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Gas Sensors Market with COVID-19 Impact Analysis - Global Forecast to 2026

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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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Mr. Aashish Mehra

MarketsandMarkets™ INC.

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