Gas Sensors Global Market Report 2024

The gas sensors market size has grown rapidly in recent years. It will grow from $2.16 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth observed in the historical period can be attributed to factors such as environmental concerns and regulations, the increasing pace of industrialization, integration into consumer electronics, applications in healthcare, automotive emission control measures, and the upswing in oil and gas exploration.

The gas sensors market size is expected to see strong growth in the next few years. It will grow to $3.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period can be attributed to factors such as stringent environmental regulations, the continuous expansion of the oil and gas industry, growth in the healthcare sector, increasing demand in the automotive industry, and the rise of industrial automation. Major trends expected in the forecast period include rapid urbanization, integration of IoT (Internet of Things), advancements in smart manufacturing, applications in healthcare, adherence to automotive safety regulations, as well as trends toward miniaturization and portability.

The anticipated rise in air pollution is set to drive the growth of the gas sensor market in the future. Air pollution, characterized by the presence of harmful substances in the air that can adversely affect human health and the environment, encompasses particulate matter, ozone, nitrogen oxides, sulfur dioxide, and various chemicals and particles released into the atmosphere. Gas sensors, designed to detect the presence and concentration of specific gases in the air, play a crucial role in identifying gas leaks and preventing hazardous situations. According to a report by the World Economic Forum in November 2022, the global atmospheric CO2 concentration increased by 2.5 parts per million (ppm) in 2021, with an anticipated additional rise of 2.5 ppm in 2022. This is projected to bring the average annual worldwide atmospheric concentration to 417.2 ppm, representing a roughly 51% increase above pre-industrial levels. Consequently, the escalating levels of air pollution are steering the growth of the gas sensor market.

The swift pace of industrialization is expected to drive the growth of the gas sensors market in the coming years. Industrialization involves transitioning a country or region's economy from agriculture-centric to manufacturing-centric, incorporating mass production techniques. The acceleration of industrialization leads to increased production, processing, and manufacturing activities across various sectors such as petrochemicals, food processing, chemicals, and manufacturing. These industries frequently utilize gases for various operations, necessitating the installation of gas sensors for real-time monitoring and the prompt identification of potential gas leaks. As reported by Trading Economics in 2022, following a downwardly corrected 0.1% rise in March, industrial production in the United States increased by 0.2% annually in April 2023. Hence, the rapid pace of industrialization is expected to fuel the growth of the gas sensors market during the forecast period.

Product innovation emerges as a prominent trend gaining traction in the gas sensor market. Key companies in this market are concentrating on developing innovative products to fortify their market position. In March 2021, Bosch Sensortec, a subsidiary of Robert Bosch GmbH based in Germany, introduced the BME688 sensor, the world's first air quality MEMS sensor. This sensor combines gas, humidity, temperature, and barometric pressure detection with advanced artificial intelligence (AI) capabilities, creating the smallest four-in-one air quality monitoring system globally. The BME688 is designed for cutting-edge applications such as timely forest fire warnings and detecting food deterioration by monitoring gases present, temperature, and humidity fluctuations.

Major players in the gas sensor market are actively integrating new technologies, including Micro-Electro-Mechanical Systems (MEMS) technology, to enhance their market standing. MEMS technology involves small devices with electronic and mechanical components moving through microscopic sensors, actuators, and transducers. In March 2022, Figaro Engineering Inc., a Japan-based semiconductor gas detection sensor manufacturing company, introduced the methane gas sensor TGS8410. This metal oxide semiconductor (MOS) type gas sensor incorporates the latest MEMS technology to produce the lowest power consumption methane gas sensor available. The methane gas detector can run on a single lithium battery (2.8 volts/2400 milliampere-hour) for up to five years, with an average power consumption of less than 0.1 mW (milliwatt).

In December 2021, AMETEK Inc., a US-based designer and manufacturer of electronic instruments and electromechanical devices, acquired Alphasense for an undisclosed amount. This acquisition aims to expand AMETEK's presence in the environmental health and safety market. Alphasense, a UK-based company, is a manufacturer of technologically advanced gas detection sensors used in both fixed and portable detection systems.

Major companies operating in the gas sensors market report are Honeywell International Inc, Amphenol Corporation, Figaro Engineering Inc, Dynament, Membrapor AG, Nemoto & Co. Ltd., Robert Bosch GmbH, Sensirion AG, Asea Brown Boveri Ltd, Teledyne FLIR LLC, Siemens AG, City Technology Ltd., GfG Gas Detection UK Ltd., Senseair, Gastec Corporation, austriamicrosystems AG, AlphaSense Inc., NevadaNano, MicroSensor Corporation, Dryad, Pendar Technologies, Alphasense Ltd., Aeroqual Ltd., Kapitalgesellschaft, Winsen Electronics Technology Co. Ltd., MSA Safety Incorporated, Cubic Sensor and Instrument Co. Ltd, FIGARO Engineering Inc., Entertainment Support Personnel Corporation , Yokogawa Electric Corporation.

Asia-Pacific was the largest region in the gas sensor market in 2023. The regions covered in the gas sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gas sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of gases detected by gas sensors include carbon monoxide, methane, hydrogen, ammonia, oxygen, and others. Carbon monoxide, a toxic gas produced through incomplete combustion of carbon or carbon compounds, is colorless and odorless. Various technologies are employed in gas sensors, such as infrared gas sensors, photoionization sensors, electrochemical gas sensors, thermal conductivity gas sensors, metal oxide-based gas sensors, catalytic gas sensors, and others. These technologies find applications in diverse industries, including defense and military, healthcare, consumer electronics, automotive and transportation, and industrial sectors.

The gas sensors market research report is one of a series of new reports that provides gas sensors market statistics, including global market size, regional shares, competitors with a gas sensors market share, detailed gas sensors market segments, market trends and opportunities, and any further data you may need to thrive in the gas sensors industry. This gas sensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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