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Oct 5, 2020 10:22 AM ET

Global Gas Sensors Market Set For Rapid Growth To Reach Around USD 2,835 Million By 2024


iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Gas Sensors Market by Technology (Electrochemical, Semiconductor, Solid State/MOS, PID (Photoionization Detector), Catalytic, Infrared (IR), and Others), by Product (Oxygen/Lambda Sensors, Carbon Dioxide Sensors, Carbon Monoxide Sensors, Nitrogen Oxide Sensors, and Others), and by Application (Medical, Building Automation & Domestic Appliances, Environmental, Petrochemical, Automotive, Industrial, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global gas sensors market was valued at approximately USD 1,936 million in 2017 and is expected to generate revenue of around USD 2,835 million by 2024, growing at a CAGR of around 5.6% between 2018 and 2024.

Gas sensors or gas detectors are used to detect gaseous leakages in various sectors, such as oil and gas, medical, water and wastewater treatment, and metals and chemicals, among others. These sensors are fixed with the control system to detect a gaseous leak and trigger an alarm to alert the control room.

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Gas Sensors Market

By technology, the gas sensors market is segmented into electrochemical, solid state/MOS, semiconductor, PID (photoionization detector), infrared (IR), catalytic, and others. Semiconductors are projected to dominate in the future, as they monitor air quality on a real-time basis. Thus, these sensors are widely used in air quality monitoring systems. These sensors offer various benefits, such as low cost, high accuracy, and compact size.

By product, this market includes carbon dioxide sensors, lambda/oxygen sensors, carbon monoxide sensors, nitrogen oxide sensors, and others. Oxygen sensors are anticipated to dominate over the forecast time period, due to their extensive use in various laboratory applications and climate control systems for indoor environments. Oxygen sensors offer several benefits, such as reduced exhaust emissions, and enhanced engine performance. They form a major part of the automotive industrial applications, as they are deployed in various automotive systems, such as cylinder engines, port fuel injection, etc. Moreover, carbon monoxide gas sensors are likely to grow steadily in the future, due to their rising popularity in the healthcare sector. They are used to monitor the gaseous substances in medical applications.

Medical, environmental, building automation and domestic appliances, petrochemical, industrial, automotive, and others form the application segment of the gas sensors market. Building automation and domestic appliances held a major share in 2017 and are anticipated to continue its dominance during the estimated time period as well. Sensing components used in consumer electronic devices provide weather forecasts, indoor air pollutant information, and altitude tracking, etc. Furthermore, the integration of IoT with these sensors has made consumer electronic equipment a part of smart home systems. Additionally, the medical application was the second largest segment in 2017, as these sensors are used for medical diagnostics, treatment, and monitoring systems. Moreover, they are used in varied medical devices, such as anesthesia, ventilation, smart inhalers, drug delivery implants, etc.

By region, Europe dominated the gas sensors market in 2017 and is expected to continue its dominance in the upcoming years. This regional growth can be attributed to the region’s growing sensor technologies and increasing IT investments. Moreover, the presence of several governmental regulations supporting the safety and protection of workers in manufacturing facilities of various industries is likely to further boost this regional market in the future.

Some key players of the global gas sensors market are The Emerson Electric Co., General Electric Company, Indutrade AB, ABB Ltd., BD Sensors GmbH, TE Connectivity, Rockwell Automation, Inc., Fortive, Siemens AG, MTS Sensors, Robert Bosch LLC, Dragerwerk AG & Co. KGaA, Aeroqual Ltd., Figaro Engineering Inc., Dynament Ltd., Nemoto & Co., Ltd., AlphaSense, Inc., City Technology Ltd., Membrapor AG, Trolex Ltd, and GfG Europe Ltd., among others.

This report segments the global gas sensors market into:

Global Gas Sensors Market: Product Analysis

Global Gas Sensors Market: Application Analysis

Global Gas Sensors Market: Technology Analysis

Global Gas Sensors Market: Regional Analysis

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Keywords:    Gas Sensors Market

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