Advanced CO2 Sensor Market Forecast 2023 - 2030
Report ID : CBI_1231 |
| Published Date:
| Format :
| Base Year: | 2022 |
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| CAGR: | 4.30% |
| Forecast Year: | 2023 - 2030 |
| Revenue 2022: | $8,837.12 Mn |
| Revenue 2030: | $12,281.66 Mn |
Advanced CO2 Sensor Market Forecast 2023 - 2030
Market Overview :
Advanced CO2 Sensor Market is estimated to reach over USD 12,281.66 Million by 2030 from a value of USD 8,837.12 Million in 2022, growing at a CAGR of 4.30% from 2023 to 2030.
Market Definition :
Advanced CO2 Sensor is a sophisticated device employed to measure and monitor the presence of carbon dioxide levels in nearby surroundings or various environments. In addition, these sensors use advanced technology and principles to provide accurate and reliable measurements of CO2 concentrations in the environment. The sensors key features include higher efficiency, higher accuracy, and the ability to operate in diverse environments. Moreover, advanced CO2 sensors are commonly utilized for gas detection applications in places including homes, commercial buildings, industrial spaces, and others.
Market Dynamics :
Drivers :
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Increasing demand for monitoring indoor air quality and ventilation control is driving the demand for Advanced CO2 Sensor
Advanced CO2 sensors are majorly employed to detect the presence of CO2 and few other gases in the environment. The excess of CO2 in the atmosphere causes various health related concerns and may pose life-threatening conditions for an individual. The applications of advanced CO2 sensors vary from indoor air quality monitoring and ventilation control in buildings to greenhouse gas emissions and its management. Few other applications include industrial process monitoring, climate research, and automotive applications.
According to World Green Building Council report published in partnership with European Climate Foundation, buildings are presently responsible for 39% of global energy related carbon emissions, among which 28% of the emission is generated from operational emissions and 11% from materials and construction segments. Therefore, the growing demand to improve human health, improve energy efficiency, and environmental sustainability is promoting the growth for advanced CO2 sensors market.
For instance, XENSIV PAS CO2 sensor, launched by Infenion Technologies is a photoacoustic based CO2 sensor designed to monitor indoor air quality within spaces such as commercial buildings. -
Growing global initiative to curb carbon emission is promoting the market growth of advanced CO2 sensor
The world is experiencing climate change and a rise in global temperatures. It is accounted that there has been rise in temperature by 1.1 degrees Celsius in the pat decades and countries across the globe are determined to curb temperature below 1.5 degrees Celsius. Moreover, climate change is accounted for affecting health, safety, and ability to grow crops. Therefore, countries across the world are committing to net zero emissions policies by 2050. According to UN report, the key countries contributing majorly to the carbon emissions across the globe include China, U.S., European Union, India, Indonesia, Russia Federation, and Brazil.
Accordingly, in order to reduce carbon emission, globally different regulations and agreements are created. Agreement such as Paris Agreement are among few of the accord, adopted in 2015 under the United Nations Framework Convention on Climate Change that aims to limit global warming below 2 degrees Celsius. Other policies include European Union Emissions Trading System (EU ETS), that allows industries to capture carbon emissions and trade them. Moreover, regulation including Energy Efficiency Regulations target the energy consumption of buildings, appliances, and industrial processes, aiming to reduce CO2 emissions by reducing energy demand.
For instance, Cubic Sensor and Instrument Co., Ltd. has introduced Air Quality Monitor- AM7000 is an indoor air quality monitoring device for commercial spaces and buildings designed to limits carbon emissions by 400-5000 ppm (parts per million). Accordingly, with the implementation of regulations and accords have been playing an important role in the installation of advanced CO2 sensors and devices thus driving its market growth.
