Volatile Organic Compound Gas Sensor Market Is Projected To Hit USD 278.19 Million By 2032, Driven By Stringent Environmental Rules | Report By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) Stringent environmental regulations are the primary growth driver for the Volatile Organic Compound Gas Sensor market.

Austin, July 25, 2024 (GLOBE NEWSWIRE) -- The Volatile Organic Compound Gas Sensor Size was valued at USD 163.81 million in 2023, and is expected to reach USD 278.19 million by 2032, and grow at a CAGR of 6.07% over the forecast period 2024-2032.

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The demand for VOC gas sensors is increasing due to more stringent environmental regulations. Entities such as the EPA and MSHA are implementing more rigorous regulations. The U.S. EPA requires VOC emission standards specified in 40 CFR 59, while Canada introduced VOC concentration limits for products in January 2022. The oil and gas sector is a main focus, as the EPA is suggesting new methane and VOC emission rules in December 2023 and a Waste Emission Fee in January 2024. The proposed regulatory measures, such as the USD 900 per metric ton charge scheduled for 2024, are pushing industries to invest in VOC gas sensors in order to meet environmental regulations and lower emissions.

The VOC gas sensor market is thriving due to IoT integration. Real-time air quality monitoring, enabled by IoT, expands sensor applications across sectors. Advanced sensors like Sensirion AG's SGP41 enhance detection capabilities. While 2023 saw supply chain challenges, 5G, AI, and improved semiconductor production are driving IoT growth in 2024. Key factors propelling the VOC gas sensor market include AI-driven data analysis, expanded connectivity, reduced costs, and technological advancements. The demand for air quality monitoring, early warning systems, and smart cities will further boost the market. With 27 billion projected IoT devices by 2025, the market is poised for significant growth.

Volatile Organic Compound Gas Sensor Market Report Scope :

Report Attributes	Details
Market Size in 2023	USD 163.81 million
Market Size by 2032	USD 278.19 million
CAGR	6.07% by 2024-2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Growth Drivers	The Requirement for Clean Air is increasing the Need for Volatile Organic Compound Gas Sensor Market. Regulatory Push for Methane Emissions Reduction in Volatile Organic Compound Gas Sensor Market.

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Key Players

Some of the major key players in Volatile Organic Compound Gas Sensor are Bosch Sensortech GmbH, Alpha sense, Renesas Electronics Corporation, Honeywell International Inc., ABB Ltd., Siemens AG, Ion Science Ltd., SGX Sensortech, Sensirion AG, Eco Sensor, ams AG, Figaro Engineering Inc. and others.

Segment Analysis

Based on Technology , Metal oxide semiconductor (MOS) dominated the Volatile Organic Compound Gas Sensor market share with 39% in 2023. These sensors work by detecting changes in electrical resistance when they encounter VOCs. MOS sensors are widely recognized for their affordability, longevity, and efficiency in gas detection, which has led to their popularity in automotive, petrochemical, and healthcare sectors. Major contributors in this industry include Figaro Engineering Inc., Alpha Sense, and Honeywell International, offering a range of MOS-based VOC gas sensors.

Based on Type , Multiple gas detection sensor dominated the global Volatile Organic Compound Gas Sensor market share with 67% in 2023. These adaptable gadgets are essential for sectors such as oil and gas, identifying different gases like benzene and formaldehyde. In addition to detecting leaks, they also guarantee the safety of the workplace. These sensors measure VOCs accurately by utilizing technologies such as MOS, IR, and PID. Due to regulations and an increase in environmental consciousness, the industry is growing, with Honeywell Analytics, Dragerwerk AG, and RKI Instruments at the forefront of innovative solutions.

By Technology

• Photoionization detectors (PID)
• Metal oxide semiconductor (MOS)
• Electrochemical Sensors
• Infrared-based Detection
• Others

By Type

• Single gas detection sensor
• Multiple gas detection sensor

By Application

• Oil & Gas
• Agriculture
• Automotive
• Chemical Industry
• Manufacturing
• Food & Beverages
• Metals & Mining
• Others

Regional Analysis

Asia Pacific is dominated the Volatile Organic Compound Gas Sensor market with a share of 34% in 2023. The growing market is due to the increasing demand for environmental and industrial monitoring solutions in the region. The region consists of multiple emerging countries such as India, Japan, Australia, and Taiwan, undergoing rapid urbanization and industrial expansion, resulting in high levels of air pollution and environmental degradation. The rise in popularity of VOC gas sensors is because industries such as automotive and manufacturing have a significant need for them, using them to monitor air quality and control pollution. The VOC gas sensor market is growing because of the increased adoption of IoT and smart technologies in the area.

North America is fastest growing in Volatile Organic Compound Gas Sensor market with a share of 26% in 2023. Stringent environmental rules and increased public attention to air quality have increased the need for advanced VOC detection technologies. Major investments in compliance solutions are made by the automotive and industrial industries. Government backing, like the DOE's allocation of USD 25 million for natural gas infrastructure improvements, continues to enhance the market by creating a conducive atmosphere for sensor producers.

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Key Takeaways

• Recognize possible market segments and customer demographics.
• Comprehend advancements in technology and customer demands in order to create cutting-edge products.
• Assess the strengths and weaknesses of competitors in order to obtain a competitive advantage.
• Keep informed about environmental laws to make sure products meet requirements.

Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

5. Porter's 5 Forces Model

6. Pest Analysis

7. Volatile Organic Compound Gas Sensor Market Segmentation, By Technology

8. Volatile Organic Compound Gas Sensor Market Segmentation, By Type

9. Volatile Organic Compound Gas Sensor Market Segmentation, By Application

10. Regional Analysis

11. Company Profiles

12. Competitive Landscape

13. Use Case and Best Practices

14. Conclusion

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