Global Chemical Sensors Market: Overview
The rapid advancements in the healthcare sector, automotive sector, and various other industrial sectors is the very basis for the increasing uptake of chemical sensors. Chemical sensors are used for identifying and transforming information pertaining to chemicals into analytical signals. The demand for these sensors is also being augmented due to the growing environmental concerns and the need to monitor various types and levels of pollutions and for homeland security and defense purposes. Transparency Market Research states that the global chemical sensors market was valued at US$16.3 bn in 2015 and is anticipated to reach US$24.8 bn by 2024. Analysts predict that the global market will expand at a CAGR of 5.0% from 2016 to 2024.
Product Innovation Permits Extensive Application of Chemical Sensors across Industries
The increasing government initiatives to control the emission and in order to cut down the national carbon footprint is also expected to have a positive influence on the demand for chemical sensors. Detection of hazardous gases and chemicals to avert risks to human health and deterioration of the environment is primary objective chemical sensors in the oil and gas sector. The various types of chemical sensors available in the global market are the catalytic bead, electrochemical, and optical sensors. The demand for chemical and gas sensors in the automotive industry is being driven by application of oxygen sensors for stoichiometric control of the engine operation.
The growing applications of chemical sensors are being driven by product innovation. Thus, there has been a considerable rise in the usage of chemical sensors in industries such as agriculture, textile, food and beverages, and smart packaging. However, analysts state that the automotive and the oil and gas industry are the expected to be the leading end users in the global market in terms of both volume and value. The industrial segment is expected to follow suit during the forecast period as well. The usage of smart sensing technology in the agriculture and food and beverages industries is also paving the way of growing application of chemical sensors in the near future.
Of all the end users in the global chemical sensors market, the medical industry continues to hold a lion’s share in the overall market. The analysts project that the optical sensors will show a continued growth pattern due to its increasing application in the health care and medicine industry. Remarkable technological advancements in the medical sector are expected to fuel the demand for chemical sensors across the globe.
North America to Hold Lion’s Share in Global Market as Automotive Sector Regains Momentum
In terms of geography, the global chemical sensors market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is leading the global market and is expected to hold its position, followed by Asia Pacific. The demand for chemical sensors in North America will be dictated by the soaring production of vehicles, increasing research activities, development of new products, and the pressure of reducing pollution levels in the near future. Additionally, the increasing application of chemical sensors in sectors such as oil and gas, food and beverages, and industrial application is anticipated to fuel Asia Pacific market.
Some of the key players operating in the global chemical sensors market are Alpha MOS, ABB Group, Delphi Automotive PLC., The Bosch Group, Emerson Electric, Co., Denso Corporation, Halma plc., Honeywell International, Inc., Siemens AG, F. Hoffmann-La Roche Ltd, and Yokogawa Electric Corporation.
Global Chemical Sensors Market: Snapshot
Chemical sensors are devices that transform chemical information into a signal that is analytically useful. The robust advancements in the automotive sectors, healthcare sector, and several other industrial sectors is the primary reason behind the rising uptake of chemical sensors. These chemical sensors are employed for the purpose of recognizing and converting information related to chemicals to analytical signals. Chemical sensors are basically employed in defense and homeland security, environmental monitoring, automotive emissions testing, water and waste water treatment, emissions monitoring, industrial safety equipment, industrial emission and safety, chemical processing industry, food and beverages processing industry, motor vehicle sensors, and oxygen. These chemical sensors are also put to use in blood sugar testing strips, alcohol and drug abuse diagnosis, renal failure diagnosis, cancer diagnosis, portable glucose monitors, and fertility treatment.
The market research report is a deep scrutiny of the growth trajectory of the global chemical sensors market during the forecast period. The market intelligence report further presents readers with the factors causing changes in the market in the regional and global level. The report does this by evaluating several aspects and trends that are predominant in the market and are likely to be prevalent over the next couple of years. The report also employs the Porter’s fiver forces analysis in order to provide readers a better understanding of the global as well as regional working position of the market. Mergers, acquisitions, agreements, and other strategically important ties have also been mentioned in the study. The production process, products, shares, and market strategies of the leading market players has also been highlighted in the report.
Global Chemical Sensors Market: Trends and Prospects
The demand for chemical sensors is likely to gain momentum over the next couple of years owing to the rising environmental concerns and the growing need for monitoring different population levels and also for defense and homeland security purposes. The global market for chemical sensors is also likely to be benefitted by the rising initiatives being undertaken by governments in order to control emission levels and cut down carbon footprint. The main objective of chemical sensors in the oil and gas industry is to avert risks pertaining to environment degradation and human health. The rising applications of chemical sensors is being incessantly driven by product innovation. The market growth of chemical sensors is likely to be complemented by the production of light vehicle along with the rising cost of universal exhaust gas oxygen. Uplifted performance of chemical sensors owing to technological advancements along with high demand due to less price is further expected to push the sales of chemical sensors in the near future. However, the growth of the market is likely to be inhibited by the specific requirement of samples and small analytical range for catching signals and is also to likely challenge the expansion of the market in untapped regions.
Global Chemical Sensors Market: Regional Overview
Regionally, the global chemical sensors market is classified into Asia Pacific, Europe, North America, and the Rest of the World. At present, North America leads the market closely trailed by Asia Pacific. The growth of the market in North America can be attributed to the pressure of decreasing pollution levels, rising research activities, and rising production of vehicles.
Global Chemical Sensors Market: Competitive Landscape
The leading players in the market are Yokogawa Electric Corporation, F. Hoffmann-La Roche Ltd, Siemens AG, Honeywell International, Inc., Halma plc., Denso Corporation, Emerson Electric, Co., The Bosch Group, Delphi Automotive PLC., ABB Group, and Alpha MOS.
The global chemical sensors market has been segmented as follows:
Global Chemical Sensors Market by Type
- Optical sensors
- Catalytic Bead
Global Chemical Sensors Market by End Use Industry
- Oil and Gas
- Environmental Monitoring
Global Chemical Sensors Market by Region
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments