by The global gas sensors market reached a significant milestone by surpassing the $2 billion mark in the year 2021, as reported by Fairfield, a leading market research firm. The market is poised for robust growth in the coming years, driven by the critical need for ensuring the safety of human assets and the environment.
Growing Imperative of Safety and Environmental Compliance
In recent years, various types of gases have become essential raw materials in different industries. Ensuring effective oil and gas pipeline leak detection methods has become imperative to monitor and control gases, mitigating potential risks to property, facilities, and human lives in case of leaks. Failure to control these gases can lead to severe health hazards and leave toxic traces in the aftermath, negatively impacting human well-being.
Moreover, stringent regulations for monitoring gases have emerged to meet environmental and safety standards, putting pressure on companies to invest in cutting-edge technologies and innovative sensing methods. The primary objective is to ensure the safety of employees, workplaces, nearby communities, and the environment. This growing necessity for monitoring gases under varying conditions has driven the demand for gas sensors, contributing significantly to the expansion of the gas sensors market.
Crucial Role in Critical Industries
Industries such as chemicals, oil and gas, power, and mining rely heavily on gas sensors to monitor and detect the presence of toxic and combustible gases. Emissions of gases like hydrogen sulfide, carbon dioxide, carbon monoxide, and other hydrocarbons pose a threat to both human health and the environment, leading to the degradation of ecosystems. Gases like butane, methane, and propane also present the risk of fire accidents. Consequently, the adoption of real-time gas monitoring systems has become essential, further boosting the growth of the gas sensors market on a global scale.
CO2 Sensors and Carbon Monoxide Sensors in High Demand
Carbon dioxide (CO2) gas sensors have witnessed increasing demand in recent years, particularly in indoor environments such as households and office buildings. These sensors are also used in various industrial applications, including healthcare, automotive, mining, aerospace, and greenhouses, driving sales and contributing to the growth of the gas sensors market.
Additionally, carbon monoxide (CO) sensors are gaining prominence due to the severe consequences associated with this gas. Carbon monoxide poisoning is a leading cause of non-medical poisoning deaths, and fatalities continue to rise. Government authorities are increasingly mandating the installation of sensors to detect and control carbon monoxide, ensuring on-site safety.
Asia Pacific Emerging as a Key Market
The Asia Pacific region, with its burgeoning economies, is expected to exhibit significant growth potential in the gas sensors market. The region hosts numerous companies across various industries, including oil and gas, pharmaceuticals, chemicals, automotive, and energy and power. Its resourcefulness in terms of labor, raw materials, and a growing customer base has attracted industrial giants, making it a manufacturing and outsourcing hub. This has created substantial opportunities for businesses supplying components like gas sensors to support these industries.
Recent gas leak incidents and explosions have further accelerated the demand for effective gas sensors in the region. For example, China experienced a dramatic increase in gas accidents, with 544 reported in the first half of 2021 alone, as per the China Labour Bulletin. This alarming trend underscores the need for advanced gas monitoring and detection systems, driving the growth of the gas sensors market in the Asia Pacific.
Competitive Landscape
The gas sensors market is witnessing ongoing developments, including new product launches, collaborations, and acquisitions. Key players in the global gas sensors market include Figaro Engineering Inc., Robert Bosch GmbH, Membrapor AG, Nemoto & Co. Ltd., AlphaSense Inc., SenseAir AB, Siemens AG, Trolex Ltd., Teledyne Technologies Incorporated, Sensirion AG, and MSA Safety Inc.
The future of the gas sensors market appears promising, driven by the critical role these sensors play in ensuring safety and environmental compliance across a wide range of industries.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/gas-sensors-market
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This press release first seen on Brilad
COMTEX_442320063/2840/2023-10-23T08:21:17
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.