In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Ans: Worldwide boost in environmental monitoring, growth in automotive industry, and global upsurge in government initiatives to control the emission are some major factors driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023 – 2033.
Ans: Lack of awareness about chemical sensors, less adoption of chemical sensors, and fluctuating cost of chemical sensors are estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Alpha MOS, ABB Group, Honeywell International Inc., DENSO Corporation, The Bosch Group, Emerson Electric Co., F. Hoffmann-La Roche Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-user, and by region.
Ans: The medical segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.