The global gas sensors market size was US$ 833.1 million in 2021. The global gas sensors market is forecast to grow to US$ 1,489.2 million by 2030 by growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.
Gas sensors are used to acknowledge the concentration of gases and the presence of gas in the environment. These sensors find their applications in various end-use industries, such as aerospace, energy, medicine, and defense & military. The sensors are also embedded with the control system to notice the leakage and send a warning through initiating signal.
Factors Influencing the Market
Gas sensors are widely deployed to check the presence of gases like methane, carbon monoxide, hydrogen, oxygen, ammonia, and others. The wide applications of these devices in various end-use industries, such as defense and military, industrial automotive, etc., will contribute to the growth of the global gas sensors market.
The increasing need for air quality monitoring in smart cities will contribute to the growth of the market. On the contrary, the high initial price of the device may limit the growth of the market.
Growing trends related to the Internet of Things (IoT) will benefit the global market. Automation-based services are gaining rapid traction due to the growing demand for IoT-based devices. In addition, the rising demand for advanced applications and innovations will benefit the market during the study period. Figaro Engineering unveiled a new A2L refrigerant gas sensor module, FCM2630-E00, in the year 2019. It is a cost-effective and straightforward model with analog output. Such advancements are likely to benefit the global gas sensors market.
COVID-19 Impact Analysis
The global gas sensors witnessed significant disruptions due to the shutdown of manufacturing units. The end-user industries of the gas sensor market, including automotive, consumer electronics, and industrial sectors, witnessed significant loss. As a result, it ultimately affected the gas sensor market. Moreover, the industry witnessed significant growth opportunities in the healthcare segment, which positively influenced the market.
Regional Analysis
Based on the region, the Asia-Pacific market for gas sensors is forecast to witness rapid growth. It is due to the growing number of technological advancements and growing industrialization. In addition, increasing defense expenditure and the growing healthcare and consumer electronics sectors will contribute to the growth of the global gas sensors market. Further, the region is home to one of the prominent automotive industries, which will ultimately benefit the global gas sensors market.
Competitors in the Market
Market Segmentation
The global gas sensors market segmentation focuses on Gas, Technology, End-Users, and Region.
By Gas Type Outlook
By Technology Outlook
By End-User Outlook
By Region
