The global gas sensors market is anticipated to grow beyond USD 2,513 million by 2024 growing at a CAGR of over 6 % over the forecast period (from 2016 to 2024). Various technological innovations, mainly due to the improved manufacturing methods and embedded electronics are projected to augment the growth of the global market. In addition, the rising demands from various end-use industries are also estimated to positively impact the global industry. The global market is categorized as products, technology, end-uses, and regions.
The product sector comprises Nitrogen Oxides (NOx), Oxygen (O), Carbon Monoxide (CO), and Carbon Dioxide (CO2). The oxygen sensor sector occupied over 10 % of the total market revenue in 2015. It is further projected to grow rapidly over the next few years. However, the NOx sensor sector is anticipated to become the fastest-growing segment with a CAGR of over 7 % over the estimated years. The CO2 sensor sector has also been experiencing increased demands from the bulk food storage segment. However, the high costs of these CO2 sensing products are likely to hamper the sector growth in near future.
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The technology sector includes electrochemical, infrared, semiconductor, solid state, catalytic, and Photoionization Detector (PID). The electrochemical sector is anticipated to dominate the global gas sensors market during the forecast period. The infrared technology sector is estimated to grow at the maximum CAGR of over 6 % during the forecast period.
The end-use segment involves industrial, environmental, petrochemical, building automation & domestic appliances, automotive, and medical. The industrial sector was the biggest end-use sector in 2015 and is projected to maintain its dominance even during the estimated years. The medical sector is also said to be one of the high growth avenues. It is likely to grow more rapidly than the global average, with a CAGR of over 6 % over the forecast period.
Geographically, Asia-Pacific was the largest regional gas sensors market in 2015 and held over 27 % of the global revenue. The region is further said to be the fastest-growing regional market with a CAGR of over 7 % from 2016 to 2024. The Europe region is also estimated to witness a rapid growth in the near future.
Some of the major players in the gas sensors market include Membrapor AG; City Technology Ltd.; AlphaSense Inc.; Dynament Ltd.; and Figaro Engineering Inc.