Global gas sensors market, thriving on the back of exponentially growing security and monitoring demands, reached past US$2 Bn in the year 2021. Fairfield expects healthy growth for the market during the course of next few years as the preliminary research suggests.
Critically Growing Need for Safety of Human Assets and Environment to Influence Gas Sensors Market
Since past several years, various types of gases are being used across different industries as raw materials. That said, it has become imperative to ensure effective oil and gas pipeline leak detection methods to monitor and control gases to mitigate risks that could damage property or facility and human lives in case of leaks. Improper control can lead to significant health hazards and could leave toxic traces post the incident that could negatively impact human beings. In addition, companies have begun to face new environmental and safety standards as stringent regulations for monitoring gases have emerged. With the main objective to ensure safety of employees along with the work or plant site and nearby communities, demand for systems backed by top-of-the-line technologies, and innovative and adaptive sensing methods has increased significantly. In this backdrop, the necessity of exercising control by monitoring gases and their conditions under different temperatures has triggered the need for gas sensors, in turn bolstering the growth of gas sensors market.
Furthermore, critical industries including chemicals, oil and gas, power, and mining rely on gas sensors to monitor and detect the presence of toxic and combustible gases. Variety of gases such as hydrogen sulfide, carbon dioxide, carbon monoxide, and other hydrocarbons are released by companies in these industries. Excess emission of such gases is proven to be harmful to human health and environment leading to degradation of flora and fauna. Additionally, gases such as butane, methane, and propane can lead to fire accidents. In wake of this situation, adoption of systems to continuously monitor the percentage of gases on a real-time basis is expected to complement the growth of gas sensors market on the global front.
Sales of CO2 Sensors to Showcase Stable Increase in Gas Sensors Market
Carbon dioxide gas sensors have been witnessing high demand since the past few years and the scenario is likely to maintain status quo going forward. Carbon dioxide gas sensors are largely used for monitoring the air quality in indoor environment such as households, and office buildings. They are also used in other industrial applications such as healthcare, automotive, mining, aerospace, and greenhouses. This factor is expected to drive sales of CO2 sensors, in turn contributing towards value growth of the gas sensors market.
Alternatively, carbon monoxide sensors are picking up steam. The demand for these sensors is poised to increase at a significant rate owing to the critical aftereffects of the gas. Poisoning due to carbon monoxide is one of the major causes of non-medical poisoning deaths. Fatalities owing to carbon monoxide are increasing, thus pushing government authorities to install sensors to detect and control the gas and ensure onsite safety. For instance, as per CDC (Centres for Disease Control and Prevention), approximately 10,000 individuals suffer from carbon monoxide poisoning every year in the United States, and over 438 individuals die each year. This factor has fuelled the need for carbon monoxide sensors.
Asia Pacific Remains a Major Revenue Contributor to Global Gas Sensors Market
From the geographical standpoint, emerging economies in Asia Pacific are expected to showcase high growth potential with respect to use of gas sensors. The region houses several companies operating in various industries such as oil and gas, pharmaceuticals, chemicals, automotive and energy and power. Asia Pacific has always remained a lucrative region owing to its resourcefulness apropos to labour, raw material and increasing customer pool. This has attracted several industrial giants in Asia, making it a manufacturing and an outsourcing hub for several end-use industries. This has in turn paved potential avenues for businesses complementing these industries. For example, a chemical plant requires several components such as gas sensors for its effective running, alongside abiding by the rules set by authorities with regards to emissions. This macro aspect remains crucial in driving the demand for gas sensors in Asia Pacific.
Moreover, in the recent past, accidents owing to gas leaks have further propelled the demand for effective gas sensors. Dramatic uptick in the volume of gas explosions has largely impacted life of workers and public owing to gas leaks due to improper monitoring. For instance, according to CLB (China Labour Bulletin), gas accidents in China in 2020 reached a count of 615. However, this number increased to 544 in the first half of 2021 in the country. This factor remains instrumental in driving need for advanced gas monitoring and detecting systems to reduce the possibilities of explosions, consequently influencing the growth of the Asia Pacific gas sensors market.
Gas Sensors Market: Competitive Landscape
New product launches, collaborations, and acquisitions have been witnessed in the gas sensors market. A few of the major players in global gas sensors market include Figaro Engineering Inc., Robert Bosch GmbH, Membrapor AG, Nemoto & Co. Ltd., AlphaSense Inc., SenseAir AB, Siemens AG, Trolex Ltd., Teledyne Technologies Incorporated, Sensirion AG, and MSA Safety Inc.
Recent Notable Developments
The Global Gas Sensors Market Is Segmented As Below:
By End Use
Key Elements Included In The Study: Global Gas Sensors Market
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