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Gas Sensors Market Size, Share Analysis, Growth And Forecast 2024-2033
Gas Sensors Market Size
According to The Business Research Company's, The gas sensors market size has grown rapidly in recent years. It will grow from $2.16 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to environmental concerns and regulations, growing industrialization, consumer electronics integration, healthcare applications, automotive emission control, rise in oil & gas exploration.
The gas sensors market size is expected to see strong growth in the next few years. It will grow to $3.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to stringent environmental regulations, rising industrial automation, continued expansion in oil & gas industry, healthcare sector growth, automotive industry demand. Major trends in the forecast period include rapid urbanization, iot integration, smart manufacturing, healthcare applications, automotive safety regulations, miniaturization and portability.
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Market Drivers and Trends:
The growing air pollution is expected to propel the growth of the gas sensor market going forward. Air pollution refers to the presence of harmful substances in the air that can have negative impacts on human health and the environment. These substances include particulate matter, ozone, nitrogen oxides, sulfur dioxide, and other chemicals and particles that are released into the air. Gas sensors are devices that are used to detect the presence and concentration of certain gases in the air. They can also be used to detect gas leaks and help prevent dangerous situations. For instance, in November 2022, according to the report published by World Economic Forum, a Switzerland-based independent international organization, in 2021, the global atmospheric CO2 concentration climbed by 2.5 parts per million (ppm), and it is anticipated that it will rise by another 2.5 ppm in 2022, bringing the average annual worldwide atmospheric concentration to 417.2 ppm. This amounts to a roughly 51% increase in atmospheric CO2 above pre-industrial levels. Therefore, the increasing air pollution is driving the growth of the gas sensor market.
Product innovation is a key trend in gaining popularity in the gas sensor market. Major companies operating in the gas sensor market are focused on developing innovative products to strengthen their position in the market. For instance, in March 2021, Robert Bosch GmbH's Bosch Sensortec, a Germany-based company that manufactures gas sensors and electronic products launched the BME688 sensor. The first air quality MEMS sensor, which effectively creates the smallest four-in-one air quality monitoring system in the world by combining gas, humidity, temperature, and barometric pressure detection with cutting-edge artificial intelligence (AI) capacity. The new BME688 is perfect for cutting-edge, tailored applications like timely forest fire warnings and food deterioration detection by detecting the gases present and monitoring temperature and humidity fluctuations.
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Major Key Players of the Market:
Honeywell International Inc; Amphenol Corporation; Figaro Engineering Inc; Dynament; Membrapor AG; Nemoto & Co. Ltd.; Robert Bosch GmbH; Sensirion AG; Asea Brown Boveri Ltd; Teledyne FLIR LLC; Siemens AG; City Technology Ltd.; GfG Gas Detection UK Ltd.; Senseair; Gastec Corporation; austriamicrosystems AG; AlphaSense Inc.; NevadaNano; MicroSensor Corporation; Dryad; Pendar Technologies; Alphasense Ltd.; Aeroqual Ltd.; Kapitalgesellschaft; Winsen Electronics Technology Co. Ltd.; MSA Safety Incorporated; Cubic Sensor and Instrument Co. Ltd; FIGARO Engineering Inc.; Entertainment Support Personnel Corporation ; Yokogawa Electric Corporation
Gas Sensors Market 2024 Key Insights:
• The gas sensors market will grow to $3.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Gas Sensor Market Surges In Response To Escalating Global Air Pollution
• World's Smallest Four-In-One Air Quality Sensor Ushers In A New Era Of Environmental Monitoring
• Asia-Pacific was the largest region in the gas sensor market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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