Rising Demand From Automotive Industry To Drive The Growth Of Gas Sensor Market

Rising Demand From Automotive Industry To Drive The Growth Of Gas Sensor Market

Market Overview:

A gas sensor is a device that detects the presence and concentration of gases in an area, especially gases that can be dangerous to safety or health. They are used for applications like monitoring hydrocarbon, biological and toxic gas emissions from industrial processes.  They provide real-time gas detection and monitoring capabilities. Some key advantages of gas sensors include high sensitivity, fast response, portability and ability to work in extreme environments.

Market key trends:
One of the key trends in the gas sensor market is the rising demand from automotive industry. Modern vehicles require gas sensors for monitoring emissions and detecting faults in exhaust systems. They are also useful for detecting fuel vapors and odorized gases used in AC systems. With stricter emission norms aimed at reducing air pollution, gas sensors have become a necessity in modern vehicles. Their integration in advanced driver-assistance systems and self-driving vehicles is further expected to drive the demand. Miniaturization of gas sensors and development of low-cost sensors is another notable trend, allowing their usage in more applications.
Porter’s Analysis

Threat of new entrants: Low capital requirements pose a threat of new entrants in the gas sensor market. However, economies of scale and branding give established players an advantage.

Bargaining power of buyers: The bargaining power of buyers in the gas sensor market is moderate. Buyers can negotiate on price and quality, but switching costs act as a deterrent.

Bargaining power of suppliers: Major suppliers of raw materials have significant influence over gas sensor manufacturers. Suppliers can leverage their bargaining power for better terms and pricing.

Threat of new substitutes: Alternate gas detection technologies pose a threat to gas sensors, but high switching costs moderate the threat of substitutes in the market.

Competitive rivalry: The gas sensor market has numerous global and regional vendors operating competitively. Intense competition based on performance, pricing, and product innovation keeps rivalry high in the market.

The global Gas Sensor Market Size is estimated to be valued at US$ 3.09 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways

The global gas sensor market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing industrialization and strict air quality monitoring regulations.

Regionally, Asia Pacific dominates the gas sensor market and is expected to grow the fastest during the forecast period. This can be attributed to rapid industrialization and urbanization in countries such as China and India. Strict environmental laws also drive the demand for gas sensors in the region.

Key players operating in the gas sensor market are Honeywell, Sensirion, Gastec Corporation, Nemoto Sensor-Engineering, Figaro Engineering Inc., and Alphasense. These vendors primarily compete based on performance, pricing, innovation, brand recognition, and product portfolio.

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https://www.marketwebjournal.com/gas-sensor-market-market-size-share-analysis-growth/