by The gas sensor market encompasses a wide range of gas detectors that are designed to detect one or more types of gases. Gas sensors are used across various industries including healthcare, automotive, oil and gas, food and beverages, and chemical for detecting harmful and combustible gases in the surrounding environment. The increasing concerns regarding air pollution and other environmental hazards have propelled the demand for air quality monitoring systems and equipment incorporating gas sensors. Latest gas sensors offer advanced technical specifications such as high accuracy, fast response time, small size, selectivity for specific gases and low power consumption. Gas sensors are also finding increasing usage in mobile devices, wearables and IoT platforms for monitoring air quality and sniffing leaks or combustible gases.
The global gas sensor market is estimated to be valued at US$ 3.56 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Gas Sensor Market Size are L’Oréal, Estée Lauder Companies Inc., Coty Inc., and Shiseido Company, Limited.
The growing focus towards environmental protection policies and strict emission standards present significant growth opportunities for gas sensor manufacturers. The development of low-cost and miniature gas sensors also opens new avenues.
Rising safety concerns and environmental regulations in emerging economies are further driving the global expansion of the gas sensor market. Asia Pacific region dominated the global gas sensor market owing to increasing industrialization and rapid infrastructure development projects.
Market Drivers
The increasing demand for air quality monitoring systems from various industries is the primary growth driver for gas sensors market. Strict emission control regulations especially in automotive industry regarding carbon monoxide, nitrogen dioxide and other toxic gases has augmented the usage of gas sensors in vehicles. Growing concerns over industrial safety due to toxic and combustible leakages has also propelled the demand for Gas Sensor Market Size in oil & gas and chemical facilities. Rise of smart cities concept and growing focus on pollution monitoring will further stimulate the market growth during the forecast period.
PEST Analysis
Political: Regulations regarding pollution and emission levels will drive demand for gas sensors. Standards in industries and buildings will require gas detection systems for safety.
Economic: As economies grow, industries and infrastructure will expand demanding advanced safety and emissions monitoring. Various end-use sectors like oil & gas, chemicals, food & beverages will invest in gas detection equipment.
Social: Increasing health and environmental concerns will raise awareness about air quality. Sensors allow monitoring of indoor air in offices, public spaces and detection of hazards.
Technological: Miniaturization allows development of smart wireless sensors. Integration with IoT networks allows remote monitoring. Advances in sensor materials, signal processing and power management extend life and lower costs.
The market in terms of value is concentrated in North America and Europe due to stringent norms for industrial safety and adoption of smart city initiatives. Asia Pacific region is growing at the fastest rate driven by increasing industrialization, infrastructure development and efforts to reduce pollution in highly populated cities. Countries like China and India are investing heavily in emission monitoring systems across industries and public places.
North America holds the largest share of the gas sensor market due to strict government regulations and guidelines related to workplace safety and emission from industries. Europe is the second largest market globally due to increasing focus on reducing carbon footprint from commercial buildings and industries. Asia Pacific region is expected to grow at the highest CAGR during the forecast period owing to increasing investments in smart city projects and industrial safety in developing countries such as China and India. Japan is also one of the major markets in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