Restraint :
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Limitations associated with different types of CO2 sensors is hindering the market growth
Advanced CO2 sensors are bundled with various types of disadvantages depending upon the type of sensor. NDIR based CO2 sensors are subjected to hindering factors including complicated structure, high power consumption, and are expensive. Additionally, electrochemical CO2 sensor are subjected to limiting factors such as short life, lack of accuracy, aging, and easy drift. Moreover, semiconductor based CO2 sensors are more sensitive to temperature changes due to external environmental conditions that hinder their reading ability. Thus, owing to aforementioned limiting factors, the growth for CO2 sensors is affected.
Opportunities :
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Large scale integration of IoT based advanced CO2 sensors is projected to boost the demand for advanced CO2 sensor
IoT based CO2 sensors are devices that are using Internet of Things technology to monitor and transmit carbon dioxide concentration data to remote server's platforms. These sensors are equipped with connectivity features that allow them to communicate wirelessly over the internet, enabling them to provide real-time monitoring, analysis, and emission control. Few of the key features including remote monitoring, real time data transmission, alerts and notifications, integration with building management systems facilities are expected to promote the market growth of advanced CO2 sensors market.
Advanced CO2 Sensor Market Report Coverage :
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 | USD 12,281.66 Million |
| CAGR (2023-2030) | 4.30% |
| By Type | Nondispersive Infrared (NDIR), Photoacoustic Spectroscopy, Electrochemical, and Metal Oxide Semiconductor (MOS) Sensors |
| By Application | HVAC Systems, Smart Home & Buildings, Safety & Fire detection, Industrial Processes, Quality Control, and Others |
| By End Use | Automotive, Healthcare, Agriculture, Consumer Electronics, Food & Beverages, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | METTLER TOLEDO, Infineon Technologies AG, Munters, Amphenol Corporation, Digital Control System Inc., Gas Sensing Solutions, Honeywell International Inc., Siemens AG, Sensirion AG, ABB, Murata Manufacturing Co. Ltd., Winson, and Cubic Sensor and Instrument Co. Ltd. |
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Download Sample ReportMarket Segmentation :
By Type :
Based on the Type, the market is bifurcated into nondispersive infrared (NDIR), photoacoustic spectroscopy, electrochemical, and metal oxide semiconductor (MOS) sensors. The nondispersive infrared (NDIR) segment is accounted for the largest revenue share of 36.5% in the year 2022. The segment is also projected to garner fastest CAGR during the forecast period. Factor attributed towards the growth of nondispersive infrared sensor include longer shelf life, non-interference in reading from other substances, better working conditions (around 1000ppm), and others. The type of sensor has also received gold standard recognition for carbon dioxide monitoring. The sensor is based on light absorption principle and can absorb wavelength of light up to 4 microns.
For instance, Winson, manufacturer of NDIR based CO2 sensor (NH-Z19C/Z19E/Z19B, and others) has a higher detection range of 400-10,000ppm and are capable of providing excellent liner output.
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Download Sample ReportBy Application :
Based on the application, the market is bifurcated into HVAC systems, smart home & buildings, safety & fire detection, industrial processes, quality control, and others. HVAC systems segment is accounted to generate largest market share in the year 2022. HVAC systems are designed to provide quality air and require air quality monitoring sensors installed within the devices. CO2 sensor thus measures the amount of CO2 level in the environment and allows the HVAC system to operate according to the environmental requirements. CO2 sensors moreover allow HVAC systems to provide fresh air and remove excess concentrations of CO2 defined within the permissible limits. The overall process thus reduces the energy consumption of HVAC systems by proper analysis of oxygen and carbon dioxide concentrations in the air. For instance, Honeywell's C7233 & C7263 series of wall mount CO2 sensor are designed to determine ventilation requirements for HVAC systems.
Moreover, industrial processes segment is projected to grow at the fastest growth rate during the forecast period. Owing to rising demand for defined minimum air quality requirements at the working spaces tends to boost the market growth of advanced CO2 sensor. Moreover, the growth of industrial sectors in developing countries including China, India, Australia, and others will definitely promote the requirements of advanced CO2 sensor during the forecast period.
