Global gas sensor market set to grow to $5.4 billion by 2033, driven by regulations

From GlobeNewswire: 2024-08-08 02:00:00

The Global Gas Sensor Market is set to grow from USD 2.2 Billion in 2023 to USD 5.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 9.39%. Gas sensors play a crucial role in detecting harmful gases in various industries such as chemical, oil and gas, and power, contributing to safety and environmental compliance. Regulations worldwide are driving the demand for gas sensors to monitor and limit harmful gas emissions.

The carbon dioxide (CO2) sensors segment dominates the global gas sensor market. These sensors are essential for monitoring indoor air quality in homes, offices, healthcare facilities, and other settings. Companies are investing in MEMS carbon dioxide sensors for more efficient monitoring, leading to the development of innovative CO2 sensor technologies tailored to different industries.

Wired gas sensors are expected to grow rapidly in the global market due to their reliability, low maintenance, and effectiveness in hazardous environments like mines and nuclear power plants. The adoption of wired gas sensors in residential applications is rising, further boosting market growth. Electrochemical sensors are gaining popularity for their efficiency in detecting toxic gas concentrations, fueling their growth in the global gas sensor market.

Asia Pacific is expected to hold the largest market share for gas sensors, driven by increasing demand in countries like India and China for air quality monitoring. Urbanization and smart city projects in the region are contributing to the growth of the gas sensor market. Europe is anticipated to grow rapidly due to stringent regulations on gas emissions, leading to increased use of gas sensors in vehicles and other applications.

Key players in the global gas sensor market include ABB Ltd., Robert Bosch LLC, Honeywell International Inc., and Sensirion AG, among others. Recent developments in the market include Sensorix’s launch of ‘Satellix’ gas sensor format for semiconductor gas detection. Competitive analysis provides insights into the strengths and strategies of leading companies in the market. The global gas sensor market is segmented based on product, technology, and region for comprehensive analysis and forecasting of market trends.



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