Advanced CO2 Sensors Market Size, Share, Growth, and Industry Analysis, By Type (NDIR CO2 Sensor and Chemical CO2 Sensor), By Application (Automotive, Industrial, Building Automation, Air Conditioners, Air Purifier, Healthcare, Petrochemical, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Advanced CO2 Sensors Market REPORT OVERVIEW

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The global advanced CO2 sensors market size is predicted to value at USD 814.8 million in 2021 and is projected to touch USD 2006.04 million by 2031, exhibiting a Compound annual growth rate (CAGR) of 9.4% during the forecast period.

The instruments used to monitor the atmospheric concentration of carbon dioxide gas are advanced CO2 sensors. Its presence is commonly quantified in "parts per million" (ppm) and is typically 400 ppm or less. One of the main "greenhouse" gases that has an impact on the earth's atmosphere is carbon dioxide, an odourless and colourless gas. In the high atmosphere, the gas forms a barrier with methane, nitrous oxide, and fluorinated gases that prevents heat from escaping. This causes higher temperatures, rising sea levels, and modifications to how land is used. In addition to being present indoors, CO2 is produced during respiration, combustion, and organic decomposition. This is the result of both internal synthesis and external air CO2 in the presence of people.

Different technologies, such as nondispersive infrared (NDIR) monitors, which absorb infrared light at a certain wavelength (4.3 m), a wavelength at which CO2 has a very great absorption, can detect and measure CO2. CO2 is present if the infrared light is absorbed, while a lack of absorption implies a lack of CO2. The amount of infrared light absorbed directly correlates with the amount of CO2 present. A sample is exposed to electromagnetic energy pulses that are tailored to the CO2 absorption wavelength during photoacoustic spectroscopy. The CO2 molecules in the sample will absorb each energy pulse and produce pressure waves as a result of the photoacoustic effect.  Following the detection of these pressure waves with an acoustic detector, a computer or microprocessor converts the data into a useful CO2 value.

To calculate how much CO2 is in the air, electrochemical carbon dioxide sensors monitor electrical current. When CO2 reaches the sensor, it undergoes a chemical reaction on the surface of a polymer, creating an electrical charge. The amount of CO2 present is then calculated based on the type and amount of electrical charge. Due to their long-term stability, precision, and low power consumption for CO2 measurement, NDIR CO2 sensors outperform other detection technologies in terms of performance. The wireless CO2 sensor expands upon DT's core, industry-leading sensor qualities, such as their long wireless range of up to 2 kilometres (6600 feet) and 10-year battery life in normal indoor environments (using two replaceable AA batteries), Peel-and-stick mount for quick setup and full compatibility with the cloud connector, which safely feeds observed data into the Cloud for processing utilising SecureDataShotTM technology.

COVID-19 Impact: Industries Forced to Restructure Business Models Due to the Pandemic

After the coronavirus started to spread, semiconductor businesses acted swiftly to safeguard employees, protect supply chains, and take care of other urgent issues. Market leaders are now anticipating the day when the epidemic subsides and the new normal starts, despite the fact that the situation is still critical and numerous countries are still enforcing physical-distancing measures. Companies are considering ways for rethinking and restructuring their business models in order to be ready for that scenario.

Companies that considered strategic issues before the crisis, as opposed to the sophisticated CO2 sensors industry, were more likely to recover swiftly and overtake their competitors. Even if the COVID-19 pandemic is unheard of in contemporary times, long-term planning is still necessary.

LATEST TRENDS

"Increased Automation to Boost Market Growth"

Due to the rise in automation that has resulted in the expansion of infrastructure, building automation is anticipated to accelerate advanced CO2 sensors market growth. The demand for sophisticated CO2 sensors has increased as a result of rising greenhouse gas emissions. Advanced CO2 sensors are being purchased on a large scale by industries and smart buildings to monitor the atmospheric concentration.

