by Gas sensors are devices that detect the presence and concentration of gases in an atmospheric setting by analyzing properties such as conductivity or through electrochemical oxidation. They are useful in applications including gas leakage detection, air quality monitoring, health monitoring, and emissions control in industrial settings.
The global Gas Sensor Market is estimated to be valued at US$ 3.09 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of gas sensors can be attributed to stringent government regulations around safety and emission control across various industries. Major countries and regions are implementing strict norms to monitor and control toxic gas emissions from automobiles and industries. For instance, Europe has implemented Euro 6 regulations that mandate the use of advanced gas sensors in vehicles to detect and control harmful emissions. Gas sensors play a critical role in maintaining compliance with such emission regulations. Furthermore, rising awareness about indoor air quality is also driving their demand in HVAC and air quality monitoring applications in residential and commercial buildings. The market is witnessing new product innovations focused on miniature size, lower power consumption and higher accuracy, in turn extending the overall use cases for gas sensors.
SWOT Analysis
Strength: Gas sensors are highly accurate in detecting leaks and measuring gas concentrations. They help in monitoring indoor air quality and emissions.
Weakness: High production costs of advanced gas sensors pose financial challenges. Regular calibrations and replacements increase operating expenses.
Opportunity: Rising environmental regulations and safety standards are boosting demand from various industries like oil & gas, automotive, food & beverage. Rapid urbanization in developing nations also presents opportunities.
Threats: Availability of alternatives like PID sensors limits the demand for specific gas sensors. Intense competition among vendors affects pricing.
Key Takeaways
Global Gas Sensor Market Size is expected to witness high growth. Advancements in MEMS and nanotechnology have made gas sensors more precise and affordable. Their applications have widened in industrial processes, air quality control, combustion and emissions monitoring.
Regional analysis:
Asia Pacific dominates fuelled by growing industrialization, urbanization and strict environmental norms in China, India, Japan and South Korea. Europe holds the second largest share owing to strong automotive industry and focus on workplace safety in Germany, UK and France.
Key players operating in the gas sensor market are L’Oréal, Estée Lauder Companies Inc., Coty Inc., and Shiseido Company, Limited. They are investing in R&D to develop miniaturized sensors for various target gases. Strategic partnerships with OEMs in automotive and industrial sectors will help gain leadership positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
