Gas Sensor Market to Garner $1.33 Bn, Globally, by 2027 at 6.4% CAGR, Says Allied Market Research

Gas Sensor Market to Garner $1.33 Bn, Globally, by 2027 at 6.4% CAGR, Says Allied Market Research

PR Newswire

PORTLAND, Oregon, June 9, 2020

- Advent of gas sensors in HVAC system, growth in government standards and regulations concerning emission control, and surge in need for air quality monitoring in smart cities have boosted the growth of the global gas sensor market

PORTLAND, Oregon, June 9, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Gas Sensor Market by Gas Type (Carbon Monoxide, Methane, Hydrogen, Ammonia, Oxygen, and Others), Technology (Infrared Gas Sensor, Photo Ionization Sensor, Electrochemical Gas Sensor, Thermal Conductivity Gas Sensor, Metal Oxide-Based Gas Sensor, Catalytic Gas Sensor, and Others)and End Use (Defense & Military, Healthcare, Consumer Electronics, Automotive & Transportation, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global gas sensor market accounted $823.1 million in 2019, and is projected to hit $1.33 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027.

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Drivers, restraints, and opportunities

Advent of gas sensors in HVAC system, growth in government standards and regulations concerning emission control, and surge in need for air quality monitoring in smart cities have boosted the growth of the global gas sensor market. However, high initial cost of the device hampers the market growth. On the contrary, growing trend toward the internet of things (IoT) is expected to create lucrative opportunities for the market players in the coming years.

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Methane segment held the largest share

By gas type, the methane segment dominated the market in 2019, accounting for nearly one-fifth of the global gas sensor market, owing to its usage in domestic gas leakage detector, industrial combustible gas detector, portable gas detector, and in gas leak alarm. However, the oxygen segment is expected to portray the highest CAGR of 8.7% during the study period, owing to the increase in the adoption of oxygen gas type sensors.

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Infrared gas sensor segment to manifest highest CAGR through 2027

By technology, the infrared gas sensor segment is expected to register the highest CAGR of 8.7% during the forecast period, owing to the incorporation of IoT in infrared gas detection and its penetration in the industrial sector. However, the electrochemical gas sensor segment dominated the market in 2019, holding nearly one-third of the global gas sensor market, due to rise in demand for the electrochemical sensor for emission control.

Asia-Pacific, followed by North America, dominated the market

The global gas sensor market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the region is expected to register the fastest CAGR of 7.7% during the forecast period. This is pertaining to increase in demand for sensors due to capacity addition in the refinery sector and growth in the IoT sector in developing countries such as India, China, and Indonesia. On the other hand, North America is expected to register a CAGR of 4.3% during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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