(MENAFN- GlobeNewsWire - Nasdaq) Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Global Gas Sensors Market by Type (Oxygen, Carbon Monoxide, Carbon Dioxide, Nitrogen Oxide, Volatile Organic Compounds, Hydrocarbons), Output Type (Analog, Digital), Technology, Product, Connectivity, Application, and Region - Forecast to 2028" report has been added to ResearchAndMarkets's offering.

The global gas sensors market is projected to grow from USD 1.5 billion in 2023 and is expected to reach USD 2.3 billion by 2028, growing at a CAGR of 9.4% from 2023 to 2028

The report will help the market leaders/new entrants in the market with information on the closest approximations of the revenue for the overall gas sensor market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insight to position their business better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, opportunities, and challenges.

The rising adoption of portable air quality monitors across the world has led to an increase in demand for gas sensors used in these monitors. Increased concerns among end-users regarding the impact of air pollution on their health and the availability of portable air quality monitors at low costs are the major factors leading to the growing adoption of portable air quality monitors equipped with gas sensors.

The US accounted for the largest share of the North American gas sensor market in 2022, and a similar trend is expected to be witnessed during the forecast period. The development of hydraulic fracturing technology has boosted the growth of the market for shale gas in the US and has made the country one of the top exporters of petroleum products globally.

Hence, increasing demand for gas sensors in the oil & gas industry will drive market growth. The declining quality of food and beverages has prompted the FDA to tighten the norms related to hygiene and safety, thereby making them more stringent, which drives the requirement to replace and modify required gas sensors that find applications in the food & beverage industry. These factors are contributing to the growth of the gas sensor market in the US. Also, the need for safety and detection of ammonia in the water & wastewater treatment vertical will boost the demand for gas sensors.

The report also provides an n-depth assessment of market share, growth strategies, and services, offering of leading players like Honeywell International Inc. (US), MSA Safety Incorporated (US), Amphenol Corporation (US), Figaro Engineering Inc. (Japan), Alphasense (UK) among others in the gas sensor market.

Air quality monitoring systems in the gas sensor market to witness highest growth rate during the forecast period

Air quality monitors are devices that measure the level of common air pollutants. They are generally used to monitor harmful gases, such as carbon monoxide and carbon dioxide. These monitors are available in both indoor and outdoor forms. Indoor air quality (IAQ) monitors are typically sensor-based instruments.

A few of them can measure ppb (parts per billion) levels and come as either mixed gas or portable units. IAQ is the purity of the air in a specified area. It is determined by the level of dust, particulate matter (PM), and pollutants that are present. Air quality monitors are commonly used for air quality monitoring in in-home applications, industrial safety, environmental monitoring.

Market for Smart cities and building automation segment in the gas sensor market to witness the fastest growth during the forecast period

In smart cities, gas sensors are used for various environmental monitoring applications for monitoring air quality, which includes weather stations and monitoring of the environment at public places. Major gases that are monitored include CO, CO2, SO2, NO, NO2, and VOCs. In addition to that, gas sensors are indispensable for preventing hazardous gas leaks in urban environments. They are deployed in pipelines, storage facilities, and industrial settings to detect leaks of natural gas, propane, and ammonia, triggering alarms and enabling prompt response to prevent potential disasters and protect public safety.

Key Attributes:

Report Attribute	Details
No. of Pages	265
Forecast Period	2023 - 2028
Estimated Market Value (USD) in 2023	$1.5 Billion
Forecasted Market Value (USD) by 2028	$2.3 Billion
Compound Annual Growth Rate	9.4%
Regions Covered	Global

Premium Insights

• Growing Demand for Air Quality Monitors to Create Lucrative Opportunities for Market Players
• Digital Segment to Register Higher CAGR During Forecast Period
• Solid-State/Metal-Oxide-Semiconductor Segment to Hold Largest Share of Gas Sensor Market in 2028
• Volatile Organic Compounds (Vocs) Segment to Hold Largest Share of Gas Sensor Market in 2023
• Smart Cities & Building Automation Segment and China Held Largest Shares of Asia-Pacific Gas Sensor Market in 2022
• China to Exhibit Highest CAGR in Gas Sensor Market During Forecast Period

Case Study Analysis

• Ion Science Ltd. Partnered with Blackline Safety Corp. to Tackle Problem of Humidity Influencing Voc Readings and Reduce Contamination
• Co2Meter Used Gas Sensing Solutions' Sensors as Co2 Alarms for Monitoring and Control, Long-Range Data Collection, Sampling Inspections, and Co2 Leak Detection
• Storage Control Systems Ltd. Developed Portable Gas Analyzer Using Gas Sensing Solutions' Sprintir Co2 Sensor

Market Dynamics

Drivers

• Rising Demand for Gas Sensors in Critical Industries Such as Oil & Gas, Chemicals, Mining, and Power
• Formulation and Implementation of Several Health and Safety Regulations Globally
• Integration of Gas Sensors into HVAC Systems and Air Quality Monitors

Restraints

• Intense Pricing Pressure Resulting in Decline in Average Selling Prices (ASPs)
• Complexities Associated with Developing Industry-Specific Gas Sensors

Opportunities

• Incorporation of Internet of Things (IoT), Cloud Computing, and Big Data Technologies into Gas Sensors
• Growing Adoption of Gas Sensors in Consumer Electronics Industry
• Increasing Demand for Miniaturized Wireless Gas Sensors

Challenges

• Technical Issues, High Cost, and Difficulty in Fabrication

Company Profiles

Key Players

• Honeywell International Inc.
• Msa Safety Incorporated
• Amphenol Corporation
• Figaro Engineering Inc.
• Alphasense
• Sensirion AG
• Process Sensing Technologies
• Ams-Osram AG
• Membrapor
• Senseair Ab (Asahi Kasei Microdevices)

Other Players

• Niterra Co. Ltd.
• Nissha Co. Ltd.
• Fuji Electric Co. Ltd.
• Renesas Electronic Corporation
• Breeze Technologies
• Elichens
• Bosch Sensortec GmbH
• Danfoss
• Edinburgh Sensors
• Gastec Corporation
• Nemoto & Co. Ltd
• Spec Sensors
• Sia Mipex
• Cubic Sensor and Instrument Co. Ltd.
• Winsen

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Attachment

• Global Gas Sensors Market

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