Gas Sensor Market Forecast 2024-2032 Foretells Market Growth, Opening Doors for Strategic Investments

According to a recent report published by Allied Market Research, titled, the Gas Sensor Market: Global Opportunity Analysis and Industry Forecast, 2024-2032

The global gas sensor market is projected to reach $1,336.2 million by 2027 from valued at $823.1 million in 2019, and growing at a CAGR of 6.4% from 2020 to 2027.

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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.

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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.

The global infrared gas sensor market is analyzed across type, industry vertical, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

By type, the fixed segment held the largest share in 2021, garnering around over half of the global infrared gas sensor market revenue, and is projected to maintain its dominance by 2031. It is also expected to showcase the faster CAGR of 9.15% during the forecast period.

By industry vertical, the industrial segment contributed just over one-fourth of the global infrared gas sensor market share in 2021, and is projected to remain dominant by 2031. The healthcare segment, however, would display the fastest CAGR of 12.03% throughout the forecast period.

By region, Asia-Pacific held the major share in 2021, garnering nearly half of the global infrared gas sensor market revenue. The same region would also showcase the fastest CAGR of 9.53% from 2022 to 2031. The other provinces studied through the report include Europe, North America, and LAMEA.

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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.

Key Benefits for Stakeholders:
➡️ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the gas sensor market analysis from 2024 to 2032 to identify the prevailing gas sensor market opportunity.
➡️ The market research is offered along with information related to key drivers, restraints, and opportunities.
➡️ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
➡️ In-depth analysis of the gas sensor market outlook assists to determine the prevailing market opportunities.
➡️ Major countries in each region are mapped according to their revenue contribution to the global market.

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This release was published on openPR.