Gas Sensor Market Overview:
IndustryARC’s expert analysis highlights that the global gas sensor market generated a profit worth $986.75 billion in the year 2018. Since oil and gas plants are prone to severe catastrophic events triggered by the presence of highly reactive and toxic gases, it necessitates the deployment of gas detecting systems in this industry. Additionally, wastewater treatment utilities, semiconductor manufacturing, and chemical industries also rely on effective gas sensor technology to prevent major accidental incidences and subsequently minimize the loss of life and property. According to the International Energy Agency (IEA), Canada is the second-largest contributing region while the growth of 5.2 billion cubic meters was marked in the U.S. for natural gas production as of 2017. This implicates the requirement for hazardous gas monitoring, and concentration regulation, making scope for the gas sensor market to flourish in this region. Furthermore, North American gas sensor market is also influenced by rising demand for semiconductors, a stronghold in the chemical market, and the availability of wireless sensor systems. As a result, North America contributed a regional share of 34.27% to the global gas sensor market in 2018.
The global gas sensor market demand is on the rise, and projected to increment during the forecast period of 2019-2025 at a CAGR of 5.27%. Facilitated by wide-scale usage of gas detecting devices in several industries coupled with its growing requirement in hospitals and airplanes, the gas sensor market demand will continue to elevate in the foreseeable years. Medical facilities incorporate gas detector which is utilized in medical air system monitoring, medical gas verification, and in devices such as spirometers. Moreover, the gas sensor is highly relatable for detecting oxygen depletion and abundance, measuring anesthetic gases and monitoring the presence of toxic gases thereby exerting huge demand pull on the global gas sensor market. With the growth in the application of gas detectors in the medical industry, the gas sensors market is estimated to increase at a CAGR of 8.74% through to 2025.
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Gas Sensor Market Growth Drivers:
Hospitals and aircraft deploy gas detecting systems to monitor oxygen deficiency, which is an imperative life-saving component supplied to patients and passengers during critical situations, consequently, generating huge gas sensor demand.
Semiconductor gas sensors are readily used to detect harmful gases such as carbon monoxide and others. Additionally, semiconductor the manufacturing process includes lethal and highly flammable gases thereby needing gas analyzers to avoid accidental occurrences. Significantly, the global semiconductor market revenue generation of $420 billion to $430 billion in 2018. As a result, the growth of semiconductor market will eventually boost the revenue prospect of the gas sensor market in the forecasted years.
Industrial sectors that often use highly volatile gases in several procedures depend on advanced portable and wireless sensing devices for assessing any imbalance in the surrounding gaseous concentration. Connected with alarms and signals, gas monitoring systems minimize industrial losses thereby boosting the global gas sensor market growth.
Gas Sensor Market Key Players:
Leading companies leverage huge end-user demand by collaborating with local and international companies as a part of market strategy to build brand image and sustain in the competitive market scenario. Global gas sensor market growth is shaped by the surplus contribution of several companies such as Amphenol, Bosch, Sensirion, Siemens, Honeywell, Yokogawa, Teledyne, MSA, IDT, Dragerwerk, Mettler-Toledo, Densor, and others.
Bosch is a leading multinational company constantly modifying the technology-driven vehicle, home, and office utilities, and various industries through IoT connectivity, advanced software and hardware services, smart home appliances, and many others. One of its significant contributions to the gas sensor market are BME680, which is an advanced sensing device offering a wide range of applicability in air quality and temperature monitoring, home automation which includes HVAC, personalized activity tracking, and others.
Gas Sensor Market Trends:
The advent of IoT in the industrial sector has significantly revolutionized the automation technology with specific modification and innovation which has now penetrated into the gas sensors industry emerging as the precise monitoring and signaling solution with reduced accidental damages to the dependent industries. Chemical parks, mining locations, gas manufacturing, and transportation industries utilize the modern gas sensor systems connected to Wi-Fi and mobile devices. These devices are connected to IoT networking, which aids in detecting leakage, burning, and other hazards in the peripheral area. With this smart technology convergence with gas detectors, hazard signals are easily programmed. It also automatically sends the resultant signal to the operating system thereby eliminating any manual interference. Consequently, this technology trend will significantly upheave growth scopes of the gas sensors market in the forthcoming years.
Gas Sensor Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Gas Sensor market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Gas Sensor in Gas Sensor market and their specific applications in different areas.
Gas Sensor Market: Industry Coverage:
The global gas sensor market is segmented into type, gas type, and application. On the basis of type bifurcation includes catalytic, thermal, electrochemical, optical, IR, semiconductor, and others. Gas type classification includes O2, CO, CO2, NOX, and others. Categorization based on application includes automotive, medical, industrial, petrochemical, and others.
The Gas Sensor market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
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