Gas Sensors Market worth $2 Bn by 2026
Published Date: June 17, 2020 Authors: Preeti Wadhwani, Shubhangi Yadav
Gas Sensors Market size is set to surpass USD 2 billion by 2026, according to a new research report by Global Market Insights, Inc.
Gas sensors are experiencing a wide adoption in smart air monitoring systems to detect volatile organic compounds and pollution levels in the environment. Intel and The City of San Jose, California announced a collaboration for the implementation of IoT smart city, which further focuses on improving the network of air quality and traffic flow in the city; therefore, to cater to high demand in the market, companies are planning to accelerate their product offerings with new technologies.
There are several technical issues in the performance of gas sensors such as inability to detect gases at certain temperatures and failure to detect small amounts of gas leakage. Industrial applications require sensors with high sensitivity and complex designing, which further increases their cost, restraining the gas sensors market growth. However, companies are innovating new sensors with infrared technology to deliver high precision and sensitivity in gas leakage applications.
Surging demand for O2 gas sensors in the automotive sector for emission control applications
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The oxygen (O2)/Lambda gas sensors market is projected to grow at a significant rate of over 6% till 2026 due to their increasing requirement in the automotive sector for applications including cylinder engines and port fuel engines. O2 sensors offer several benefits in automotive systems, such as reduction of exhaust emissions, improving engine performance. This will increase the market demand for O2 sensors among automotive component suppliers to meet the growing demand for vehicle sensing technologies.
These sensors through internal combustion engines convert pollutants and toxic gases into less pollutant gases, thereby increasing their demand in vehicle emission control systems. Governments from several nations are introducing standards and guidelines to control emission from vehicles, thereby increasing the market opportunity for O2 sensors in the coming years.
Fast response time of IR technology will significantly increase its adoption in the petrochemical industry
The infrared technology segment held a gas sensors market share of 10% in 2019 and will expand at a CAGR of around 10% through 2026. Growth is majorly attributed to its accurate results and fast speed response during leakage of combustible gases, thereby driving its market demand in oil & gas and petrochemical sectors. Sensors with IR technology can efficiently monitor the temperature of gases and refractory inside thermal oxidizer furnaces and sulfur burner furnaces found in petrochemical manufacturing facilities. These sensors aid in condition monitoring of petrochemical plants with their ability to deliver built-in-fail-safe systems, which can detect every small concentration of gas.
Browse key industry insights spread across 650 pages with 1651 market data tables and 36 figures & charts from the report, “Gas Sensors Market Size By Product (Oxygen (O2)/Lambda Sensor, Carbon Dioxide (CO2) Sensor, Carbon Monoxide (CO) Sensor, NOx Sensor), By Technology (Electrochemical, Semiconductor, Solid State, PID, Catalytic, Infrared), By Connectivity (Wired, Wireless), By Application (Consumer Electronics, Medical, Environmental, Petrochemical, Automotive, Industrial) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
High reliability of wired connectivity to propel gas sensors market growth
The wireless connectivity segment is showcasing a substantial growth in the market. These sensors offer several benefits such as low maintenance, high accuracy, compact size, and low cost, attributing to their adoption compared to wireless connectivity. These sensors are directly linked with device systems, delivering high reliability and accuracy in input function. This will propel the adoption of wireless connectivity in oil rigs, nuclear power plants, and mines. Adding to this, the wired connectivity segment is also gaining high traction with IR gas sensors owing to its short battery life and adoption of thermal sources, which require hardwire connectivity and installation.
Rising initiatives for the development of wearable gas sensors to create market opportunities for the medical sector
The medical sector will hold a gas sensors market share of around 5% in terms of unit shipment during the forecast period. These sensors are experiencing high adoption from various healthcare monitoring & medical diagnostic systems including ventilators, incubators, drug delivery implants, and measuring VOCs. Companies are continuously engaged in the development of sensors with improved technologies to gain high growth opportunities among competitors.
These sensors deliver optimized sensing capabilities, miniaturized design, and low-power consumption, propelling their demand in human health monitoring. As a result, researchers are continuously involved in new technological innovations, further boosting the market growth. In January 2020, researchers from Penn State and Northeastern Universities announced the development of wearable gas sensors that aid in the monitoring of environment and human health. New sensors are integrated with self-heating mechanism, which further improves their sensitivity in monitoring applications.
Favorable government policies will significantly impact the industry
The Asia Pacific gas sensors market is poised to register growth rate of more than 6% from 2020 to 2026 owing to rising government initiatives and funding to promote the oil & gas sector in India. The Government of India is planning to invest USD 2.86 billion in upstream oil & gas production and increase its natural gas production by drilling more than 120 exploration wells by the end of 2022. This will further accelerate the growth opportunities of companies operating in the market. The Government of India has allowed 100% foreign direct investments in various sectors including refineries, natural gases, and petroleum products, positively influencing the market growth.
Major players in the gas sensors market include Bosch Sensortec, Siemens AG, Amphenol Corporation, Sensirion AG, Aeroqual Ltd., Yokogawa Electric Corporation, Honeywell International, Inc., Figaro Engineering, Inc., Teledyne Technologies, Inc., and Dynament, among others.
Market players are emphasizing on several strategic initiatives, such as acquisitions and partnerships, to strengthen their market position. For instance, in June 2019, Teledyne Technologies Incorporated announced an investment of USD 230 million to acquire the gas and flame detection business of 3M. The acquisition will help the company to increase its portfolio and improve its market position in a wide range of industries including food & beverage, oil & gas, mining, and petrochemical, among others.