CO2 Gas Sensor Market: Global Industry Analysis and Forecast (2023-2029)

CO2 Gas Sensor Market size was valued at USD 410.04 Mn. in 2022 and the total CO2 Gas Sensor revenue is expected to grow at a CAGR of 9.2% from 2023 to 2029, reaching nearly USD 759.26 Mn.
CO2 Gas Sensor Market Overview:
A gas sensor is a device that detects the presence or concentration of gases in the environment or atmosphere. The gas sensor displays a change in resistance of the material used in the sensor based on the concentration of gases in the environment, which is then utilized to measure the output voltage. The type and concentration of gas are identified based on this change in voltage value. CO2 gas sensors are designed to detect carbon dioxide and the quality of the air. These sensors detect and quantify CO2 concentrations and can convert analyte gas concentrations into electronic or electrical signals. These sensors are utilized in a wide range of industries, including medical, defense and military, energy, and aerospace.

Carbon dioxide sensors are primarily used to monitor indoor air quality in households, offices, automobiles, healthcare, and other settings. Various organizations are working to create MEMS-based carbon dioxide sensors for a variety of applications. In January 2022, for example, TDK Corporation released the TCE-11101, a tiny, low-power MEMS gas sensor platform for direct and precise carbon dioxide monitoring in the home, healthcare, automotive, IoT, and other applications. These factors are expected to increase the CO2 gas sensor market growth during the forecast period.

A huge proportion of air pollution is caused by increased use as well as higher revenue of automobiles as a result of different bank financing programs that have made it simple to acquire vehicles. As a result, governments across the world have given rules to automobile manufacturers and customers requiring them to use automobiles with specified exhaust system standards, which has resulted in the installation of co2 gas sensors in automobiles. For example, India's Supreme Court has declared a ban on the usage of Bharat Stage IV cars and the adoption of Bharat Stage VI vehicles by 2020. As a result, the global CO2 gas sensor market is expected to grow throughout the forecast period.

CO2 gas sensor developments, such as greater precision with variations in humidity, temperature, and altitude. However, the bulky design and high price are expected to restrain the growth of the co2 gas sensor market. Additionally, air purifiers and air quality control systems for outdoor and indoor applications are being installed as part of the building of smart cities in both established and developing countries. As a result, the CO2 gas sensors market is expected to grow rapidly during the forecast period.To know about the Research Methodology :- Request Free Sample Report
CO2 Gas Sensor Market Dynamics:
High demand for CO2 gas sensors in key industries

The CO2 gas sensors market is rapidly increasing due to rising demand from various end users and industries. These vital businesses emit a substantial amount of gases into the atmosphere, including carbon monoxide, carbon dioxide, ammonia, hydrogen sulfide, and hydrocarbons. Excessive levels of these gases in the atmosphere can have a negative impact on human health. Several regulatory authorities are putting in place various measures to protect the environment from dangerous gases. The United States, the United Kingdom, Germany, China, and France have all implemented various rules to avoid the emission of hazardous gases into the atmosphere.

Chemical industrial gases are utilized at low flashpoints with lower explosive limits (LEL) and a wide flammable/explosive spectrum. Accidents caused by these gases, on the other hand, can be reduced by using gas monitors and detectors fitted with gas sensors continually. Additionally, the power industry emits flue gas into the atmosphere as a byproduct of the burning of fossil fuels. If it is emitted from coal-fired facilities, it may also contain mercury, traces of other metals, and fly ash. This necessitates the detection and monitoring of these gases, as well as the implementation of remedial measures to ensure that only a minimal amount of such gases is released directly into the atmosphere. As a result, the rising demand from various industries is expected to increase the CO2 gas sensor market growth during the forecast period.

Intense pricing competition resulted in a drop in average selling prices

While the extensive use of CO2 gas sensors in automobiles, HVAC systems, air quality monitoring systems, and consumer gadgets increase shipments, price reduction considerably limits the sales growth of the CO2 gas sensors market. This is due in part to the intense competition among the increasing number of CO2 gas sensor manufacturers. Various organizations are focusing their R&D efforts on producing loT-compatible sensors and delivering cost-effective gas sensor systems that leverage MEMS technology. This puts financial pressure on CO2 gas sensors, particularly in high-volume applications. As a result, producers are forced to lower the possible price of gas sensors. While lower ASP is favorable to consumers, it results in lower profit margins for suppliers. As a result of significant pricing pressure, the average selling price (ASP) falls, restricting revenue growth in the highly competitive CO2 gas sensor industry.

