The global gas sensor market size was valued at USD 2.33 billion in 2020. It is expected to expand a compound annual growth rate (CAGR) of 8.7% from 2021 to 2028. The growing need to monitor air quality in enclosed spaces, such as offices, homes, classrooms, and other indoor areas, is expected to drive the growth of the market over the forecast period.
In smart cities, IoT based wireless gas sensors can be used to detect air pollution levels and preemptive fire conditions and to monitor the combustion of gases, among other purposes. Through IoT gas sensors air quality information can be intensively collected, analyzed, and shared on a real-time basis, which will eventually contribute to healthier smart cities. According to the statistics provided by the SmartCitiesWorld, a publishing company, in 2020, smart city spending experienced an increase of 20% as compared to the previous year's investments. The smart city spending was highest in Singapore, which was further followed by the U.S. and Japan. Aggressive investments in smart city projects worldwide bode well for the growth of the market as the air quality equipment are integrated with a various smart pole.
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Key Player Mentioned:
· ABB
· AlphaSense Inc.
· City Technology Ltd.
· Dynament
· Figaro Engineering Inc.
· Membrapor
· Nemoto & Co. Ltd.
· Robert Bosch LLC
· Siemens
New sensor technologies, such as miniaturized Photo Ionization Detectors (PIDs) for measurement, Non-dispersive Infrared (NDIR) sensors for CO2 or combustible gas, and additional types of substance-specific electrochemical sensors, are available for incorporation into multi-sensor portable instruments. The desire for continuous and real-time monitoring is driving the market in miniaturization, networking/communication, power management, and reliability. Currently, indoor and outdoor air quality concerns are driving the application in commercial building automation as well as in environmental monitoring. Most sensors used in industrial applications are expensive and the package size is too large. Thus, the need for less expensive and compact size products is expected to drive the market.
Product Segment Analysis:
· Oxygen (O2)/Lambda Sensors
· Carbon Dioxide (CO2) Sensors
· Carbon Monoxide (CO) Sensors
· Nitrogen Oxide (NOx) Sensors
· Methyl Mercaptan Sensors
· Others
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Regional Segment Analysis:
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
The market is fragmented in nature. Market players are pursuing various strategies such as mergers and acquisitions, new product launches, and strategic partnerships, among others, for expanding their market presence. Market players are also investing aggressively in R&D for enhancing their product offerings. Benefits associated with wireless devices are prompting market players to mainly provide wireless gas sensors.
The outbreak of the COVID 19 pandemic is expected to create growth opportunities for the market. Gas sensors can be typically used in indoor environments for assessing the risks of coronavirus transmission. On the other hand, technical issues and installation in harsh environments often affect the average lifespan of gas sensors. The shorter lifespan of gas sensors can potentially restrain the growth of the market over the forecast period.
KEY aspects covered in the report include:
· The market size and industry growth rate of the global and regional market across various segments
· The region or the sub-segment that is expected to drive the Gas Sensor market in the forecast period 2021-2028
· Key companies operating in the global Gas Sensor market and their market share
· The Factors that are estimated to drive the Gas Sensor Market growth
· Key opportunities in the Gas Sensor market
· Key technological advancements and market trends that shape the market
Good Reasons to Buy a Global Gas Sensor Market Report:
· Offers detailed market breakdown and data triangulation that will help guide the market trends.
· The methodology used in the report gives the absolute authentic data that helps advising whether the market has an opportunity in the upcoming years.
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· Give’s a thorough analyst’s viewpoint which guides the client through market collaterals for the better opportunities in the market.
· Pinpoints the most valued region and how the market can be expanded in the industry to generate more revenue with all the important government guidelines and environmental policies.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
