by Gas sensors have wide applications in the automotive sector for detecting hazardous gases like carbon monoxide, oxygen, and combustible gases. They are increasingly used in vehicles to monitor emissions from engines, detect leaks in fuel systems, and alert the driver in case of excessive emissions to improve vehicle safety and comply with stringent emission norms. Gas sensors help in detecting and monitoring emissions from internal combustion engines in real-time and enabling lower gas exhaust with electronic fuel injection and emission control technologies. The global automotive industry has been growing steadily over the years with rising vehicle ownership, especially in developing nations, which is expected to drive the demand for gas sensors during the forecast period.
Gas sensors play a crucial role in monitoring air quality by detecting various gases in the environment. They are used in various applications like industrial emission monitoring, indoor air quality meters, combustion control, and chemical detection. They offer high sensitivity and fast response to a wide range of toxic, flammable, and combustible gases. Miniaturized gas sensors are becoming increasingly popular due to their advantages such as small size, low power consumption, stability, selectivity, and cost-effectiveness. The growing air quality monitoring industry and stricter environmental regulations are fueling the demand for gas sensors in industrial and residential applications.
The global Gas Sensor Market is estimated to be valued at US$ 3.09 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the gas sensor market is the development of advanced and intelligent gas sensors. Traditionally, gas sensors are designed to detect a single target gas. However, there is an increasing demand for multi-gas sensors that can detect and identify multiple gases simultaneously. This has led manufacturers to focus on developing sensors integrated with technologies like Internet of Things (IoT) and machine learning for intelligent gas detection. For instance, gas sensor modules are being integrated with edge computing capabilities and artificial intelligence to provide real-time gas analysis, early detection of leakage, automated control, and predictive maintenance of systems. The miniaturization of electronics is also enabling the development of portable, wearable, and implantable gas sensor devices with advanced features. This is expected to emerge as a key enabler for various applications over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Growing application areas of gas sensors require high R&D investments which create entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. The presence of numerous established players makes it easier for buyers to negotiate on pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Raw material suppliers have less influence due to availability of substitutes.
Threat of new substitutes: The threat of new substitutes is low as gas sensors have diverse applications and alternatives have limitations.
Competitive rivalry: The competitive rivalry is high owing to presence of global and regional players competing on product design, pricing and quality.
Key Takeaways
The Global Gas Sensor Market Size is expected to witness high growth during the forecast period. Asia Pacific region is expected to dominate the market backed by growing automotive and consumer electronics industries in countries like China, Japan, and South Korea.
Regional analysis: Asia Pacific region accounts for the largest market share and is expected to grow at a high CAGR during the forecast period. Growing industrialization and presence of leading consumer electronics manufacturers in China, Japan, and South Korea are fueling the demand for gas sensors in the region.
Key players operating in the gas sensor market are L’Oréal, Estée Lauder Companies Inc., Coty Inc. Key players are focusing on new product launches and strategic partnerships for business expansion. L’Oréal launched new eco-friendly products made from ocean plastics to strengthen its sustainability portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
