The researchers also state that the introduction of embedded electronics, coupled with sophisticated firmware and improved manufacturing techniques, has enabled developments in gas detection technologies.

A gas sensor is a device that detects the presence of gases in a particular area and is often integrated into a safety system. These sensors consume low power and can be integrated into portable handheld devices, which is expected to create opportunities for market growth. Technological developments, such as enhancement of Microelectromechanical Systems (MEMS) sensors, and need for hydrogen detection on account of its use as a fuel are also expected to contribute to the growth according to Grand View.

The analysts suggest that the increased adoption of gas sensors can be attributed to the high need for safety in the industrial sector such as oil and gas, power generation, and manufacturing. For instance, the Occupational Safety and Health Administration under the U.S. Department of Labor has implemented the Health and Safety at Work Act, which requires industrial facilities to install gas sensors for monitoring the emission levels and air quality among industries. In addition, implementation of advanced wireless sensor technologies with mesh network in industries is further creating opportunities for the market growth. The infrared technology segment is anticipated to witness substantial growth as it enables the measurement of a wide variety of gases including methane, carbon dioxide, and Volatile Organic Compounds (VOC) such as acetylene, benzene, and butane. This is anticipated to further fuel the market growth.

The report also suggests that the demand for gas sensors has increased over the years due to reliability in performance, real-time monitoring, and cost effectiveness and the demand for oxygen sensors in particular is expected to be supported by improved precision, decreasing units costs, and increasing applications across end-use industries.

The wired segment dominates the gas sensor market at the moment due to its cost-effectiveness and accuracy. However, the demand for wireless products that can offer less complexity and ease of installation is expected to witness significant growth over the forecast period. 

In addition, stringent safety regulations to protect workers from hazardous gases in industries are also boosting the market growth.

Analysts found that the key market players in this sector include Alphasense, City Technology Ltd.,Dynament Ltd., Figaro Engineering, Membrapor, Nemoto & Co, Robert Bosch, ABB, Siemens, and GfG Europe Ltd.