Gas Sensor Market Size, Share, Growth Analysis, By Product(Oxygen (O2)/Lambda Sensors, Carbon Dioxide (CO2) Sensors), By Type(Wireless, and Wired), By Technology(Electrochemical, Semiconductor), By End-use(Medical, Building Automation & Domestic Appliances) - Industry Forecast 2024-2031

Global Gas Sensor Market size was valued USD 2.69 billion in 2022 and is poised to grow from USD 2.95 billion in 2023 to USD 6.09 Billion by 2031, at a CAGR of 9.5% during the forecast period (2023-2031).

The growth of miniaturization and wireless capabilities, coupled with advancements in communication technologies that enable their integration into various equipment and machines to detect dangerous gasses at a safe distance, is the primary factor driving the market. Gas sensors are used to continuously manage and monitor gas emissions from a variety of industrial operations, both home and industrial. Furthermore, increased desire to limit harmful emissions from vital industries bodes well for market growth.

Technological advancements and improvements have enabled gas detector manufacturers to create smart gas sensors. Several businesses are additionally creating drone-based gas leak detection technologies to improve safety for pipeline operators around the world. ABB Ltd., for example, will debut the HoverGuard, a drone-based gas leak monitoring system, in April 2021. HoverGuard securely, rapidly, and reliably detects, maps, and measures leaks up to 100 meters from energy transportation and storage facilities, transportation pipelines, collecting lines, and other possible sources. Such advances in technology augur well for market expansion.

Government regulations for reducing automotive emissions are projected to stimulate demand for gas sensors over the forecast period. Government bodies all around the world establish rules and regulations on petrol emissions from automobiles. As a result, the enforced restriction on vehicle gas emissions promotes demand for gas sensors by reducing atmospheric pollution and increasing fuel efficiency.

Gas sensors are used in a variety of industries, including chemical, oil and gas, and electricity, to detect an environment of combustible and poisonous gasses. These businesses emit a large amount of petrol into the atmosphere, including carbon monoxide, carbon dioxide, hydrocarbons, and ammonia. Excessive emissions of these gasses can have a negative impact on human health. Furthermore, methane is commonly employed for electricity generation. Methane is a greenhouse gas that is highly combustible and can create explosive mixtures in the atmosphere if methane leaks are not adequately identified. As a result, novel sensor technologies, such as substance-specific electrochemical detectors and Non-dispersive Infrared (NDIR) detectors used to detect methane and other gasses in businesses, are being developed.

The advent of the COVID-19 pandemic is likely to generate market growth prospects. The pandemic has impacted the increased oxygen need for hospitalized patients. This has prompted several hospitals to utilize oxygen sensors to efficiently manage oxygen utilization. Oxygen sensors are commonly used in hospitals to detect oxygen leakage and aid in patient safety. Furthermore, manufacturers have created sensors in order to accommodate the growing demand from ventilator makers. This advancement was anticipated to address the growing demand from ventilator makers.

US Gas Sensor Market is poised to grow at a sustainable CAGR for the next forecast year.