Gas Sensors Market size to Increase by USD 719.28 million between 2022 and 2027, Increase in LNG Trade to Drive Growth - Technavio

NEW YORK, Jan. 22, 2024 /PRNewswire/ -- The global gas sensors market size is estimated to grow by USD 719.28 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 9.98% during the forecast period. The Gas Sensors Market experiences significant growth driven by the surge in LNG trade, propelled by its adoption as a cleaner transport fuel. The expansion is fueled by the increasing global focus on clean energy, with countries integrating natural gas, especially in liquefied form (LNG), into their energy mix. Gas sensors play a vital role in LNG plants, ensuring safety and operational performance. The rise in LNG production, particularly in the US, a global natural gas leader, intensifies the demand for gas sensors, positioning them as essential components for environmental monitoring and industrial safety.

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Technavio has segmented the market based on End-user (Industrial, Petrochemical, Building automation and domestic appliances, Automotive, and Others ), Type (Wired and Wireless ), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The Gas Sensors Market experiences substantial growth in the industrial segment, driven by rigorous environmental conditions in sectors like petroleum, natural gas, and explosives-containing metals. The demand for gas detectors and safety equipment rises, emphasizing the crucial role of gas sensors in industrial settings. These sensors play a key role in gas detection and fire suppression systems, ensuring safety compliance amidst stringent regulations. As governments and safety agencies enforce guidelines, the market anticipates a surge in demand for reliable gas sensor technologies in industrial applications.

Based on geography, the global gas sensors market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global gas sensors market.

• APAC will contribute 38% to the global gas sensors market growth, propelled by significant infrastructure development in countries like India, China, Malaysia, and the Philippines. The region's demand is driven by urbanization, affordable housing projects, and China's position as the largest construction market. China's economic growth and a rising middle-class population will boost demand for gas sensors, fostering market growth in APAC during the forecast period.

Insights on the market contribution of various segments including country and region wise historic market data(2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

New product launches stand as a major market trend during the forecast period, whereas, the issues related to sensitivity, selectivity, and stability of gas sensors hamper market growth, says a senior analyst at Technavio.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Gas Sensors Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Gas Sensors Market between 2023 and 2027
• Precise estimation of the size of the Gas Sensors Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Gas Sensors Market industry across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Gas Sensors Market vendors

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio