Market Overview:
They are applied in industries, indoor air quality monitoring, medical diagnosis systems, automotive emission control and so on. Gas sensors have high sensitivity, fast response and recovery times, good reproducibility and stability.
Market key trends:
The Industrial Internet of Things (IIoT) is driving growth of the gas sensor market. IIoT connects industrial equipment with sensors and cloud-based software systems enabling remote monitoring and control of equipment. Gas sensors are being integrated into IIoT systems to monitor air quality in factories and detect gas leaks. This enhances workplace safety and allows faults to be detected and addressed remotely before serious incidents occur. IIoT integrators are developing gas sensor modules compatible with major IIoT platforms like Amazon Web Services (AWS), PTC ThingWorx, GE Predix and Microsoft Azure to simplify integration of gas detection capabilities into IIoT systems. This trend is expected to significantly increase demand for gas sensors from various industries in the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established industry players pose high barriers for new entrants.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives and undifferentiated products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of component manufacturing companies.
Threat of new substitutes: Threat of new substitutes is moderate due to emergence of newer sensor technologies.
Competitive rivalry: High due to presence of major players competing on technological advancements and pricing.
The global Gas Sensor Market Size is estimated to be valued at US$ 3.09 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strengths: Growing applications in industries like automotive, industrial safety, medical and home automation.
Weaknesses: High initial costs and complex production processes limit scope of small players. Accuracy can be affected by environmental factors.
Opportunities: Adoption in developing countries and sectors like smart cities, IoT provides growth opportunities.
Threats: Stringent quality norms and regulations challenge production. Trade wars impact accessibility of raw materials.
Key Takeaways
The global gas sensor market is expected to witness high growth at a CAGR of 10% over the forecast period, due to increasing demand from industrial and automotive sectors. The market size is projected to reach US$ 5.46 billion by 2030 from US$ 3.09 billion in 2023.
Asia Pacific dominates the global market currently, owing to large manufacturing bases in China, Japan, and South Korea. The region is estimated to maintain its leading position, expanding at a CAGR of 11% till 2030 on back of growing industrial automation and increasing vehicle production in China and India.
Europe holds second largest share in the global gas sensor market supported by strong automotive industry in Germany. Presence of major automakers driving the adoption of gas sensors for emission monitoring applications.
Key players operating in the gas sensor market are Honeywell, Sensirion, Gastec Corporation, Nemoto Sensor-Engineering, Figaro Engineering Inc., Figaro Engineering Inc., Alphasense, MSA, Membrapor, Amphenol, and Dynament. Major players are focusing on new product launches and collaborations to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
