Gas Sensor Market Size to cross $3bn by 2024
Published Date: November 12, 2018 Author: Global Market Insights, Inc.
Gas Sensor Market size is set to exceed USD 3 billion by 2024; according to a new research report by Global Market Insights, Inc. The global shipment is expected to grow at a CAGR of 7% from 2018 to 2024.
Increasing government initiatives to provide safe working environment to the workers at industrial plants is anticipated to provide lucrative growth prospects for the gas sensor market. Moreover, with rapid global urbanization, greenhouse gas emissions have increased tremendously, necessitating the deployment of gas sensing devices. Manufacturing industries, transportation sector, energy sector, and building sector are the major industries contributing to poor air quality. Environmental organizations globally have been working on addressing the growing concerns regarding deteriorating air quality. Many countries have been able to reduce greenhouse gas emissions significantly by increasing awareness regarding emissions, regulations, standards, and codes for gas leakage detection. This is compelling industries to integrate such components, driving the market.
The Asia Pacific gas sensor market is poised to witness a growth of 9% in terms of unit shipped due to increasing air pollution levels in China and India as a result of increasing industrialization and the presence of a large number of manufacturing plants. Beijing and Shanghai are the major contributors to the increasingly deteriorating outdoor air quality, exceeding the average particulate matter concentration set by the WHO at an exponential rate in 2017. This is augmenting the use of advanced gas sensors across several industries in China. Furthermore, growing investments in construction, medical, and infrastructure sectors will offer huge growth opportunities to the APAC market due to urbanization.
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The gas sensor market has witnessed significant technological advancements over the past few years. The evolution of printed sensor manufacturing and the demand for flexible electronics have propelled the industry adoption. Several novel gas sensing technologies have emerged in the market including wearable gas sensors, flexible-printed gas sensors, e-nose, wireless gas sensors, carbon nanotubes, and zeolites. PIDs are undergoing improved enhancements and remain a preferred choice for VOC detection. Wearable gas sensors are being developed particularly for military applications.
Browse key industry insights spread across 720 pages with 1434 market data tables & 38 figures & charts from the report, “Gas Sensors Market Size By Technology (Electrochemical, Semiconductor, PID, Solid State, Catalytic, Infrared), By Connectivity (Wired, Wireless), By Product (Oxygen, Carbon Dioxide, NOx, Carbon Monoxide), By Application (Consumer Electronics, Medical, Environmental, Petrochemical, Automotive, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
The components based on conventional metal-oxide semiconductors face severe drawbacks, such as low selectivity, as they are dependent on surface chemistry. The pitfalls associated with these semiconductor sensors are slow recovery or a dosimeter-type response and sensitivity to humidity. Technical issues such as the inability to detect gas leakages, inability to detect gases at certain temperature levels, and producing false alarms are restraining the overall market growth.
Low costs and high efficiency of the electrochemical gas sensor market which was valued at over USD 820 million in 2017 will drive the demand over the forecast period. These components are predominantly preferred in several applications due to their capability of accurately sensing combustible and toxic gases. These components are being extensively adopted across industrial plants, particularly in refineries and confined spaces owing to their ability to measure toxic gases having relatively low concentrations. The technology is also widely adopted across manufacturing plants as it helps in detecting a wide range of gases.
The automotive gas sensor market is will reach over USD 1 billion due to an extensive use of these components to meet stringent emission levels and minimize vehicle energy consumption levels. Gas sensors also play a vital role as they offer emission management systems and provide real-time feedback to vehicular fuel, thus reducing the discrepancy between emissions observed in factory tests. Moreover, stringent government regulations across the globe to protect the environment are playing a crucial role in implementing these components in automotive vehicles for both, diesel and gasoline systems.
The carbon dioxide gas sensor market will grow significantly in the future due to its widespread use in the bulk food storage industry. These components keep a check on the admissible levels of CO2 in the storage units while detecting early food spoilage. Moreover, the growing penetration of CO2 components in automotive applications will safeguard drivers from the emission of hazardous gases. These sensors are used for monitoring indoor air quality as well as industrial process control.
The major players in the gas sensor market comprise City Technology Ltd., Dynament Ltd., Alphasense, Amphenol Advanced Sensors, Bosch Sensortec GmbH, and Figaro Engineering, Inc. Manufacturers in the market are shifting their focus to smart sensors and wireless technologies, which are anticipated to be cost-efficient. Some of the other strategies adopted by the manufacturers are product developments that include the development of nano-structured gas sensing materials, precise nanotubes, nanoparticles, and nanowires that enable high sensitivity.
The gas sensor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2013 to 2024, for the following segments:
- Oxygen/lambda sensors
- Carbon dioxide sensors
- Carbon monoxide sensors
- NOx sensors
- Solid state
- Photoionization Detection (PID)
- Consumer electronics
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East
- Saudi Arabia
- South Africa