The overall gas sensors market is expected to grow
from USD 1.1 billion in 2021 to USD 1.5 billion by 2026; it is expected to grow
at a CAGR of 7.0% during 2021–2026. Key factors fueling this market's growth
include high demand for gas sensors in critical industries, formulation and
implementation of various health and safety regulations globally, increasing
integration of gas sensors in HVAC systems and air quality monitors, increasing
air pollution level and need for air quality monitoring in smart cities, and
increased demand for gas sensors in healthcare industry during COVID-19
pandemic. Deployment of IoT, cloud computing, and big data with gas sensors,
growing adoption of gas sensors in consumer electronics, and increasing demand
for miniaturized wireless gas sensors create a strong demand for gas sensor for
efficient industrial operations in the midst of COVID-19.
Challenge:
Decline in demand from oil and gas industry due to COVID-19
Gas sensors form an
important part of the oil & gas industry. These sensors are used to detect
harmful/combustible gases in exploration, enhanced oil recovery (EOR), well
drilling, well completion, pigging, fracking, and refining. Recently, oil
prices have plummeted to a new low, which has resulted in many exploration
& production (E&P) and refining companies to cut capital expenditure
and also curtail production. Owing to the aforementioned situation, many
companies have delayed or cancelled their order for gas sensors, thus resulting
in a decline in demand for gas sensors.
Oxygen gas
sensor held the largest market share of gas sensor market in 2020
The oxygen gas
sensor is expected to account for the largest share of the gas sensor market by
2026 as oxygen detectors, analyzers, and monitors are widely used in the
automotive industry, smart cities & building automation, food &
beverage industry, and other industrial applications. Medical equipment is
another application area of oxygen sensors as they are used in incubators and
other hypoxic life science products, anesthesia monitors, respirators, and
oxygen concentrators.
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Automotive
& transportation held largest share of gas sensor market in 2020
The automotive &
transportation application is expected to continue to account for the largest
size of the gas sensor market. The air quality in the vehicle cabin is majorly
affected due to the entry of pollutant gases through the ventilation systems,
lack of fresh air inflow resulting in low oxygen (02) concentrations,
pollutants entering through window openings, and toxic gases entering via
redirected exhaust fumes. Stringent environmental and safety regulations compel
all automobile and transport OEMs to incorporate gas sensor solutions in their
offerings.
Key Market
Players
Honeywell Analytics
(UK), MSA Safety Inc. (US), Amphenol (US), Figaro Engineering (Japan),
Alphasense Ltd. (UK), Sensirion AG (Switzerland), Dynament Ltd. (UK), ams AG
(Austria), MEMBRAPOR AG (Switzerland), and Senseair AB (Sweden) are a few major
companies in the gas sensor market. Organic growth strategies, such as product
launches and developments, is a focus of many of the companies mentioned above.
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