Rising deployment of the loT, cloud computing, and big data in CO2 gas sensors

The Internet of Things (IoT) is important in the field of information technology. It refers to a sensor network created by connecting various information-sensing devices to the internet. Additionally, there is a high demand for improved and enhanced connected devices that enable M2M and interoperation with other devices based on the requirements of the linked environment. For example, Renesas' 32-bit RX130 MCU is linked to the sensor network through a smart Wi-Fi module, which sends data to an appropriate gateway and subsequently to the cloud, detecting combustible substances in the surroundings.

The increasing usage of smartphones and the increased need for loTs, along with developments in cloud computing and big data analytics, have created a rapid demand for CO2 gas sensors with new and advanced gas-detecting capabilities. Additionally, some start-ups are investing in the development of a network of sensors capable of giving pollution data via gas sensors. Aclima, a US-based firm specializing in the design and implementation of environmental sensor networks, for example, utilizes the Google Cloud platform to analyze data in order to monitor, map, and understand air quality in various US cities. Every day, it collects environmental data from 2 billion data points. Such applications present a commercial potential and offer lucrative opportunities for the CO2 gas sensor market.

Rising Technical issues such as high energy consumption

The CO2 gas sensor market is rapidly increasing as a result of the COVID-19 pandemic. Rising need for air quality driving the growth of the market. However, various technological concerns may restrict the  market's growth. Gas sensors have a number of significant issues, including high energy consumption, sensitivity to ambient conditions, high cost, and difficulties in manufacturing. Gas sensors require regular maintenance and replacement to avoid issues with accuracy and sensitivity. Gas sensors are also expensive owing to the intricacy of the production process. The development and marketing of novel gas sensors are difficult and time-consuming, which raises the cost. As a result, the development cycle for new and novel gas sensors is extensive and must fulfill severe standards as well as performance criteria, which might be difficult in this circumstance and expected to be the key challenge for the CO2 gas sensor market.
CO2 Gas Sensor Market Segment Analysis:
By End-user industry, the Industrial segment dominated the CO2 Gas Sensor market with the highest share in terms of value and volume in 2022. The segment is expected to maintain its dominance at the end of the forecast period with the highest growth rate. Industrial CO2 gas sensors are used to detect and monitor hazardous gases and chemicals, as well as to activate visual and audio alarms. Many gas sensor manufacturers are concentrating on the development of miniature industrial gas sensors. For example, in October 2020, sensor maker DD-Scientific announced the debut of the newest range of high-performance industrial gas sensors that deliver the same dependability and resilience as a larger sensor in a tiny compact.

The demand for CO2 gas sensors is generated by the need to continually monitor and manage gas emissions by various industrial processes, which drives segment growth and increases the CO2 gas sensor market revenue size. CO2 analyzers and gas sensors, such as the gas sensor Arduino, the mq2 gas sensor, and others, have a wide range of applications ranging from industrial to domestic. Monitoring air pollution, chemical processes, and exhaust from combustion engines are just a few of the many uses for CO2 gas sensor installation.

Several types of gaseous have been utilized as raw materials in various industries in recent years. Controlling and monitoring these gases becomes critical since there is a high danger of property and human life harm. Certain gases can be caustic, explosive, or dangerous to humans. The above reasons contribute to the growth of the CO2 gas sensor market by increasing demand in different industry verticals such as automotive and industrial.

An increase in the requirement for air quality monitoring in smart cities is one of the major reasons influencing the growth of the CO2 gas sensor market. Additionally, a significant rise in government emission control norms and regulations is expected to offer profitable prospects for the growth of the  market size. However, the device's high initial cost is expected to restrict the market growth. On the contrary, the rising trend toward the internet of things (IoT) provides prospective development prospects for the CO2 gas sensor market share throughout the forecast period.
CO2 Gas Sensor Market Regional Insights:
Asia Pacific region dominated the global CO2 gas sensor market with the highest market share of 38% in 2022. The region is further expected to grow at a CAGR of 9.1% and maintain its dominance at the end of the forecast period. The growing awareness of the impact of air pollution on human health in Asia Pacific countries such as India and China is rapidly increasing the demand for CO2 gas sensors for air quality monitoring. The region's continued industrialization and urbanization are also resulting in an increase in demand for CO2 gas sensors. As a result, these factors rising demand drives the  market. Additionally, governments in the Asia Pacific area are substantially investing in smart city initiatives, offering a huge opportunity for smart CO2 sensor devices. People's growing awareness of the consequences of air pollution to their health is driving up demand for smart air quality monitors, smart bands, air purifiers, and air cleaners with CO2 gas sensors. Such factors are beneficial for regional CO2 gas sensor market growth during the forecast period.

