Gas Sensor Market Industry Report

Global Gas Sensors Market is expected to reach 3.05 billion USD by 2024, which is a significant increase from 2.12 billion USD in 2019 and is expected to progress at a CAGR of 7.5% during the forecast period. 

Market Drivers and Restraints:

Gas sensors help in monitoring the concentration of hazardous gases such as Hydrogen Sulfide and Nitrogen Dioxide, which is essential in identifying and avoiding gas leaks. Moreover, the increasing application of wireless sensing devices to recognise toxic gases from a safe distance is likely to augment the need for these sensors over the foreseen years. Recent trends in the industry like miniaturized systems, printed sensor manufacturing and flexible electronics for consumer markets heighten the gas sensor business.

One of the major restraints in this industry is that the maintenance and production costs are very high. Also, the highly competitive scenario of this market makes it difficult for new players to enter and combat the revenue share. 

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