Chemical Sensors Market Overview
Chemical sensor is referred to a device that transforms chemical information into analytical signals. Chemical sensors are widely used by various sectors such as automotive industry, healthcare and others. Chemical sensors are also helpful to monitor environmental pollution. It usually contains two basic components, a chemical recognition system and a physicochemical transducer.
Market Size and Forecast
The global chemical sensors market is expected to expand at a CAGR of 8.1% over the forecast period i.e. 2017-2024. Further, chemical sensors market is anticipated to reach USD 40.8 billion globally by 2024. Moreover, growing adoption of chemical sensors by industrial sector and rise in demand for testing and monitoring solutions from healthcare sector are envisioned to bolster the growth of chemical sensors market across the globe. Automotive and oil and gas sector by end user is the fastest growing segment in overall chemical sensor market.
In terms of geography, North America is the largest market in terms of revenue share in overall chemical sensors market. Further, this region is expected to continue its dominance by the end of 2024. The market of chemical sensors is majorly driven on the back of rising demand for quick and accurate diagnosis in medical sector. Likely, U.S. holds the largest market share in chemical sensors owing to the increasing research activities in this region.
Asia-Pacific region hold the second largest chemical sensors market. Further, Asia-Pacific is expected to showcase a highest CAGR of 10.2% during the forecast period. The major countries witnessing the augmented demand for chemical sensors include China, India and Japan. Further, China is the dominating country in this region owing to the growing application of chemical sensors in various factors such as food and beverages and oil and gas. Moreover, penetration of major vendors into the Asia-Pacific chemical sensors market is envisioned to bolster the growth of chemical sensors market in this region. Europe region is also estimated to showcase a tremendous growth over the forecast period owing to the presence of large number of established manufacturing industries.
Our in-depth analysis segmented the global chemical sensors market in the following segments:
By End User
Global chemical sensors market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Rising demand for quick and accurate monitoring systems and growing adoption of technologically advanced devices by various sectors such as oil and gas, food and beverages, automotive and other are envisioned to flourish the growth of chemical sensors market across the globe. Further, growing usage of chemical sensors in house monitoring purposes is also expected to boost the demand for chemical sensors.
Moreover, integration of chemical sensors in electronics and computers are projected to be the major factor behind the growth of chemical sensor market. Likely, increasing integration of various features in vehicles is expected to fuel the demand for chemical sensors. Mounting demand for chemical sensors for safety purposes in industrial sector and for environmental monitoring programs is also anticipated to foster the growth of chemical sensor market. In addition to this, increase in global energy usage and unwanted release of pollutants has led to a serious focus on advanced monitoring technologies for environmental protection, remediation, and restoration.
However, lack of awareness and less adoption of chemical sensors are expected to dampen the growth of chemical sensor market.
The major key players for chemical sensors market are as follows
Scope and Context
Overview of the Parent Market
The global chemical sensors market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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