Asia-Pacific is both a mature and growing market for various end-user industries. China and India are the world's fastest developing countries, with companies coming onto the market at a rapid speed. China, being one of the world's top automobile manufacturers, plays a vital role in the CO2 gas sensor market during the forecast period. The Chinese automobile market is the world's largest market. According to OICA and CAAM, around 24 million passenger automobiles were manufactured in 2018. With this massive manufacturing capacity, China ranks first in automobile manufacturing and is expected to be the major driver in the region's CO2 gas sensors market during the forecast period.

In addition, the country has a substantial number of smart city projects. The automotive, smart cities, and building automation industries are expected to substantially contribute to the growth of the country's CO2 gas sensor market. Several other industries, including mining, chemical, and energy, as well as the country's oil refineries, utilize gas sensors. as a result, the rising demand from these end-use industries is expected to generate lucrative growth opportunities for the CO2 gas sensor market.

India is the world's top manufacturer of generic pharmaceuticals. Additionally, the Indian pharmaceutical industry meets 50% of global demand. These pharmaceutical manufacturing facilities utilize a range of solvents and gases in the manufacturing process and must be continually monitored, which drives the CO2 gas sensors market. Additionally, according to GSMA (Groupe Speciale Mobile Association) Intelligence, Asia Pacific has the world's highest number of smartphone users, and developments in gas sensing technology are expected to drive the integration of CO2 gas sensors with smartphones, smart bands, and tablets. This, in turn, is expected to drive the growth of the region's CO2 gas sensors market.

Europe is expected to grow at a moderate growth during the forecast period. Stringent requirements for gas emissions, as well as the subsequent requirement for emissions monitoring, are expected to increase European CO2 gas sensor market growth. All automobile OEMs in Europe are required by safety regulations to include gas sensor systems in their offerings. As pollution-control regulations become more stringent, the use of CO2 gas sensors in the automobile industry to reduce pollution is expected to increase during the forecast period.
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CO2 Gas Sensor Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 410.04 Mn.


Forecast Period 2023 to 2029 CAGR:
9.2%
Market Size in 2029:
US $ 759.26 Mn.


 Segments Covered:
by Technology
1.Infrared Gas Sensor
2.Photo Ionization Sensor
3.Electrochemical Gas Sensor
4.Thermal Conductivity Gas Sensor
5.Metal Oxide-based Gas Sensor
6.Catalytic Gas Sensor
7.Others


by End-User
1.Consumer Electronics
2.Industrial
1.1.Automotive
1.2.Aerospace and Defense
1.3.Others
3.Healthcare
4.Others



CO2 Gas Sensor Market, by Region
1. North America
2.Europe
3.Asia Pacific
4. Middle East and Africa
5.South America
CO2 Gas Sensor Market Key Players are:
1.Figaro Engineering Inc.
2. Membrapor AG
3.AlphaSense Inc.
4. Nemoto & Co. Ltd
5. Robert Bosch GmbH
6. Amphenol Advanced Sensors
7. AMS AG
8.Trolex Ltd
9. ABB Ltd
10.Siemens AG
11.City Technology Ltd
12.Asahi Kasei Corporation
13.Digital Control Systems, Inc.
14.GSS
15.Honeywell International Inc.
16.Sick AG
17. Siemens
18. Vaisala
19.E+E Elektronik GES.M.B.H.
20.Johnson Controls

FAQs:

1. What are the growth drivers for the CO2 Gas Sensor market?
Ans. Air purifiers and air quality control systems for outdoor and indoor applications are being installed as part of the building of smart cities in both established and developing countries. As a result, the CO2 gas sensors market is expected to grow rapidly during the forecast period.

2. What is the major restraint for the CO2 Gas Sensor market growth?
Ans. The CO2 gas sensor developments, such as greater precision with variations in humidity, temperature, and altitude. However, the bulky design and high price are expected to restrain the growth of the co2 gas sensor market.

3. Which region is expected to lead the global CO2 Gas Sensor market during the forecast period?
Ans. The Asia-Pacific market is expected to lead the global CO2 Gas Sensor market during the forecast period due to The growing awareness of the impact of air pollution on human health in Asia-Pacific countries such as India and China is rapidly increasing the demand for CO2 gas sensors for air quality monitoring.

4. What is the projected market size & growth rate of the CO2 Gas Sensor Market?
Ans. The CO2 Gas Sensor Market size was valued at USD 410.04 Mn. in 2022 and the total CO2 Gas Sensor revenue is expected to grow at a CAGR of 9.2% from 2023 to 2029, reaching nearly USD 759.26 Mn.

5. What segments are covered in the CO2 Gas Sensor Market report?
Ans. The segments covered in the CO2 Gas Sensor market report are Product, Function, Application, End-use, and Region.