Gas Sensor Market Size Forecast to Reach $1.2 Billion by 2026

(IT-NEWSWIRE.COM, November 02, 2021 ) The Gas Sensor Market is forecast to reach $1.2 billion by 2026, growing at a CAGR of 5.5% from 2021 to 2026. The Gas Sensor Market is estimated to witness a sustainable growth over the forecast period majorly because Gas Sensor plays a major role in giving security, safety and various applications in Industries and other workplaces. Gas Sensor have their own respective features and provides various utilities. Gas sensors generally provide a measurement of the concentration of various gases such as CO, CO2, NOx, SO2 and Others by different sensors such as Combustible Gas Sensors, Infrared Point Sensors, Electrochemical Gas Sensors, Metal Oxide Semiconductor, Photo Ionization Detection, Paramagnetic and and Others. Gas sensors are commonly included as part of a health and safety system within the workplace, with portable instruments designed for protecting all workplaces when working in potentially hazardous areas. These vast features at various End-Use industries such as water treatment, food and beverage etc drives its market growth in global market. On the other hand, high installation and maintenance cost are the major challenges affecting its market growth.

Gas Sensor Market Segment Analysis – By Structure

Portable Gas Sensors has dominated the Gas Sensor Market at 70% share in 2020 as compared to the Fixed Gas Sensors. The demand for Portable Gas Sensors is growing because in various Power plant and Oil & Gas Industries, the pipelines contain many hazardous elements that can cause short and long-term health problems if workers are exposed improperly. With Portable Gas Sensors and Detectors, one can examine any leaks and presence of any hazardous gas which can affect environment and industries and can be resolved quickly. Mainly Portable Gas Sensors operate through a wireless system, which allows them to check for gases remotely providing inspection of level of gases in certain areas from a safe distance. These vast features tend to drive the market of Portable Gas Sensors in global market.

Gas Sensor Market Segment Analysis – By End-Use Industry

Oil & Gas Industries hold the largest market in Gas Sensor Market at 22.4% share in 2020. The various Inspection methods which it offers to the Oil & Gas Industries as they mainly constitute in operation of many gases from extraction to production by transferring through pipelines. Thus, the requirement of Gas sensors increases rapidly. With the advancement in technologies, the adoption of Portable Gas Sensors offers wireless examination of various levels of gases operating in the system. This helps them to check for gases remotely providing inspection of various hazardous gases certain areas from a safe distance. These vast features tend to drive the market of Gas Sensors in Oil & Gas Industries.

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Gas Sensor Market Segment Analysis – By Geography

Asia-Pacific has been accounted for being the highest market at 37.5% share in 2020 among all the regions by geography. The market growth in this region is predominantly rising due to fast-growing economies such as China, India, Japan and Others. Increasing rate of Urbanization and Industrialization with high population densities in these economies tends to uplift the Gas Sensor Market in these regions. Due to large number of Oil & Gas Industries, Power plants, Healthcare and high air pollution intensity in atmosphere of these regions, the installation Gas Sensors tends to boost the market growth. On the other hand, APAC is closely followed by North America due to the rapid growth of Industries and rise in Environmental concerns due to air pollution tends to uplift the market growth of Gas Sensor.

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Gas Sensor Market Drivers

Rise in Industrialization and Urbanization drives market growth

Fast growing economies in Asia-Pacific and North America are contributing exponentially in Gas Sensor Market. Due to rise in Urbanization and Industrialization, the demand for Gas Sensors in various Oil & Gas industries, Healthcare, Power plants has increased rapidly. This has promoted the developments in manufacturing of Gas Sensors from fixed systems to portable systems among which the adoption of Wireless Gas Sensors has brought a major uplift in its market growth. To maintain safety and security in the workplace of these industries, the adoption of Gas Sensors has brought a major boost in the market growth.

Rise in Governmental Regulations and Environmental Concerns

With the rise in Governmental Regulations of maintaining a pollution-free city in various regions has brought a huge demand of Gas Sensors in global market. Gas sensors helps in examining the various hazardous gases in the atmosphere and provides the measurement of the concentration of various gases such as CO, CO2, NOx, SO2 and Others in major workplaces and Industries and Other public places. This tends to drive the demand of Gas Sensor Market globally. Moreover, with the rise in Environmental Concerns to reduce the emission of harmful gases especially in Industrial regions to secure nearby Ecosystem. Gas sensors are commonly installed in industrial regions as part of a health and safety system within the workplace as well nearby ecosystem are the key factors boosting the growth of the Gas Sensor Market globally.

Gas Sensor Market Challenges

High Installation and Maintenance Cost

One of the major challenges faced by Gas Sensor Market globally is the High Installation and Maintenance Cost. The advancement in technologies has brought the manufacturing of Portable Wireless Gas Sensors, which provides examining the air purity and inspecting various hazardous gases in the atmosphere as well as in Industries where workers cannot have physical access thus providing examining from a safe distance. But, these systems require high installation cost which restraints end users from purchasing these systems. Moreover, it requires high maintenance cost as the components used in manufacturing of these Gas Sensors are of specific types of unique technology. These are the major challenges which restraint the Gas Sensor Market growth globally.

Gas Sensor Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Gas Sensor Market. The Gas Sensor Market is dominated by major companies such as Dragerwerk Ag & Co.KGAA, AMETEK, Honeywell International Inc., ABB Ltd., General Electric Co., Emerson Electric Co., Figaro Engineering Inc., Ametek Inc., Siemens AG, Trolex Ltd., Enerac Inc. and California Analytical Instruments Inc.

Acquisitions/Technology Launches/Partnerships

In October 2020, ABB launched Microguard Solution which detects dangerous gas leaks as it uses laser based technology. Through this the surveyors can quickly find the leaks on foot.

In May 2020 General Electric Corporation, launched Grain-size Gas Sensor, an extraordinary new gas sensor design that achieves a level of performance previously thought unfeasible with conventional gas sensors. With Bloodhound-like Sensing Capabilities ideal for Wearable or Drone-based Formats in Industrial Safety.

Key Takeaways

The Gas Sensor Market is estimated to witness a sustainable growth over the forecast period majorly role in giving security, safety and various applications in Industries and other workplaces.

Due to increasing extraction and shipping of resources in various Oil and Gas Industries, the scope of different Gas Sensors has increased rapidly which boost its market growth.

Ongoing Industrialization and Urbanization in major economies such as USA, Canada, China, India and others, the presence of harmful gases in atmosphere and increased rapidly which uplifts the demand of Gas Sensors in global market.

With the rise in Governmental regulations and Environmental concerns against the rising air pollution intensity with hazardous gases in atmosphere, installation of Gas Sensors in all workplaces and near hospitals and Other public places tends to drive the market growth.

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Gas Sensor Market Size Forecast to Reach $1.2 Billion by 2026