The gas sensors market was valued at USD 655.5 million in 2020 and expected to reach USD 883.6 million by 2026 and grow at a CAGR of 5.1% over the forecast period (2021 - 2026). Gas sensors are a variant of chemical sensors that are capable of measuring the concentration of a constituent gas in their vicinity. These sensors adopt different techniques for quantifying the exact amount of gas in a medium.
- The major trend driving the gas sensors market is the development of wireless capabilities and miniaturization, coupled with improved communication capabilities that enable their integration into various devices and machines, without compromising the detection of toxic or flammable gases at safe distances.
- Asia-Pacific is one of the fastest-growing regions for the gas sensors market and is projected to be the market leader during the forecast period. Countries, like China, the United States, and Germany, are the major markets for gas sensors.
- The evolving nature of the market is leading to rapid changes and over-crowding of sensors for major gases, like carbon dioxide and carbon monoxide. Rising costs are also an issue in the ever-changing market, characterized by innovations and low product differentiation.
Key Market Trends
Safety and Regulations are a Paramount Driver for Industrial Implementation
- In recent years, several types of gases have been used as raw materials in different areas of industries. It becomes crucial to control and monitor these gases, as there is a considerable risk of damage to property and human lives if a leak occurs. The necessity to continually monitor and control the gases emitted has sprouted the need for gas sensors in the industries.
- The stringent government regulations have mandated the applications of gas sensors, for making the industries safer. This also made industries more confident toward the prevention of accidents related to gas leaks.
- In Northern Ireland, a total of 123 people were admitted to hospital due to suffocation caused by carbon monoxide. In 2012, carbon monoxide alarms became mandatory in all new buildings in Northern Ireland, after several high-profile deaths in the region were caused by deadly household gas leaks.
Asia-Pacific is Expected to be the Fastest Growing Market
- Similar to the global market, Asia-Pacific is the amalgamation of mature and emerging markets. China and India are the fastest developing countries in the world, and the industries in these countries are being set up at a rapid pace.
- The Chinese automotive market has the largest scale in the world. According to OICA and CAAM, around 24 million passenger cars were produced in 2018. With this huge production capacity, China is ranked first in automotive production and is one of the significant drivers for gas sensors market in the region.
- India is the largest provider of the genetic drug, globally. Furthermore, the Indian pharmaceutical sector supplies 50% of the global demand. These pharmaceutical production facilities use a variety of solvents and gases in the manufacturing process and need to be continuously monitored, which raises the demand for gas sensors, thus driving the market.
The companies offering various types of gas sensors in the market have product differentiation majorly on technology. Hence, they are adopting competitive pricing strategies for gaining market share. The gas sensors market is fragmented in nature, due to the presence of many players offering the systems.
- January 2019 - Firago Engineering Inc. revealed its new digital TGS8101 IAQ sensor. It is an ultra-compact sensor for gas, relative humidity, and temperature, and is expected to be launched by mid-2019. The gas sensor consists of a metal oxide compound on a micro hot plate, assembled for high operating temperatures, which make it possible to detect VOCs and alcohol gas.
- February 2018 - Underwriters Laboratories released two new smoke alarm and detector standards in its seventh edition (UL 217 and UL 268). The seventh edition of this standard is set to take effect in May 2020. It is focused on minimizing false alarms, also known as nuisance alarms, as well as on detecting different smoke characteristics. Hence, the new smoke detectors may be able to differentiate between smoke coming from burning food or cooking and other non-lethal sources and actual life-threatening smoke.
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