The gas sensor market is projected to grow from USD 1.5 billion in 2023 and is expected to reach USD 2.3 billion by 2028, growing at a CAGR of 9.7% from 2023 to 2028. The application of gas sensors in smart cities and building automation has witnessed significant growth in recent years. Additionally, gas sensors are used to detect leaks of hazardous gases such as natural gas, propane, and ammonia in pipelines, storage facilities, and industrial settings. Prompt detection and response to leaks can prevent potential disasters, protect public safety, and minimize environmental impact.
Drivers: Rising demand
for gas sensors in critical industries
The market for gas
sensors is growing due to an increase in demand in essential industries.
Critical industries such as oil & gas, chemical, mining, and power use gas
sensors to detect and monitor the presence of combustible and toxic gases. For
example gas sensors are used in chemical industry to monitor the safety of
manufacturing processes and to ensure compliance with environmental
regulations. They are also used to detect leaks of hazardous gases, such as
sulfur dioxide and chlorine. As excess emissions of these gases in the air can
adversely affect human health. Moreover, there are some explosive gases such as
methane, propane, and butane that might be released by these critical
industries, thereby leading to the chances of fire accidents. Several regulatory
bodies are implementing various regulations to secure the ecosystem from
harmful gases. The US, the UK, Germany, China, and France have laid various
regulations to prevent the emission of harmful gases into the air.
Restraint: Complexities
involved while developing industry-specific gas sensors
The increasing use of
gas sensors in different industrial and non-industrial applications has led to
a rise in the number of R&D activities being carried out across the world
for the development of new and advanced gas sensors. Each industry may have
specific requirements for gas sensors, such as response time, detection limits,
and compatibility with existing equipment. These requirements need to be
carefully considered and addressed during sensor development. Gas sensors are
used in industrial, healthcare, and consumer electronics applications.
Opportunity: Rising
deployment of IoT, cloud computing, and big data in gas sensors
IoT plays an important role in the information
technology sector. The IoT, with its network of interconnected devices, is
empowering gas sensors to gather data from a wide range of sources, including
industrial equipment, environmental monitoring stations, and even personal
wearable devices. This vast influx of data is then channeled to cloud computing
platforms, where it is stored, analyzed, and transformed into actionable
insights. Big data analytics techniques are employed to identify patterns,
trends, and anomalies in the data, enabling users to make informed decisions
and optimize their operations.
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Challenge: Technical
issues such as high energy consumption
The gas sensor market is expanding at a significant pace; however, certain technical issues might limit its growth. High energy consumption, sensitivity to environmental conditions, high cost, and difficulty in fabrication are a few of the major problems associated with gas sensors. The power consumption of gas sensors can vary depending on the sensor type, technology, and operating conditions. However, even relatively low-power sensors can consume significant energy over extended periods, especially when operating in continuous monitoring mode.
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