries, residential buildings, and commercial spaces. Thus, surge in demand for real-time monitoring of gas concentrations is propelling the gas sensors market development.
- IoT connectivity allows gas sensors to be accessed and controlled remotely, eliminating the need for physical presence. This feature is particularly valuable in large-scale industrial operations or geographically dispersed locations, where remote monitoring and control enhance operational efficiency and reduce operational costs.
- Gas sensors play a crucial role in ensuring the safety of workers and preventing accidents related to hazardous gases. Gas sensors are used to detect leaks of potentially hazardous gases such as methane, hydrogen sulfide, carbon monoxide, and Volatile Organic Compounds (VOCs). By continuously monitoring the environment, gas sensors can quickly identify and alert personnel to the presence of gas leaks, allowing prompt action to mitigate risks. Hence, surge in emphasis on industrial health and safety is fueling gas sensors market value.
Global Gas Sensors Market: Regional Landscape
- North America is expected to hold largest share from 2023 to 2031. The region accounted for major share of 33.2% in 2022. Rise in focus on worker health and safety is fueling the market trajectory in the region. Gas sensors are crucial for protecting workers from hazardous gases in industries such as oil and gas, manufacturing, and mining.
- The industry in Asia Pacific held 30.8% share in 2022. Rapid growth in the industrial sector, especially in China, India, Japan, and South Korea, is augmenting market statistics in the region. Increase in focus on industrial safety and environmental monitoring, rise in awareness about air pollution, and growth in the automotive sector in Japan and South Korea are also contributing to market progress in Asia Pacific.
Global Gas Sensors Market: Key Players
- Yokogawa Electric Corporation added IR800G, IR810G, and IR810S Infrared Gas Analyzers to its OpreX analyzers lineup. These products simultaneously and continuously measure the concentrations of CO2, NO, CH4, SO2, CO, and O2 with high levels of sensitivity, which help to reduce emissions of greenhouse gases.
- Renesas Electronics Corporation expanded its ZMOD4510 outdoor air-quality (OAQ) gas sensor platform with an IP67-qualified waterproof package and a new AI-based algorithm, which allow ultra-low power selective ozone measurements.
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Global Gas Sensors Market: Segmentation
- Sensor Type
- CO2 Sensor
- NO2 Sensor
- SO2 Sensor
- H2 Sensor
- Natural Gas Sensor
- Ammonia Sensor
- Others (Flammable Gases, Hydrocarbons, etc.)
- Others (Photoionization, Metal Oxide, etc.)
- Indoor and Outdoor Air Quality
- Automotive Emission Monitoring
- Industrial Safety
- Leak Detection
- Others (Refrigeration, Appliance Control, etc.)
- End Use Industry
- Oil and Gas
- Building and Infrastructure
- Consumer Electronics
- Metal and Mining
- Energy and Utilities
- Others (Healthcare, Food and Beverage, etc.)
- North America
- South America
- Asia Pacific
- Middle East & Africa
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