Gas Sensor Market to Partake Significant Development During 2027

The governments in different countries have undertaken several initiatives to minimize the Carbon dioxide emissions, and promote efficient emission control globally. The growth of the gas sensor market is fostered by such supportive government initiatives as these systems ensure suitable emission control by promoting air quality monitoring and reducing air pollution caused by vehicles, industries, and other manufacturing units. Allied Market Research, titled, "Gas Sensor Market by Gas Type, Technology and End Use: Opportunity Analysis and Industry Forecast, 2020-2027," the global gas sensor market size was valued at $823.1 million in 2019, and is projected to reach $1,336.2 million by 2027, 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, and 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 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 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.

Competitive Analysis:

The Gas Sensor industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Gas Sensor Market include,

GASTEC CORPORATION
DYNAMENT
MSA
ALPHASENSE
NEMOTO SENSOR-ENGINEERING CO., LTD. (NEMOTO & CO., LTD.)
FIGARO ENGINEERING INC
SENSIRION AG SWITZERLAND
MEMBRAPOR
HONEYWELL INTERNATIONAL INC.
AMPHENOL CORPORATION

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Factors such as an increase in the adoption of gas sensors in HVAC systems and rise in the need for air quality monitoring in smart cities and a surge in government standards and regulations concerning emission control are driving the global gas sensor market. However, the high cost of the devices is expected to hamper the market growth to a certain extent. Furthermore, growth in trends toward the Internet of Things (IoT) for networking, and a rise in demand for smart gas sensors is expected to offer lucrative opportunities for the gas sensor market globally.

Region-wise, the gas sensor market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor, accounting for $377.2 million in 2019, and is estimated to reach $676.0 million by 2027, with a CAGR of 7.7%. This is attributed to the increase in demand for sensors due to capacity addition in the refinery sector and growth in the IoT sector in developing countries such as India, China, and Indonesia.

The global gas sensor market is segmented into gas type, technology, end-user, and region. Based on gas type, the market is analyzed across carbon monoxide, methane, hydrogen, ammonia, oxygen, and others. The technology segment is analyzed across infrared gas sensors, photoionization sensors, electrochemical gas sensors, thermal conductivity gas sensors, catalytic gas sensors, and others. By end user, the market is studied across military & defense, healthcare, consumer electronics, defense & military, automotive & transportation, industrial, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA, along with their prominent countries.

Key Findings Of The Study

- By gas type, the methane segment was the highest contributor to the market, with $149.7 million in 2019, and is estimated to reach $240.7 million by 2027, at a CAGR of 6.2% during the forecast period.
- By technology, the electrochemical gas sensor segment was the highest contributor to the market, with $270.1 million in 2019, and is estimated to reach $423.5 million by 2027, at a CAGR of 5.9% during the forecast period.
- By end use, the industrial segment was the highest contributor to the market, with $364.5 million in 2019, and is estimated to reach $571.6 million by 2027, at a CAGR of 6.0% during the forecast period.
- By region, Asia-Pacific is expected to dominate the market, garnering a major gas sensor market share during the forecast period.

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