Advanced CO2 Sensors Market SEGMENTATION

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• By Type

Based on type; the market is divided into NDIR CO2 sensor and chemical CO2 sensor.

In terms of product, NDIR CO2 is the largest segment.

• By Application

Based on application; the market is divided into automotive, industrial, building automation, air conditioners, air purifier, healthcare, petrochemical and others.

In terms of application, building automation segment is the largest segment.

DRIVING FACTORS

"Increased emission of Perilous Gases to Enhance Market Growth"

The demand for technologically improved CO2 sensors is expected to increase due to a number of factors, including increased dangerous gas emissions from various industrial sectors. Thus, CO2 sensors are being utilised more and more in air pollution measurement systems in order to accurately measure and monitor the amount of CO2 in the environment. One of the key aspects predicted to influence the adoption rate of sophisticated CO2 sensors throughout the forecast period is the growing concern of various industrial sectors with regard to limiting their CO2 emission.

"Expansion of Real Estate to Propel Market Growth"

Different indoor pollutants, including volatile organic compounds like paints, chemical uses, and others, emerged as a result of the real estate industry's expansion. Even though CO2 is not a pollution, it nonetheless affects people and makes them feel lethargic and tired. Advanced CO2 sensors are therefore utilised to address the aforementioned issue, which aids in air purification and promotes proper ventilation. Additionally, the introduction of sophisticated CO2 sensors in the industrial sector to reduce pollution and track CO2 emissions would aid in expanding the advanced CO2 sensors market's reach.

RESTRAINING FACTORS

"Numerous Errors in the Semiconductor to Cause Slump in the Market"

Advanced CO2 sensors are expensive and bulky. However, some of the measurement mistakes in the NDIR CO2 sensors include variations in the system's infrared energy level, light scattering from materials, and thermal drift. Cross-sensitivity to other gases can be advantageous but potentially detrimental. Other gases can interfere with certain sensors. Knowing what gases could interact with your sensor is essential so that you are aware of any potential for misleading readings, which frequently result in subpar performance.

Advanced CO2 Sensors Market REGIONAL INSIGHTS

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"North America to dominate the market Due to Increase in Hazardous Gases"

North America is expected to dominate the market in the forecast period and owns the largest part of advanced CO2 sensors market share. Total CO2 emissions in North America have increased twelve-fold and advanced CO2 sensors have become popular in buildings and societies. Major reason for increasing emissions of CO2 in North America is the region's reliance on coal, the most polluting of fossil fuels. The expected rise in coal-fired electricity generation in North America is likely to be three times greater than the increase in generation from renewables.

KEY INDUSTRY PLAYERS

"Implementation of New Methods to Stir Market Growth"

To meet the different demands for advanced CO2 sensors, the companies have implemented a variety of methods, including corporate expansion, the introduction of new products, partnerships, and mergers. Information about each competitor is supplied following thorough analysis. The research gives information on competitors and their access to cutting-edge technologies that can redefine their offers. The study provides analysis based on market data provided by the leading players. The companies that create and offer new products, the regions in which they operate, automation, technology adoption, generating the most income, and using their products to make a difference are other aspects considered for this market.

List of Market Players Profiled

• Siemens AG (Germany)
• Honeywell (U.S.)
• Vaisala (U.S.)
• SenseAir (Sweden)
• Amphenol Corporation (U.S.)
• Sensirion AG (U.S.)
• Trane (Ireland)
• E + E ELEKTRONIK (Austria)
• Figaro (France)

REPORT COVERAGE

This study includes the analytical depiction of the global advanced CO2 sensors market along with the current trends and future estimations to determine the imminent investment pockets. The report presents information regarding the key drivers, restraints, and opportunities. The report gives complete backdrop analysis, which includes an assessment of the parent market. The study sheds light on important changes in market dynamics and provides market segmentation up to the second or third level. Historical, current, and projected size of the market from the standpoint of both value and volume is mentioned.