Gas Sensor Market Set to Reach $2.3 Billion by 2028: Key Trends and Growth Drivers

The gas sensor market is projected to grow from USD 1.5 billion in 2023 and is expected to reach USD 2.3 billion by 2028, growing at a CAGR of 9.7% from 2023 to 2028. The application of gas sensors in smart cities and building automation has witnessed significant growth in recent years. Rapid urbanization and industrialization, have led to a rise in air pollution levels across the world. With urbanization, there has been a rise in the number of vehicles used, an increase in industrial activities, and a rise in energy consumption leading to urban air pollution. The advent of the Internet of Things (IoT) has facilitated air quality monitoring and management in smart cities, with several players launching IoT-based gas sensors.

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Drivers: Rising demand for gas sensors in critical industries
The market for gas sensors is growing due to an increase in demand in essential industries. Critical industries such as oil & gas, chemical, mining, and power use gas sensors to detect and monitor the presence of combustible and toxic gases. For example gas sensors are used in chemical industry to monitor the safety of manufacturing processes and to ensure compliance with environmental regulations. They are also used to detect leaks of hazardous gases, such as sulfur dioxide and chlorine.

Opportunity: Rising deployment of IoT, cloud computing, and big data in gas sensors

IoT plays an important role in the information technology sector. The IoT, with its network of interconnected devices, is empowering gas sensors to gather data from a wide range of sources, including industrial equipment, environmental monitoring stations, and even personal wearable devices. This vast influx of data is then channeled to cloud computing platforms, where it is stored, analyzed, and transformed into actionable insights. Big data analytics techniques are employed to identify patterns, trends, and anomalies in the data, enabling users to make informed decisions and optimize their operations.

Electrochemical technology is expected to hold the largest share of the market as it is less affected by temperature and pressure, offers linear output, consumes low power, and measures gases at low concentration levels. Electrochemical technology plays a crucial role in the design and operation of gas sensors, offering a range of advantages for detecting and measuring various gases. This technology utilizes electrochemical principles to convert the presence of specific gases into measurable electrical signals, providing a versatile and effective approach to gas sensing. Hence, the adoption of electrochemical sensors is high.

Air quality monitors are devices that measure the level of common air pollutants. Air quality monitors are used to identify and address sources of indoor air pollution, such as mold, radon, or volatile organic compounds (VOCs). By improving air quality, air quality monitors can help to reduce the risk of respiratory problems, heart disease, and other health problems associated with air pollution.

Asia Pacific region is expected to have the largest market share of the gas sensor market during the forecast period. Asia Pacific is the leading market for gas sensors in the automotive, infrastructure, consumer electronics, and pharmaceutical industries, with major demand from China, India, South Korea, and Japan. The countries of Asia Pacific are witnessing increased demand for gas sensors, and this demand is expected to grow at a significant rate during the forecast period as well. Moreover, the rise in the number of smart city projects in countries such as India and China also leads to increased demand for gas sensors from these countries. Gas sensors are used in several industries such as automotive, oil & gas, chemical, consumer electronics, etc., driving the market demand in the region.

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Major vendors in the gas sensor companies include Honeywell International Inc. (US), MSA Safety Incorporated (US), Amphenol Corporation (US), Figaro Engineering Inc. (Japan), Alphasense (UK), Sensirion AG (Switzerland), Process Sensing Technologies (UK), ams-OSRAM AG (Austria), MEMBRAPOR (Switzerland), Senseair AB (US).

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