by Market Overview:
They are used across various industries such as automotive, consumer electronics, oil and gas, healthcare, industrial, and others. Common gases monitored using gas sensors include carbon monoxide, hydrogen, nitrogen oxide, volatile organic compounds, and methane. Gas sensors have applications in air quality monitoring, leak detection, combustion control, and emission control.
Market Dynamics:
The gas sensor market is driven by rising application of gas sensors across various industries. Automotive industry is a key end user of gas sensors as they are deployed for emission control and detecting leakages in vehicles. Increasing stringency of emission norms by regulating authorities globally is driving demand for gas sensors in the automotive industry. Moreover, growing adoption of IoT and connected devices is spurring demand for gas sensors in consumer electronics for applications in smart homes and wearables. Further, growing focus on worker and environmental safety is fueling demand for gas sensors in industries such as oil & gas, chemicals, and mining. Rising air and water pollution levels globally is also augmenting the use of gas sensors for air quality monitoring and controlling pollutant emissions.
SWOT Analysis
Strength: Gas sensors have strong demand across various end-use industries such as automotive, oil & gas, healthcare, etc. Their ability to detect and measure gas concentration makes them ideal for leak detection applications. Gas sensors offer high accuracy and sensitivity in detecting toxic and combustible gases.
Weakness: High production and maintenance costs associated with gas sensors limit their usage. Installing and maintaining advanced gas sensors require technical expertise which increases dependency on experts.
Opportunity: Rising focus on environment monitoring and increasing adoption of IoT and connected devices offer new growth prospects for gas sensor market. Growing need to detect and monitor gas leaks in industrial facilities will drive further opportunities.
Threats: Availability of alternative gas detection technologies pose threat to gas sensor market. Fluctuations in raw material prices directly impact the manufacturing cost of gas sensors.
The global Gas Sensor Market Size is estimated to be valued at US$ 3.09 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways:
The global gas sensor market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing safety regulations across various industries. Stringent norms regarding industrial safety and workplace hazards monitoring are driving the demand for accurate gas detection sensors.
Regional analysis: North America dominated the global gas sensor market in 2023, with a share of around 35%, owing to large presence of manufacturing sector and established oil & gas industry in the region. Asia Pacific is expected to witness fastest growth during the forecast period encouraged by growing industrialization in China and India.
Key players operating in the gas sensor market are Honeywell, Sensirion, Gastec Corporation, Nemoto Sensor-Engineering, Figaro Engineering Inc., Figaro Engineering Inc., Alphasense, MSA, Membrapor, Amphenol, and Dynament. Key players are focusing on developing advanced gas sensors with high accuracy, sensitivity and miniaturized design to tap the opportunities in automotive and consumer electronics applications.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
