Gas Sensor Market size to surpass $5 Bn by 2032

Gas Sensor Market size is projected to reach over USD 5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.

A surge in demand for high-performance air quality monitoring devices is expected to have a positive impact on the gas sensors industry dynamics. The growing efforts toward the development of smart cities have compelled notable advancements in infrastructure. Rapid urbanization and growing disposable income have further encouraged smart city development across several developed and developing countries, thus boosting the demand for air quality monitoring devices. These systems provide real-time monitoring and control of air pollution, therefore driving the need for novel gas sensor technologies.

Rising incidences of gas leaks in industrial settings foster demand for wired gas detectors

Gas sensor market size from the wired connectivity segment is expected to record over 9% CAGR from 2023-2032. The growing concerns associated with worker safety during gas leaks and exposure to hazardous substances are propelling the deployment of wired gas sensors. In March 2022, the China Labor Bulletin report published data showcasing 544 gas accidents in the first half of 2021 alone. Wired sensor systems are relatively more reliable, smaller, and more efficient than their wireless counterparts. These devices are also affordable and provide a high level of accuracy to end-users, which is likely to spur product consumption.
 

Emergence of new EV technologies to accelerate gas sensor applications across the automobile sector

In terms of revenue, the gas sensor market share from automotive applications is poised to exceed USD 1.5 billion by the end of 2032. A steady shift from internal combustion engines (ICEs) to electric battery-powered vehicles is driving the demand for gas sensors across the automobile sector. High emphasis on the reduction of automobile emissions and strict government regulations pertaining to low-carbon alternatives is further accelerating the need for EVs, creating strong demand for gas sensors and other features. With the surging popularity of battery technology, safety has become a key concern due to accidents associated with the thermal runaway of batteries. Gas sensors help detect gases released from battery thermal runaways to provide early safety warnings, making them sought-after components in EVs.
 

Browse key industry insights spread across 148 pages with 425 market data tables & 33 figures & charts from the report, “Gas Sensor Market - By Product (Oxygen (O2)/ Lambda Sensors, Carbon Dioxide (CO2) Sensors, Carbon Monoxide (CO) Sensors, NOx Sensors), By Technology (Electrochemical, Semiconductor, Solid State, PID, Catalytic, Infrared), By Connectivity (Wired, Wireless), By Application (Consumer Electronics, Medical, Environmental, Petrochemical, Automotive, Industrial) & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/gas-sensors-market-size
 

Rapid industrialization to augment gas sensors industry growth in APAC

Asia Pacific gas sensor market size crossed USD 400 million in 2022 and is projected to register significant growth over 2032. APAC is poised to emerge as a major hotspot for gas sensor technologies given the rising levels of air pollution due to rapid industrialization and urbanization in India and China, therefore consolidating the need for air quality monitoring devices. Additionally, the growing technological advancements such as the miniaturization of electronics and wireless components in China will offer lucrative business prospects. A surge in demand for innovative technology systems such as E-turbo and E-compressor to curb emissions will propel the adoption of gas sensors in the region.
 

New product launches to boost gas sensor market expansion

ABB Limited, Bosch Sensortech, Siemens AG, Aeroqual, Amphenol Corporation, Alphasense (AMETEK), ams OSRAM AG, Dynament, BlueSens gas sensor GmbH, Emerson Electric Co., Gastec Corporation, Honeywell International Inc., Figaro Engineering Inc., Membrapor AG, METTLER TOLEDO, Microsens SA, Nemoto & Co., Ltd., Senseair, and Sensirion AG some of the leading companies in the global hearing aids industry. These firms are launching new and innovative products to expand their offerings and customer base.