Global Gas Sensor Market Size, Share, Growth Analysis, By Product(Oxygen /Lambda Sensors, Carbon Dioxide Sensors), By Type, By Technology, By End-use - Industry Forecast 2024-2031

Global Gas Sensor Market size was valued at around 2.69 billion in 2022 and is expected to rise from USD 2.95 billion in 2023 to reach a value of USD 6.09 Billion by 2031, at a CAGR of 9.5% over the forecast period (2023-2031).

The main driver of the market is the development of downsizing and wireless capabilities, along with improvements in communication technologies that allow them to be integrated into different machinery and equipment to detect hazardous gases at a safe distance. Gas emissions from a range of industrial processes, both domestic and commercial, are continuously managed and observed with the use of gas sensors. Additionally, a growing desire to restrict harmful emissions from essential industry is positive for market expansion.

Smart gas sensors are now possible thanks to technological developments and enhancements made possible by gas detector manufacturers. In addition, a number of companies are developing drone-based gas leak detection systems to increase pipeline operators' safety globally. For instance, in April 2021, ABB Ltd. will introduce the HoverGuard, a drone-based gas leak monitoring system. Leaks up to 100 meters from energy transportation and storage facilities, transportation pipelines, collecting lines, and other potential sources can be safely, quickly, and reliably detected, mapped, and measured using HoverGuard. Such technological advancements are positive for industry growth.

Over the course of the projection period, it is anticipated that government laws aimed at decreasing car emissions would increase demand for gas sensors. Government agencies from all around the world set laws and guidelines pertaining to gasoline emissions from motor vehicles. Because it lowers air pollution and improves fuel efficiency, the mandated restriction on vehicle gas emissions increases demand for gas sensors.

Gas sensors are used to identify the presence of toxic and flammable gases in a range of industries, including chemical, oil and gas, and electrical. These companies release a lot of gasoline-related pollutants into the environment, including as ammonia, hydrocarbons, carbon monoxide, and carbon dioxide. The health of people may suffer if these gases are released in excess. Moreover, methane is frequently used to generate power. Methane is a highly flammable greenhouse gas that, if leaks are not properly detected, can combine to form explosive combinations in the atmosphere. Consequently, new sensor technologies are being developed, like substance-specific electrochemical detectors and non-dispersive infrared (NDIR) detectors that are used in industries to detect gasses like methane.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Gas Sensor Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Gas Sensor Market Segmental Analysis

There are several segments in the worldwide gas sensor market, which include product, type, technology, end user, and geography. The oxygen (O2)/lambda sensors, carbon dioxide (CO2), carbon monoxide (CO), nitrogen oxide (NOx), methyl propane (MER) sensors, and other (hydrogen, ammonia, hydrogen sulfide) sensors are the product categories into which the market is divided. The market is divided into wireless and wired segments based on type. The market is divided into several technological segments, including photo-ionization detectors (PID), semiconductors, solid state/MOS, electrochemical, catalytic, infrared (IR), and others. Medical, building automation & home appliances, environmental, petrochemical, automotive, industrial, agricultural, and other end-use segments are further divided into categories. The regions of North America, Europe, Asia-Pacific, South America, and MEA make up the regional segments of the worldwide gas sensor market.

Drivers of the Global Gas Sensor Market

The need for gas sensors in this business is being driven by the automobile industry's growing usage of gas sensors to monitor exhaust pollutants and increase fuel efficiency.

Restraints in the Global Gas Sensor Market

Gas sensors can still be costly, especially in comparison to other kinds of sensors, even with technological advancements. This may restrict their uptake in specific sectors and uses, particularly for smaller companies or in developing nations.

Market Trends of the Global Gas Sensor Market

Miniaturization of gas sensors: As a result of manufacturers creating more compact and smaller sensors that are simpler to incorporate into systems and devices, gas sensors are getting smaller. The requirement for sensors that can be integrated into IoT devices and smart systems, as well as the growing demand for portable and handheld gas sensors, are the driving forces behind this development.

Adoption of wireless sensors has increased: Compared to conventional wired sensors, wireless gas sensors are more flexible and user-friendly, which has led to their increasing popularity. Real-time data collection and transmission from wireless sensors allows for quicker reaction times and more precise gas level monitoring.

Growing demand for smart gas sensors: Because they come with cutting-edge capabilities like self-calibration, remote monitoring, and predictive maintenance, smart gas sensors are becoming more widely used. More sophisticated and integrated gas monitoring solutions are made possible by these sensors' ability to interface with other hardware and software.

Transition to solid-state gas sensors: Solid-state gas sensors are becoming more and more well-liked since they have superior sensitivity and selectivity in addition to being more resistant to external elements like humidity and temperature. When compared to conventional electrochemical sensors, these sensors are also less maintenance-intensive and more robust.