Gas Sensors Market Size to Worth Around USD 6.2 Billion by 2030
The global gas sensor market size is expected to be worth around USD 6.2 billion by 2030 from valued at USD 2.9 billion in 2021 and anticipated to grow at a CAGR of 8.81% during the forecast period 2022 to 2030.
Tokyo, July 19, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global gas sensor market size was estimated at USD 2.9 billion in 2022. Asia Pacific region is expected to have the largest market share during the forecast period. This region has dominated the market growth in the past. This region is expected to grow with the highest compound annual growth rate in the coming years. As there has been an increase in the pollution in many countries of the Asia Pacific region the demand for gas sensors is expected to grow in the region. As there has been an increase in the awareness about the ill effects of the air pollution on the environment and its effect on the human health will lead to a demand in the growth for gas sensors. There is an increased demand for monitors that check the air quality.
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The European nations are the next largest market for the gas sensors as a result of rapid industrialization in this region.
Key Takeaways:
By product, the U.S. gas sensor market was reached at USD 574.3 million in 2021
Asia Pacific region has contributed highest market share 33% in 2021.
By product, the carbon dioxide gas sensor segment has garnered market share of 32%.
By type, the wired segment represented market share of 55% in 2021.
By technology, the electrochemical segment has contributed 22% revenue share in 2021.
By end user, the industrial segment has garnered 21% revenue share in 2021.
Report Highlights
On the basis of product type, the wired segment has recorded the highest growth as a result of the perfect connectivity it provides with the server. The wireless type of product is expected to show a tremendous growth during the future as a result of its developing accuracy and precision.
On the basis of end user, the industrial sector has recorded the highest growth as a result of the rapid production of toxic gases into the environment.
On the other hand, the transportation sector has also proved to be a great market for the gas sensors.
On the basis of geography, Asia Pacific region has recorded the highest growth for the gas sensors market as a result of the rapid urbanization and industrialization that has taken place. The increasing number of manufacturers seen in this region has led to the production of a high number of toxic emissions into the atmosphere. The restrict norms and regulations your imposed by the government on these factories and industries have boosted the market for the gas sensors.
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Market Dynamics
Drivers
The rapid increase in the number of factories and industries in the developing nations as boosted the growth of the gas sensors market. The amount of toxic gas which is released from these factories and industries into the atmosphere creates global warming and rapid climate change. The installation of gas sensors at the outlets of these factories and industries helps to check the toxicity of the gases and the extent to which the damage is done. Due to the advanced technologies that is being put into use, these toxic gases can easily be eliminated and the environment can be protected to a great extent. With the increasing urbanization the use of vehicles has also increased which produces are huge amount of toxic gases from the transportation sector which proves to be a driving factor for the gas sensors market. These multiple factors proved to be the driving forces for the growth of the market.
Restraints
The high cost associated with the installation of these modern technologies in order to check the emissions of toxic gas hinders the growth of the market to a great extent. With the installation of these modern gas sensors the total cost of production of any product increases to a great extent. This proves to be a restraining factor for the small-scale industries which do not generate a higher revenue return. The loss of signal of the wireless gas sensors leads to misinformation which proves to be a restraining factor for that particular segment of the market. The use of wired gas sensors hampers the flexibility of the devices and makes it less portable. These multiple reasons prove to be the restraining factors for the growth of the market during the forecast period.
Opportunities
The strict rules and regulations which are implemented by the government regarding the industries and factories have helped to boost the market for the gas sensors. The increase in awareness regarding rapid climate change and global warming has also helped to boost the market for the gas sensors. The miniature size of the advanced gas sensors helps the factories and the manufacturers to install them in narrow spaces where human reach is impossible. Due to the miniature size of the gas some sensors it makes them extremely flexible and portable. As a result of the wireless technology that is being developed, the safety of the operator is taken into consideration which proves to be a great opportunity for the market. As a result of the installation of gas sensors into the factories and industries the environment is protected and climate change is avoided. These multiple reasons proved to be great opportunities for the growth of the market during the forecast period.
Challenges
The high cost which is imposed on the factories and industries as a result of the installation of the gas sensors hampers the revenue return of the company. A number of small-scale industries had to temporarily shut down as a result of the strict government guidelines and regulations which were implemented as a result of the rapid global warming and climate change. Lack of signal and connectivity of the wireless gas sensors in the mining regions and oil refineries have proved to be a challenge for the market. The use of wired gas sensors has limited the extent up to which the devices can reach. With the development of technology the cost of the product also increases which proves to be a challenging factor for the growth of the market. The miniature wireless gas sensors are much costlier as compared to the wired alternatives. These multiple factors proved to be a great challenge for the growth of the market during the forecast period.
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Recent Developments
In April 2022, 1D Nanowires were launched which proved to be of great relevance to this gas sensors technology as a result of their massive surface and volume ratio. The electronic transportation system is very efficient which helps it to capture the market.
Market Segmentation
By Type
Wireless
Wired
By Product
Oxygen/Lambda Sensor
Carbon Dioxide Sensor
Carbon Monoxide Sensor
NOx Sensor
Methyl Mercaptan Sensor
Others (Hydrogen, Ammonia, Hydrogen Sulfide)
By Technology
Electrochemical
Catalytic
Infrared (IR)
Solid State/MOS
Photo-ionization Detector (PID)
By Output Type
Analog
Digital
By End User
Medical
Building Automation & Domestic Appliances
Environmental
Industrial
Agriculture
Petrochemical
Automotive
Others
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
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