CO2 Gas Sensor Market Expected to Reach $557.7 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “CO2 Gas Sensor Market," The co2 gas sensor market was valued at $271.23 million in 2021, and is estimated to reach $557.7 million by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

Gas sensors are the smart electronic devices that are used for detection and identification of various types of combustible and non-combustible gases in an indoor or outdoor environment. The sensors are interfaced with a control system, so it can detect a leakage and provide the initiating signal to shut down or raise an alarm. CO2 gas sensors are majorly used to detect gases such as carbon monoxide in applications such as infrared sensor, photo ionization sensor, and electrochemical sensor. These gas sensors are deployed in various end uses such as defense and military, and industrial automotive.

The advancement in IR sensor promotes the usage of infrared technology for gas detection. In addition, the incorporation of IoT in infrared gas detection has extended its penetration for the industrial use. For instance, the development of fully integrated, non-dispersive infrared gas sensor, which is constructed from engineered synthetic material known as meta-material, also the sensor has no moving parts with a very compact architecture. The integration of IoT in the sensors make it suitable for smart infrastructure. The CO2 analyzer and sensors including mq2 gas sensor, gas sensor arduino and others finds its end use in life-science and healthcare for application in medical diagnostics and monitoring equipment.

CO2 gas sensors have major deployment in industrial end use for detection of combustible gas leakages for safety and security. Further, penetration of IoT, artificial intelligence and machine learning in industries drives the market for gas sensor. The advancement of CO2 gas sensor for industrial grade creates lucrative opportunity for the CO2 gas sensor market growth. For instance, the CO2 gas sensor market trends show that non-dispersive infrared for carbon dioxide and portable small dimensioned photoionization detectors have gained widespread popularity over time. Furthermore, according to the CO2 gas sensor market analysis, crucial gas detection in industries such as oil & mining, mineral extraction, and others use gas sensors, owing to the penetration of autonomous systems. This drives the growth of CO2 gas sensor market share.

The CO2 gas sensor market overview indicates that Asia-Pacific has major penetration of CO2 gas sensor market size due to establishment of various industries such as oil & mining, construction, automotive manufacturing among others. The region includes China, Japan, India, South Korea, and rest of Asia-Pacific. Japan and China are technologically advanced countries, which exhibit high demand for smart gas sensors. Emerging countries, such as India, are expected to drive the market growth. However, the other underdeveloped countries are expected to hamper the growth of the Asia-Pacific region.

KEY FINDINGS OF THE STUDY

• In 2021, the infrared gas sensor segment was the major revenue contributor to the CO2 gas sensor industry, and is projected to grow at a notable CAGR of 9.64% during the forecast period.
• The healthcaresegment is projected to growth at a CAGR of  8.82% during the forecast period.
• North America contributed for the major CO2 gas sensor market share, accounting for more than 47% share in 2021.

Key players profiled in the report include ABB, Amphenol Corporation, Siemens AG, Honeywell, Sensirion AG, Murata, Vaisala, ELT SENSOR, Cubic Sensor and SenseAir (Asahi Kasei). Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the CO2 gas sensor market.