Chemical Sensor Market - Insights
The global chemical sensor market was valued at US$ 18,361.2 Mn in 2018 and is expected to reach US$ 32,277.8 Mn in 2027, exhibiting a CAGR of 6.6% over the forecast period (2019 to 2027). Chemical sensors are devices which transform information concerning presence of chemical elements into an analytically useful signal. Chemical sensors are classified into two major components such as physicochemical transducer and chemical recognition systems. Chemical sensors which primarily operate in real-time are physically small and controlled by kinetics and thermodynamics of a chemical reaction. The growing concerns about homeland security and environmental monitoring, coupled with rapid industrialization in emerging economies, are some of the factors which are expected to drive growth of the chemical sensor market. Moreover, advancements in the medical field have resulted in increasing application of chemical sensors in different medical devices such as wearable and implanted devices for the patients, which is also expected to be a major factor aiding growth of the global chemical sensors market over the forecast period. Increasing government initiatives regarding environmental safety are also expected to drive growth of the global market over the forecast period. Technological advancements are driving demand for chemical sensors in industries such as pharmaceutical, food and beverages, and chemical processing among others.
Growing energy consumption and unwanted release of pollutants is driving growth of the chemical sensors market
Chemical sensors are used in industries for process monitoring and control in order to ensure environmental safety, and restoration. Chemical sensors track hazardous chemicals and toxic gases, in addition to identifying and analyzing natural and man-made incidents such as waterways infestation and air pollution. Moreover, military and other security forces make use of chemical sensors to track chemical agents during chemical warfare. Furthermore, carbon monoxide (CO) detection systems, smoke alarms, and pH meters are some of the major application areas of chemical sensors. High occurrence of chronic diseases and increasing application of chemical sensors in healthcare applications is propelling the market. Among region, North America is expected to hold a significant market share over the forecast period, owing to increasing application of chemical sensors in different industries for environmental monitoring in the U.S. and Canada. However, poor life span of chemical sensors is one of the major factor restraining growth of the market.
Figure.1 Global Training Market Share (%), by Region, 2018
North America and Europe held largest market share for chemical sensor market in 2018
North America and Europe were two leading markets in terms of revenue in 2018, and are expected to hold their dominant position over the forecast period. The market growth in these regions is attributed to the growing automotive industry coupled with rising pollution. For instance, chemical sensors are majorly used in gasoline direct injection and turbocharged engine in the automotive industry, which is expected to drive demand for chemical sensors over the forecast period. Moreover, increasing demand for nitrogen oxide and ammonia sensors in the chemical industry is expected to facilitate growth of the chemical sensor market in North America and Europe. Furthermore, growing technological proliferation and amalgamation of chemical sensor products for various applications such as automotive, medical, and manufacturing, etc. is expected to drive growth of the market in Asia Pacific. Rising awareness about health issues, coupled with growing population and number of vehicles in countries such as China and India is expected to fuel demand for chemical sensors in Asia Pacific over the forecast period.
Global Chemical Sensor Market: Key Players
Major players operating in the global chemical sensor market include ABB Group, Delphi Automotive., The Bosch Group, Siemens AG, Denso Corporation, Honeywell International, Inc., Emerson Electric, Co., Yokogawa Electric Corporation, Halma plc., Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Bayer, NGK Spark Plugs, Johnson & Johnson Services, Alphasense, Abbott Laboratories, AMETEK, Alpha MOS, E2V Technologies, Figaro Engineering, Freescale Semiconductor, Heraeus Holding, General Electric, Industrial Scientific, International Sensor Technology, Smiths Detection Teledyne Monitor Labs, Xylem, United Technologies, and others.
A chemical sensor is an independent analytical device which provides information about the chemical composition of its testing environment which can be in liquid, solid or gaseous phase. It provides information in the form of a physical signal which can be measured that is correlated with the concentration of certain chemical species called analyte. Recognition and transduction are two main steps that are involved in the functioning of a chemical sensor. Chemical sensors have applications in industries such as medical, oil and gas, automotive, and others. Chemical sensors play an important role in environmental monitoring. Growing energy usage and release of pollutants in the environment has driven demand for advanced monitoring technologies for environmental protection and restoration. Chemical sensors have application in industries such as food, pharmaceutical, and chemical processing among others. The chemical sensors market is expected to witness significant growth over the forecast period, owing to increasing focus on homeland security.
Growing number of vehicles with advanced features is a major factor driving growth of the chemical sensors market
The market for chemical sensors is witnessing significant growth owing to growing industrialization in emerging economies along with growing concerns towards increasing environmental pollution. Moreover, increasing number of production of vehicles with advance features is one of the major driving factors for growth of the market. Increasing adoption of chemical sensors in the medical sector is expected to drive growth of the chemical sensors market. Chemical sensors are used in blood sugar testing strips, portable glucose monitors, and different other medical devices. Key market players are focused on strategies such as product innovation and research and development to gain a strong foothold in the global market. Innovations such as wearable chemical sensors, metal oxide nanowire chemical sensors, and portable chemical sensors & devices for health monitoring are expected to facilitate growth of the global chemical sensor market over the forecast period.
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