Chemical Sensors Market Size & Share, by Type (Electrochemical, Optical, Pellistor/Catalytic Bead, Semiconductor); End-user (Industrial, Automotive, Medical, Defense & Military, Oil & Gas, Environmental Monitoring) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 381
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Chemical Sensors Market size is estimated to garner a significant revenue by the end of 2033, growing at a CAGR of 9% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of chemical sensors was over USD 19 Billion. The growth of the market is primarily attributed to the rapidly increasing use of chemical sensors in healthcare sector to promote the diagnosis application. For instance, chemical sensors for healthcare applications are gaining traction since they are able to provide consistent and real time physiological and chemical information, as well as non - invasive metrics of biochemical markers in human bio fluids such as tears, saliva, sweat, interstitial fluid, and human volatiles.

Chemical sensors are gadgets that convert data about the presence of chemical elements into an analytically useful signal. Chemical sensors are divided into two categories: physicochemical transducers and chemical recognition systems. Chemical sensors that operate mainly in real-time are physically small and are governed by the kinetics and thermodynamics of a chemical reaction. Chemical sensors are widely used in a variety of industries, including the automotive industry, healthcare, aerospace and others. Chemical sensors are also able to monitor increasing pollution level in the environment. Thus, growing adoption of technologically advanced devices in various sectors is fueling up the growth of the chemical sensors market size during the forecast timeframe. For instance, the number of connected IoT devices surpassed 10.5 billion in 2021, and this number is expected to reach 41 billion by 2027.


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Chemical Sensors Sector: Growth Drivers and Challenges

Growth Drivers

  • Worldwide Boost in Environmental Monitoring - Environmental monitoring is a method for measuring climatic conditions and trends. The primary goal of environmental monitoring is to manage and reduce the adverse impact of an organization's activities, either to ensure compliance with applicable laws and regulations or to reduce risk of harmful effects on the natural environment and protect human health. In such scenario, chemical sensors play a vital role to measure and detect the effect of such activities. Environmental monitoring is able to monitor air quality, water quality, soil quality and so on. As per the World Health Organization Data, nearly all of the world's population (99%) breaths air that is unhealthy and exceeds WHO air quality standards. At this time, a record number of nearly 6000 cities in 117 nations are keeping track of the air quality.
  • Growth in Automotive Industry - For instance, the automotive industry is expected to generate approximately USD 1.6 trillion in revenue by the end of 2030, representing a 32% increase over the prior year.
  • Global Upsurge in Government Initiatives to Control the Emission – According to a report of United Nations, more than 70 countries, including the world's biggest polluters - China, the United States, and the European Union - have scheduled a net-zero target, accounting for approximately 76% of global emissions.
  • Surge in New Product Launch – For instance, Honor released the Honor Band 6 smart fitness band in China in 2020. The device has a wide variety of features including battery life of up to 14 days and is said to deliver 2 days of juice after only 5 minutes of charging. The Honor Band 6 features 24-hour heart rate monitoring as well as support for sleep tracking, blood oxygen monitoring, ovulation and menstrual tracking, among many other things.
  • Global Escalation in Research and Development Investment - The Unesco Institute for Statistics reports that, with an average annual growth rate of 4.7% over the past ten years, global R&D expenditure has expanded significantly. (2010-2020). Globally, from 1.61% in 2010 to 1.93% in 2020, the percentage of global GDP invested on research and development has climbed rapidly.

Challenges

  • Lack of Awareness about Chemical Sensors
  • Less Adoption of Chemical Sensors
  • Fluctuating Cost of Chemical Sensors

Chemical Sensors Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

9%

Base Year Market Size (2022)

USD 19 Billion

Forecast Year Market Size (2033)

    USD XX.X Billion

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Chemical Sensors System Segmentation

End-user (Industrial, Automotive, Medical, Defense & Military, Oil & Gas, Environmental Monitoring)

The chemical sensors market is segmented and analyzed for demand and supply by end-user into industrial, automotive, medical, defense & military, oil & gas, environmental monitoring, and others. Out of these, the medical segment is projected to significantly grow over the forecast period on the back of growing number of cancer, and diabetes patients, and dynamically increasing implementation of chemical sensors in a variety of medical devices, including wearables, cancer detection devices, pulse oximetry, blood sugar testing strips, and implanted devices for patients. For instance, microfluidic technology allows for fluid manipulation on a micron scale ranging from 1 to 1,000 m, equivalent to the size of a single cell. The microfluidic platform has emerged as an effective tool for performing complicated, costly, time-consuming, and harder laboratory techniques on a microchip. Microfluidics technology, since of its micron-scale size, is able to perform complex operations rapidly and with a low reagent level. As a result of its high capacity, time-saving features, and precision, it is an extremely effective platform for cancer diagnosis. These devices are in higher demand than traditionally sized devices due to less energy and time waste and increased flexibility.

Our in-depth analysis of the global chemical sensors market includes the following segments:

        By Type

  • Electrochemical
  • Optical
  • Pellistor/Catalytic Bead
  • Semiconductor
  • Others

        By End-User

  • Industrial
  • Automotive
  • Medical
  • Defense & Military
  • Oil & Gas
  • Environmental Monitoring
  • Others

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Chemical Sensors System Industry - Regional Synopsis

Regionally, the global chemical sensors market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the increasing production of vehicles, development of new and advanced products, significantly rising demand for accurate detection in medical sector, and surging research activities in the region. For instance, car production in the United States has reached approximately 1.90 million in July 2022.

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Companies Dominating the Chemical Sensors System Landscape

top-features-companies
    • Alpha MOS
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • ABB Group
    • Honeywell International Inc.
    • DENSO Corporation
    • The Bosch Group
    • Emerson Electric Co.
    • F. Hoffmann-La Roche Ltd.
    • Thermo Fisher Scientific Inc.
    • Yokogawa Electric Corporation
    • Halma plc

In-the-news

In The News

  • Honeywell International Inc. introduced a caliper sensor to facilitate the manufacture of Lithium Ion Batteries (LIBs). New sensor provides effective solution for determining true electrode material thickness during coating or at the pressing station during LIB production.
  • DENSO Corporation has developed a new standard vision sensor that detects pedestrians, cyclists, road signs, and driving lanes. In combination with a millimeter-wave radar sensor, the new vision sensor activates emergency braking when obstacles are detected, helping reduce accidents.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 381
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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.

The market is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2023-2033.

Lack of awareness about chemical sensors, less adoption of chemical sensors, and fluctuating cost of chemical sensors are estimated to hamper the market growth.

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.

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.

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.

The market is segmented by type, end-user, and by region.

The medical segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Chemical Sensors Market Report Scope
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