The gas sensors market size is projected to grow from USD 1.0 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 6.4% from 2019 to 2024. The formulation and implementation of various health and safety regulations across the globe, increased adoption of gas sensors in HVAC systems and air quality monitors, rise in demand for gas sensors from critical industries, increased air pollution levels, and the need to monitor air quality in smart cities are the major factors driving the growth of the gas sensors market.
Smart cities & building automation segment to hold the largest market size by 2024
By application, the smart cities & building automation segment is projected to lead the gas sensors market by 2024. Rising environmental pollution levels and an increasingly degrading indoor air quality have created a significant demand for gas sensors in HVAC and air quality monitoring systems. In smart cities, gas sensors can be used for environmental monitoring applications. Major gases that are monitored include CO, CO2, SO2, NO, NO2, and VOCs. The increasing number of smart city projects in developing countries is expected to drive the growth of the gas sensors market.
Oxygen segment to lead the gas sensors market during the forecast period
By gas type, the oxygen segment is projected to lead the gas sensors market during the forecast period. Oxygen detectors, analyzers, and monitors are widely used in automotive, smart cities & building automation, food & beverages, and other industrial applications. Medical equipment is another application area for oxygen sensors. These oxygen sensors are used in incubators and other hypoxic life science products, anesthesia monitors, respirators, and oxygen concentrators.
APAC to account for the largest share of the gas sensors market during the forecast period
By region, Asia Pacific (APAC) is projected to account for the largest share of the gas sensors market during the forecast period. The market in this region has been studied for China, Japan, India, South Korea, and the Rest of APAC. The APAC gas sensors market is mainly dominated by China and Japan. The market growth in this region can be attributed to the increased use of gas sensors in automotive & transportation, smart cities & building automation, power stations, oil & gas, and chemical applications. Rising awareness regarding the impact of air pollution on health has led to an increase in demand for air purifiers, air cleaners, and air quality monitors in APAC, which, in turn, drives the growth of the market in the region. Increasing government activities to reduce air pollution in several APAC countries, such as China and India, are expected to drive the demand for gas sensors in the Asia Pacific region. This region is also the largest end-user of HVAC equipment. The growing construction industry, due to increasing population and urbanization, drives the APAC HVAC market, which, in turn, creates a demand for gas sensors in the region.
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Key Market Players
Honeywell Analytics (UK), MSA (US), Amphenol (US), Figaro (Japan), Alphasense (UK), ams AG (Austria), MEMBRAPOR AG (Switzerland), Dynament (UK), Sensirion (Switzerland), Asahi Kasei Corporation (Japan), Nissha (Japan), IDT (US), Breeze Technologies (Germany), eLichens (France), Bosch Sensortec (Germany), Edinburg Sensors (UK), GASTEC (Japan), Nemoto Sensor Engineering Company Limited (Japan), and SPEC Sensors (US) are some of the key players in the gas sensors market.
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