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Global Gas Sensor Market Forecast to Grow at 5.7% CAGR During 2012-2018

Oct 22 2015

The global market for gas sensors was valued at USD 1,664.8 million in 2012 and is expected to grow at a CAGR of 5.7% during the forecast period from 2012 to 2018 and reach USD 2,328.3 million by 2018. Strengthening government regulations for safety at workplace and emission control are primarily driving the market for gas sensors.

Gas sensors are used for detecting concentration of different combustible and toxic gases and are witnessing increased demand from industrial, petrochemical and automotive sectors. Gas sensors in industrial applications are used for detecting gas leaks and monitoring indoor/outdoor air quality. It helps in detecting the presence of toxic and combustible gases and thus prevents mishaps.

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The report identifies the key trends that will define the future growth trajectory of the global gas sensors market. The use of wireless gas sensors in various applications is heavily influencing the way products are designed in this market. Wireless gas sensors are suited in hazardous or extreme applications as they can remotely transmit data to a computer or smartphone. Moreover, smart gas sensors that can be integrated with different devices or can analyze data are catching on in the market. Although gas sensors have traditionally been widely used in the oil and gas and manufacturing industries, their use is now also being observed in the automotive industry. This trend is underscored by the fact that automotive companies are having to comply with increasingly stringent safety mandates.

Gas sensors identify and measure the presence of gases such as oxygen, nitrogen oxide, carbon monoxide, and carbon dioxide. However, TMR's analysts state that the demand for CO2 sensors could witness a downslide because of a dip in CO2 emissions in the recent past. Speaking of areas within the gas sensors market where companies should focus, a TMR analyst said, "The demand trends clearly point toward more compact and low-energy-consuming sensors that offer versatility. Hybrid vehicles that make use of hydrogen as a source of clean energy also demand a particular variety of gas sensors - an opportunity that can be harnessed by existing players."

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The report segments the global gas sensors market on the basis of gas sensing technology into: Electrochemical, photoionization detectors (PID), semiconductor, metal oxide semiconductor/solid-state semiconductor, infrared (IR), catalytic, and others. Consumers across the world prefer using gas sensors that are based on semiconductor and electrochemical technologies as they provide a very desirable combination of accuracy and cost effectiveness in detecting combustible or toxic gases.

By type of product, the gas sensors market has been segregated as: Oxygen sensors (O2 sensors), carbon monoxide sensors (CO), carbon dioxide sensors (CO2), nitrogen oxide (NO2), and sensors for other gases. The end-use industries for gas sensors studied in this report include: Pharmaceutical, medical, industrial, automotive, building automation and domestic appliances, and others. The process and manufacturing industries currently contribute the highest revenue to the global gas sensors market. The automotive industry is exhibiting a progressively greater demand for gas sensors, especially as several hybrid vehicles now make use of hydrogen as a clean fuel.

The report studies the gas sensors market in the following regions: North America, Europe, Asia Pacific, and Rest of the World. In 2015, Asia Pacific will supersede Europe as the leading regional market for gas sensors in the world. City Technology (a Honeywell-owned company) was the undisputed leader in the global gas sensors market in 2012 with a share of 28%; following at a distant second spot was Alphasense which staked claim to around 15% of the market in the same year. Other companies such as Membrapor AG, Figaro Engineering Inc., Dynament Ltd, Aeroqual Ltd., Nemoto & Co., Ltd, ABB Ltd., and Siemens AG are profiled in the study.

Gas Sensors Market Size and Forecast, By Technology