PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1633191
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1633191
The gas sensor market is projected to reach USD 3,137.4 million by 2032 from USD 1,621.9 million in 2024 at a CAGR of 8.6% during the forecast period. The gas sensor market is showing a significant growth trend, as it is increasingly being applied in critical industries such as oil & gas, chemicals, mining, and power. Gas sensors are critical in leak detection, emission monitoring, and safety compliance in these sectors. Increased awareness of health hazards from air pollution has increased the demand for gas sensors in outdoor and indoor air quality monitoring systems.
Scope of the Report | |
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Years Considered for the Study | 2020-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Units Considered | Value (USD Billion) |
Segments | By Product, Type, Technology, Output Type, Connectivity, End Use, and Region |
Regions covered | North America, Europe, APAC, RoW |
"Oil & Gas segment to account for significant market share for the gas sensor market during the forecast period."
Oil & gas refineries and plants are prone to multiple hazards, which include the combustibility of harmful and deadly gases. Growing interest in reducing greenhouse gas emissions in the oil and gas industry is compelling companies to implement more advanced technologies in gas sensing. As methane emissions represent nearly half of the operational emissions of the sector, the solutions that provide real-time detection and monitoring have become more and more critical. Backed by regulatory frameworks like the EPA's methane reduction initiatives and international methane pledges, the demand for advanced detection systems is likely to increase. International Methane Emissions Observatory (IMEO) launched Eye on Methane data platform in November 2024, using satellite data to spur global methane reduction efforts. It mainly focuses on the UNEP's Methane Alert and Response System, in terms of how such data is used to spur action within the oil and gas industry.
"Volatile Organic Compounds to account the largest market share in the market during the forecast period."
The volatile organic compounds (VOC) segment holds the largest market share in the gas sensor market due to the increasing demand for VOC monitoring across industrial, commercial, and residential applications. Most harmful gases such as benzene, toluene, and formaldehyde are some VOCs, which cause health as well as environmental hazards. As people are getting more conscious of indoor air quality and harmful effects of VOC exposure, there is an increased demand for gas sensors that can sense VOCs. Regulations on air quality standards, similar to those by the U.S. Environmental Protection Agency (EPA), also drive adoption in the region, and in other countries such as those in Europe and Asia-Pacific, particularly in industries with construction, automotive, and consumer electronics where VOC emissions are required to be closely monitored. Another factor driving the VOC gas sensor market is that it is integrated into smart home systems and air purifiers. The smart home technology has made VOC monitoring an essential feature of modern air quality devices, which would otherwise be a concern among consumers about health and wellness.
"China to witness significant growth in the gas sensor market during the forecast period."
The economic development of China is ongoing with rapid industrialization and improvement of its infrastructure, and the development is well-established towards upgrading the standard of living for citizens. China's gas sensor market is booming due to the various infrastructure development projects under the Chinese government's Belt and Road Initiative (BRI). Infrastructure development is the top priority of the Chinese government, and it has started various development projects. It is a potential market for gas sensors, owing to the increasing number of ongoing building and infrastructure development projects as well as healthcare projects in the country. Government programs, such as the "Made in China 2025" program, promote indigenous production and innovation in sensor technologies. And China's plans to be carbon neutral in 2060 have intensified regulations, and gas sensors are employed more intensively for purposes of environmental monitoring, controls on emissions, and workplace safety.
The break-up of the profile of primary participants in the gas sensor market-
The major players in the gas sensor market with a significant global presence include Honeywell International Inc. (US), MSA (US), Amphenol Corporation (US), Figaro Engineering Inc. (Japan), Alphasense Inc. (UK), and others.
Research Coverage
The report segments the gas sensor market and forecasts its size by product, type, technology, output type, connectivity, end use, and region. It also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report covers qualitative aspects in addition to quantitative aspects of the market.
The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall gas sensor market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.