The global chemical sensor market was valued at US$ 18,361.2 Mn in 2018 and is expected to exhibit a CAGR of 6.6% over the forecast period (2019-2027), to reach US$ 32,277.8 Mn in 2027. North America accounted for 35.6% revenue share in the global chemical sensor market in 2018, according to Global Chemical Sensor Market Report, By Product Type (Optical Sensor, Electrochemical, Catalytic Bead, and Others), By End Use (Oil & Gas, Automotive, Medical, Environmental Monitoring, Industrial, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). Increasing concern towards environmental monitoring and homeland security, rapid industrialization in emerging economies, increasing production rate of advanced vehicles, and growing application of chemical sensors in medical devices are major factors which are expected to drive growth of the global chemical sensors market. Moreover, demand for chemical sensors is expected to rise over the forecast period, owing to increasing usage of chemicals in agricultural, medical, food, and automotive industries across the globe. Increasing applications of chemical sensors in oil and gas exploration and extraction activities are some of the factors resulting in growth of chemical sensor market.
Several industries are utilizing chemical sensors to identify presence of hazardous chemicals in the environment and analyze its impact. For instance, in the automotive industry, chemical sensors are used in gasoline direct injection, and turbocharged engines, which has increased demand for chemical sensors in automotive applications. Furthermore, growth in the revenue of the global chemical sensors market is attributed to growing concerns over homeland security. Chemical sensors are used for identifying explosives, harmful gases, and other toxic gases and chemicals by defense forces during chemical warfare. Increasing application of chemical sensors in research laboratory instruments is another factor which is expected to fuel the market growth.
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Browse 60 market data tables* and 40 figures* on "Chemical Sensor Market” - Global forecast to 2027 Research and development activities are driving growth of the chemical sensors market. Moreover, increasing adoption of chemical sensors in the medical sector is projected to facilitate the market growth over the forecast period. For instance, chemical sensors are used in blood sugar testing strips, portable glucose monitors, and other medical devices. Increasing production of vehicles with advanced features has resulted in significant growth of the market. Increasing focus on industrial safety and process control is also fueling growth of the chemical sensors market, globally. Moreover, development of portable and miniaturized chemical sensors has led to an increase in adoption of chemical sensors in different industries across the globe. Poor life span of chemical sensors is one of the major factors restraining growth of the market. Chemical sensors can get damaged easily due to varying air pressure, temperature, humidity, and other environmental factors. Fluctuating price of chemical sensors despite extensive sales and steady demand is expected to hamper growth of the global market over the forecast period. However, rising application of chemical sensors is driven by product innovations. With increasing research and development activities in sensor technology, manufacturers are focusing on introduction of advanced wearable chemical sensors, which is expected to benefit growth of the chemical sensor market over the forecast period.
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