Advanced CO2 Sensors Market Size, Share, Growth, Trends, Forecast 2030

Advanced CO2 Sensors Industry Perspective:

The global advanced CO2 sensors market size was evaluated at $10.1 billion in 2022 and is slated to hit $14.5 billion by the end of 2030 with a CAGR of nearly 4.23% between 2023 and 2030.

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The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global market space. The advanced CO2 sensors industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the advanced CO2 sensors market report explores the investor and stakeholder space to help companies make data-driven decisions.

Advanced CO2 Sensors Market: Overview

Advanced CO2 Sensors help in monitoring the intensity of carbon dioxide in various mediums such as air & water and can adjust to changes in altitude, temperature, and humidity. An increase in the emission of harmful gases from a large number of factories and a surge in air pollution levels with rising industrialization has increased the demand for advanced CO2 sensors. Automation of buildings in residential and commercial sectors has resulted in a rise in carbon emissions in the atmosphere, thereby increasing product penetration in construction & real estate activities. The product provides information about air quality in building interiors and measures the energy efficiency of buildings in residential as well as commercial sectors.

Key Insights

• As per the analysis shared by our research analyst, the global advanced CO2 sensors market is projected to expand annually at the annual growth rate of around 4.23% over the forecast timespan (2023-2030)
• In terms of revenue, the global advanced CO2 sensors market size was evaluated at nearly $10.1 billion in 2022 and is expected to reach $14.5 billion by 2030.
• The global advanced CO2 sensors market is anticipated to record massive growth over the forecast period owing to the escalating application of advanced CO2 sensors for controlling carbon emissions in the atmosphere.
• In terms of product, the non-dispersive infrared (NDIR) CO2 sensors segment is slated to register the fastest CAGR over the analysis period.
• On the basis of connectivity, the wireless CO2 sensors segment is slated to dominate the segmental surge over the forecast period.
• Based on end-use industry, the building automation segment is projected to lead the segmental growth over the forecast timeline.
• Region-wise, the North American advanced CO2 sensors market is projected to register the highest CAGR during the assessment timeline.

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Advanced CO2 Sensors Market: Growth Factors

Huge demand for products for the measurement & monitoring of CO2 in water & gases to boost global market trends

Escalating the application of advanced CO2 sensors for controlling carbon emissions in the atmosphere will steer the expansion of the global advanced CO2 sensors market. Apart from this, advanced CO2 sensors are used for measuring and tracking the level of carbon dioxide in water & other gases that are present in the water bodies. This, in turn, will pave the way for the growth of the global market. Various kinds of volatile organic compounds emitted from paints & new furnishings used in construction activities can be controlled by advanced CO2 sensors, thereby steering the expansion of the global market. Thriving healthcare, automotive, and petrochemical sectors have led to an increase in carbon emissions, thereby enhancing the demand for advanced CO2 sensors in these sectors. New product launches will contribute majorly towards the global market size. For instance, Fellowes launched Array™, an advanced network air quality system that will improve indoor air quality, thereby embellishing the air purification space. The strategic move will also encourage the market players to launch advanced CO2 sensors, thereby steering the global market trends.

Advanced CO2 Sensors Market: Restraints

Huge product costs can hinder the global industry expansion over 2023-2030

High costs of the product can put brakes on the global advanced CO2 sensors industry expansion. In addition to this, the rise in the import duties on the product and lack of awareness about the benefits of the product in emerging economies can hinder the expansion of the industry across the globe.

Advanced CO2 Sensors Market: Opportunities

Escalating product demand in construction activities to open new growth opportunities for the global market 

Technological innovations such as the combining of wireless sensors with connected things along with the manufacture of 3D printed sensors will open new growth opportunities for the global advanced CO2 sensors market. Furthermore, advanced CO2 sensors are used in smart constructions for monitoring air quality. Apart from this, the miniaturization of these sensors has further opened new vistas of expansion for the market across the globe. Humungous use of the product in building management systems will further multiply the expansion of the global market.

Advanced CO2 Sensors Market: Challenges

Susceptibility of products to contamination can create a huge challenge for the global industry surge

The key challenge to the demand for the product is that it is highly susceptible to environmental changes & contamination. Apart from this, the selectivity of the range of gases is less, and the notable effect of humidity on sensor output can further adversely impact the performance of the product, thereby posing a new challenge to the global advanced CO2 sensors industry expansion.

Advanced CO2 Sensors Market: Segmentation

The global advanced CO2 sensors market is sectored into product, connectivity, end-use industry, and region.

In product terms, the global advanced CO2 sensors market is segregated into non-dispersive infrared (NDIR) CO2 sensors and chemical CO2 sensors segments. In addition to this, the non-dispersive infrared (NDIR) CO2 sensors segment, which amassed nearly three-fourths of the global market share in 2022, is predicted to record the fastest CAGR in the forecast timespan. The growth of the segment in the ensuing years can be attributed to the humongous demand for products in various end-use industries such as agri-food, pharmaceuticals, refrigeration & brewing, and beverages. Apart from this, beneficial product features such as elongated lifespan, automated operations, low maintenance costs, accurate measurement of temperature, and improved performance have further scaled up its demand.

On the basis of connectivity, the advanced CO2 sensors industry across the globe is sectored into wired CO2 sensors and wireless CO2 sensors segments. Furthermore, the wireless CO2 sensors segment, which gained a sizable industry share of the global industry in 2022, is anticipated to lead the application segment in the next couple of years. The segmental surge in the forecast timespan can be subject to its apt measurement, quick response, and longevity. Moreover, wireless CO2 sensors can accurately measure ambient temperature and relative humidity.

Based on the end-use industry, the advanced CO2 sensors market globally is divided into healthcare, petrochemical, building automation, automotive, consumer electronics, and others segments. Moreover, the building automation segment, which garnered a major share of the global market in 2022, is set to dominate the end-use industry segment in the upcoming years. The growth of the segment in the coming years can be attributed to the rise in the use of products in construction activities globally.

Advanced CO2 Sensors Market: Report Scope

Advanced CO2 Sensors Market: Regional Insights

Europe to account for a major share of the global market over the anticipated timeline

Europe, which accounted for more than 66% of the global advanced CO2 sensors market share in 2022, is anticipated to record notable growth over the analysis timeframe. The market expansion in the region over the projected timeframe can be subject to massive product penetration in HVAC applications for measuring air quality. Apart from this, they are immensely utilized in monitoring fermentation, photosynthesis, and carbon dioxide consuming methods in the food & beverages sector in the countries of Europe.

Furthermore, the advanced CO2 sensors industry in North America is projected to register the highest gains over the assessment timespan. The key growth driving factors of the industry in the region include an increase in the sale of the products in various end-use industries in countries such as Canada and the U.S.

Advanced CO2 Sensors Market: Competitive Space

The global advanced CO2 sensors market profiles key players such as:

• Amphenol Corporation
• Gas Sensing Solutions Ltd.
• Vaisala Oyj
• Asahi Kasei Corporation
• Balluff GmbH
• Sick AG
• Honeywell International Inc.
• Siemens Aktiengesellschaft
• Veris Industries LLC (Schneider Electric)
• Johnson Controls International

The global advanced CO2 sensors market is segmented as follows:

By Product         

• Non-Dispersive Infrared (NDIR) CO2 Sensors
• Chemical CO2 Sensors

By Connectivity

• Wired CO2 Sensors
• Wireless CO2 Sensors

By End-Use Industry

• Healthcare
• Petrochemical
• Building Automation
• Automotive
• Consumer Electronics
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa