DUBLIN--(BUSINESS WIRE)--The "Global Gas Sensor Market by Gas Type (Oxygen, Carbon Monoxide, Carbon Dioxide, Nitrogen Oxide, Volatile Organic Compounds, Hydrocarbons), Technology, Output Type, Product Type, Application and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The gas sensor market is projected to grow from USD 1.4 Billion in 2022 to USD 2.1 Billion by 2027; it is expected to grow at a CAGR of 8.9% during the forecast period.
Increasing demand for miniaturized wireless gas sensors will propel the growth opportunities for gas sensor market. Increasing integration of gas sensors in HVAC systems and air quality monitors will boost the adoption of gas sensors. Intense pricing pressure resulting in decline in average selling prices and complexities involved while developing industry specific gas sensors will restrain the market growth.
Market for Solid-State/Metal-Oxide-Semiconductor Technology to grow at higher CAGR during forecast period
Metal oxide semiconductors provide sensors with several advantages, such as low cost and high sensitivity. MOS technology is largely used in the healthcare sector. MOS sensors are also used to detect gases such as hydrocarbons and carbon monoxide in the environment.
Further, increasing product developments by top market players are driving the market growth. For instance, SGX SENSORTECH (Switzerland) patented MOS technology utilizing state-of-the-art MEMS (micro-electromechanical systems) technology, combining a specialized nano-particle sensing layer with a patented poly-silicon heater.
Market for Volatile Organic Compound Technology to grow at highest CAGR during the forecast period
The VOC sensor directly measures ambient concentrations of a broad range of "reducing gases" associated with bad air quality like alcohols, aldehydes, ketones, organic acids, amines, organic chloramines, and aliphatic and aromatic hydrocarbons. VOCs are commonly present in manufacturing dyes, plastics, detergents, solvents, paints, synthetic rubber, and pharmaceuticals. VOC sensors are used to monitor indoor air quality and urban air quality. Figaro Engineering (Japan), Alphasense Ltd. (UK), Sensirion AG (Switzerland), ams AG (Austria), and Senseair AB (Sweden) are major players that offer VOC sensors.
Asia Pacific to create highest growth opportunities for gas sensor market among other region during the forecast period
The countries of Asia Pacific are witnessing increased demand for gas sensors, and this demand is expected to grow at a significant rate during the forecast period as well. Moreover, the rise in the number of smart city projects in countries such as India and China is also leading to increased demand for gas sensors from these countries. Gas sensors are used in several industries such as automotive, oil & gas, chemical, consumer electronics, etc. the region.
Among all these, the adoption of gas sensors is projected to be the highest in the consumer electronics industry. Increasing urbanization and income levels and ongoing construction activities for the development of residential and commercial infrastructure in Asia Pacific are expected to lead to demand for HVAC systems equipped with gas sensors in the region, thereby fuelling the growth of the gas sensor market growth in the region.
Market Dynamics
Drivers
- Rising Demand for Gas Sensors in Critical Industries
- Formulation and Implementation of Various Health and Safety Regulations Globally
- Increasing Integration of Gas Sensors in HVAC Systems and Air Quality Monitors
- Growing Air Pollution Levels and Need for Air Quality Monitoring in Smart Cities
- Surging Demand for Gas Sensors in Healthcare Industry During COVID-19 Pandemic
Restraints
- Intense Pricing Pressure Resulting in Decline in Average Selling Prices
- Complexities Involved while Developing Industry-Specific Gas Sensors
Opportunities
- Rising Deployment of Iot, Cloud Computing, and Big Data in Gas Sensors
- Growing Adoption of Gas Sensors in Consumer Electronics
- Increasing Demand for Miniaturized Wireless Gas Sensors
Challenges
- Technical Issues Such as High Energy Consumption
Companies Mentioned
- Alphasense
- Amphenol Corporation
- Ams-Osram Ag
- Bosch Sensortec GmbH
- Breeze Technologies
- Cubic Sensor and Instrument Co., Ltd.
- Danfoss
- Dynament Ltd.
- Edinburgh Sensors
- Elichens
- Figaro Engineering Inc.
- Fuji Electric
- Gastec Corporation
- Honeywell Analytics
- Membrapor Ag
- Microsens Sa
- Mipex Technology
- Msa Safety Incorporated
- Nemoto Sensor Engineering Company Limited
- Ngk-Ntk
- Nissha Co., Ltd.
- Renesas Electronics Corporation (Renesas)
- Senseair Ab (Asahi Kasei Microdevices)
- Sensirion Ag
- Spec Sensors
For more information about this report visit https://www.researchandmarkets.com/r/yku53q
