Published: Jul, 2018
In a largely fragmented global chemical sensors market, top five players held a meager 19.8% of the overall market in 2015. These companies, namely Emerson Electric Co., ABB Group, The Bosch Group, Honeywell International Inc., and Siemens AG are expected to hold on to their dominant position in the near future. Research and development undertakings for introduction of novel products is what is aiding these companies to garner large share in the market, states the author of the study.
Companies in this market are also focusing on implementation of new technologies to add to thie business profile. This is likely to aid these companies bolster their position in the market.
Some top companies operating in the global chemical sensors market include Alpha MOS, Delphi Automotive plc, Denso Corporation, Honeywell International Inc., F. Hoffmann-La Roche Ltd., ABB Group, The Bosch Group, Emerson Electric Co., Halma plc., Siemens AG, and Yokogawa Electric Corporation.
As per estimates of a market intelligence publication by Transparency Market Research (TMR), the global chemical sensors market will be worth US$24.8 bn by 2024 from US$16.3 bn in 2015. This alludes to a CAGR of 5.0% over the forecast period starting in 2016 and ending in 2024. Among the various segments of the market based on end-use, the medical industry continues to remain at the fore. Continual uptake of technologically advanced devices is fuelling the medical end-use segment in the chemical sensor market. Product-wise, optical sensors are likely to continue to show an uptick in demand due to their increasing application in healthcare and medicine industry. North America is the leading regional market for chemical sensors; the growth of the automobile industry, development of new products, and increasing research activities are providing impetus to this market.
Efficacy for Homeland Security Boosts Growth
The growth of the chemical sensors market is mainly because of rising demand for chemical sensors across a host of industries such as food and beverages, medical, automotive, and agriculture. Further, rising number of oil and gas exploration and extraction undertakings are stoking demand for chemical sensors. Chemical sensors are increasingly being deployed as they help to identify the amount of hazardous chemicals present in the environment and quantify their impact through logical analysis. Initiatives undertaken by governments to ensure environmental safety is also predicted to boost the chemical sensors market in the years ahead.
The chemical sensors market is also witnessing a spike in its revenue due to surging demand for homeland security. To serve this, chemical sensors are witnessing upswing in demand from the defense forces to detect harmful gases, explosives, and other chemicals used for chemical warfare. Apart from this, increasing investments for research and development of chemical sensors is serving to boost this market.
Fluctuating Prices to Hamper Market
On the downside, poor lifecycle of chemical sensors is the only major factor restraining the growth of chemical sensors market. These sensors if exposed to varying temperature, humidity, air pressure, and other environmental contaminants can get damaged easily. Price fluctuations of chemical sensors despite their steady demand and extensive sales is projected to hamper this market in the future.
The review presented is based on the findings of a TMR report, titled “Chemical Sensors Market (Type - Optical Sensor, Electrochemical, and Catalytic Bead; by End User - Oil and Gas, Automotive, Medical, Environmental Monitoring, and Industrial) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024.”
The global chemical sensors market is 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
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