By End Use :
Based on the End Use, the market is segregated into automotive, healthcare, agriculture, consumer electronics, food & beverages, and others. The consumer electronics segment accounted for the largest revenue share in the year 2022. The factors attributed towards the growth of the segment include rising demand for quality air, increasing consumer awareness towards health, requirement for proper working conditions, and others. Moreover, as defined by European Standard EN 13779, the CO2 concentration within the room should be below 1000ppm which is raising the demand for consumer electronics such as HVAC systems, air conditioning, and others. Furthermore, owing to the growing health concerns related to pollution and rising levels of air pollutant particles is driving the market growth of consumer electronics segment in the overall advanced CO2 sensor market.
Moreover, healthcare sector is projected to grow at the fastest growth rate during the forecast period. The growth of the segment is anticipated due to rising trend of health concerns for individual patients and development of healthcare infrastructure in developing countries is expected to drive the market growth of advanced CO2 sensor during the forecast period.
By Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Regional Growth Insights
Download Sample ReportNorth America is accounted for the largest revenue share of USD 3,746.94 Million in 2022 and is expected to reach USD 5,195.14 Million by 2030. In addition, in the region, the U.S. accounted for the maximum revenue share of 55.6% in the same year. The adoption of advanced CO2 sensor in North American region is primarily driven by technological advancement in sensor technology. In addition, the region is mainly focused towards environmental and individual health related concerns. Also, the region has always focused on research and innovation coupled with growth in industrial and commercial applications has been driving the market growth for advanced CO2 sensor.
Moreover, Asia-Pacific is expected to register fastest CAGR growth of 4.5% during the forecast period. The growing pace of digitalization and industrialization is generating lucrative opportunities for market growth in the region. The region is continuing to progress over the decade and countries including China and India are majorly focusing on to increase their industrial productions. According to IBEF report, Indian economy is expected to export goods valued at USD 1 trillion by 2030 owing to boost in the manufacturing sector.
Details Countries Growth Insights
Download Sample ReportAdvanced CO2 Sensor Market Competitive Landscape:
The Advanced CO2 Sensor market is highly competitive with major players providing Advanced CO2 Sensor to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and application launches to hold a strong position in Advanced CO2 Sensor market. Key players in the Advanced CO2 Sensor market include-
- METTLER TOLEDO
- Infineon Technologies AG
- Munters
- Amphenol Corporation
- Sensirion AG
- Digital Control System Inc.
- Gas Sensing Solutions
- Honeywell International Inc.
- Siemens AG
- ABB
- Murata Manufacturing Co. Ltd.
- Winson
- Cubic Sensor and Instrument Co. Ltd.
Recent Developments :
- In April 2022, RLE Technologies has launched Wi-Fi based carbon dioxide sensor for mission critical facilities.
- In July 2023, ZenMeasure and Sensirion collaborated to manufacture mobile CO2 detectors.
Frequently Asked Question
What is Advanced CO2 Sensor?+
Advanced CO2 Sensor is a sophisticated device employed to measure and monitor the presence of carbon dioxide levels in nearby surroundings or various environments.
What specific segmentation details are covered in the advanced CO2 sensor report, and how is the dominating segment impacting the market growth?+
For instance, by type segment has witnessed Nondispersive Infrared (NDIR) as the dominating segment in the year 2022, owing to longer product life span and higher accuracy being offered by the advanced co2 sensor to the users.
What specific segmentation details are covered in the Advanced CO2 Sensor market report, and how is the fastest segment anticipated to impact the market growth?+
For instance, by end use segment has witnessed consumer electronics as the fastest-growing segment during the forecast period due to growing industrial sectors and regulations associated with health concerns of employees working in production facilities.
Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030? +
Asia-Pacific is anticipated to register fastest CAGR growth of 4.5% during the forecast period due to rapid pace of industrialization and growth of multiple industries including consumer electronics, industrial, healthcare, and others.
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