Northbrook, IL 60062 -- (SBWIRE) -- 09/07/2022 -- The gas sensor market is projected to grow from USD 1.4 Billion in 2022 to USD 2.1 Billion by 2027; it is expected to grow at a CAGR of 8.9% during the forecast period.
Increasing integration of gas sensors in HVAC systems and air quality monitors is one of the primary factors for the deployment of gas sensor. Rising deployment of IoT, cloud computing, and big data in gas sensors are factors driving demand of gas sensor. The strong growth of consumer electronics industry will boost the growth potential for gas sensor in the coming years.
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The growing demand for highly accurate and micro-sized gas sensors for gas detection, air quality monitoring, and measuring target gas concentration is driving the growth of the gas sensor market. The introduction of gas sensors compatible with IoT devices is expected to bring new revenue sources for manufacturers of gas sensors and modules. While a number of companies are still slow to cash in on opportunities in the market for IoT-compatible gas sensors, ELT Sensor Addressed Corp. (Korea) has already engaged in R&D for the same. The company offers the IoT-S300EA Series, comprising a single channel CO2 sensor module that is used in IoT devices such as air cleaners for residential houses and buildings. Such technological developments are expected to create new revenue streams for companies in the gas sensor market.
The rising awareness to reduce environmental pollution is one of the major factors driving the growth of the gas sensor market. Oxygen sensors are expected to lead the market, in terms of size, due to their wide adoption in a variety of products such as detectors, analyzers, and monitors. These sensors are widely used in the automotive industry and smart cities & building automation applications.
The gas sensor market in Asia Pacific has been segmented into China, Japan, India, South Korea, and the Rest of Asia Pacific. Asia Pacific is the leading market for gas sensors in the automotive, infrastructure, consumer electronics, and pharmaceutical industries, with the major demand from China, India, and Japan. The countries of Asia Pacific are witnessing increased demand for gas sensors, and this demand is expected to grow at a significant rate during the forecast period as well. Moreover, the rise in the number of smart city projects in countries such as India and China are also leading to increased demand for gas sensors from these countries. With rising pollution levels, oxygen and carbon dioxide sensors are expected to be increasingly used for in-cabin air quality monitoring in automobiles and thus drives the market growth. Various countries in Asia Pacific have adopted Vehicle Indoor Air Quality (VIAQ) regulations related to the permissible concentration level of volatile organic compounds (VOCs) in new vehicles. China, Japan, and South Korea are among the countries that have set permissible limits for VOCs in indoor automobile cabins. Thus, the above factor is driving the growth of gas sensor market