Growing Need towards Air Quality Monitoring and Government Regulations or Initiatives Towards Reducing Gas Exposure is Anticipated To Boost Gas Sensor Market During the Forecast Period 2021-2026. Gas Sensor Market is Forecast to Reach $1.2 Billion By 2026, Growing At A CAGR Of 5.5% From 2021 to 2026
Gas Sensor Market Size is forecast to reach $1.2 billion by 2026, at a CAGR of 5.4% during 2021-2026. In medical sector, gases such as enriched oxygen (O2), helium (He), nitrogen (N), nitrous oxide (N₂O) and carbon dioxide (CO2) are used for a wide range of procedures, often providing anesthesia for patients. However, medicFal laboratory gases should be properly sensed as they could pose a threat to human health. Adoption of gas sensors for these applications drive the market. In 2020, Automotive sector held major share 39.61% of gas sensors market in terms of revenue owing to the high investments and sale of vehicles. According to International Organization of Motor Vehicle Manufacturers (OICA), the registration or sale of new commercial vehicles have been increased from 24.96 million units to 27.01 million units during 2017-2019 period. Increase in production and sale of vehicles is set to drive gas sensors market in automotive sector. Medical sector is witnessing the fastest growth rate with a CAGR of around 6.89% owing to the increasing investments during forecast period 2020-2025. Furthermore, evolution of global pandemic disease Covid-19 had created opportunities for gas sensors in medical sector owing to new requirements for medical equipment.
According to International Organization of Motor Vehicle Manufacturers (OICA), in Brazil, the production of passenger cars and commercial vehicles have increased from 2.69 million to 2.94 million units during 2017-2019 period. Increase in production and sale of vehicles is set to drive gas sensors market in automotive sector. Furthermore, increase in regulatory requirements in industrial sector provide opportunities for the market. Geographically, in 2020, Asia-Pacific (APAC) region held major share 36.65% of gas sensors market in terms of revenue owing to the presence of large number of players and high investments for rapid industrialization. As China is the hub for industrial sector, there has been high adoption of gas sensors which set to drive the market in this region. Stringent regulations to adopt safety equipment in industrial sector drive the gas sensors market. Furthermore, increase in foreign direct investments (FDIs) in South America region will provide opportunities for the market.
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Gas Sensor Market Growth Drivers:
- Government regulations or initiatives towards reducing gas exposure
Various industry verticals such as oil & gas, petrochemicals and many others are the major end-user incorporating gas sensing systems owing to its highly critical and hazardous industrial environment. Production facilities related to oil & gas processing or refining, chemicals manufacturing, and so on utilizes a wide range of hazardous and volatile compounds or chemicals, which raises industrial safety concerns. These concerns have made the government of various countries to implement safety norms or regulations as a move towards reducing industrial hazards within harsh environments, thus impacting the growth of gas detecting devices.
As per the Canada oil and gas regulation, every offshore facility needs to be installed with a gas sensing system mandatorily with capabilities of detecting or identifying presence of various gases including hydrogen sulphide, hydrocarbons and others. The oil and facilities within the country need to abide by these regulation as a part of ensuring optimum industrial safety and mitigating hazards or accidents. Installation of gas identifying systems will help in measuring concentration of oxygen as well as detecting hydrogen sulphide or many hydrocarbons, and activate automatically a signal indicating the hazard. Various initiatives by the government to ensure ambient air quality standards while conducting testing of air pollutants overtime in order to reduce the environmental as well as human health hazards due to presence of toxic gases has been also aiding the need for gas sensing systems. The National Air Monitoring Programme headed by Central Pollution Control Board, India aims at monitoring levels of key air pollutants as well as conduct research work on pollution trends while publishing reports of cities violating air quality limit. As it helps in monitoring SO2, NO2, suspended particulate matter and others across 342 operating stations in 127 cities across India, the demand for gas sensors eventually gets impacted.
According to Great Britain’s health and safety legislation, the government describes both short term and long term exposure CO2 limits, as it is defined as a substance hazardous to human health. The legislation in association with the National Institute for Occupational Health and Safety explains that CO2 levels of 40 000 ppm are instantly harmful for human life and health, thus requiring high need for proper monitoring and controlling the concentration levels of CO2 in the nation across different applications, positively impacting the growth of gas sensing devices.
The Major Players in this Market Include
Major players in Gas Sensor market include ABB Ltd. AMETEK, Inc., Johnson Electric Holdings Limited, Bosch Sensortec GmbH, ams AG, Amphenol Corporation, MSA, Figaro Engineering Inc (New Cosmos Electric Co., Ltd) among others. In 2019, Pittsburgh-based safety equipment manufacturer MSA Safety Inc had entered an agreement to acquire the Sierra Monitor Corp. The company had made this agreement in order to enhance its strategy of improving worker safety through the use of cloud technology and wireless connectivity. These kind of agreements enhance the market share of the companies, thereby assisting in driving the market.
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