The Global Chemical Sensors Market was valued at US$ 16,520.3 million in 2015 and is projected to expand at a CAGR of 5.2% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increasing concern towards environmental monitoring and homeland security, rapid industrialization in emerging economies, increasing production rate of advance vehicles and growing application of chemical sensors in medical devices are expected to be major factors driving growth of the global chemical sensors market over the foreseeable future.
The demand for chemical sensors is anticipated to surge over the forecast period, as consumption of chemicals surges in agricultural, medical, food and automotive industries globally. Current oil and gas exploration and extraction activities area some of the prime reasons behind the growing adoption of different types of chemical sensors. Several industries are adopting these chemical sensors in order to identify the presence of hazardous chemicals in the environment and as well to analyze its impact. The growing government initiatives towards environmental safety is also anticipated to drive the global market over the forecast period.
The growth in the revenue of the global chemical sensors market is also attributable to growing concerns over homeland security. Chemical sensors are used for identifying explosives, harmful gases, and other toxic gases and chemicals by defense forces in the time of chemical warfare. Increasing application of chemical sensors in research laboratory instruments is also one of the prime factor which is fueling the market growth for chemical sensors.
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Applications of chemical sensors in blood sugar testing strips, portable glucose monitors, and different other medical devices are key factors contributing to growth of the global chemical sensors market. Moreover, increasing production of advanced vehicles laced with latest features is propelling growth of the market. Spreading awareness among the population about industrial safety and process control are also driving the market growth, worldwide. Furthermore, development of new portable and miniaturized chemical sensors through R&D activities by key players is also boosting the market growth. However, chemical sensors have poor life expectancy, which is restraining growth of the market. Factors such as varying air pressure, temperatures, humidity, and other environmental factors damage chemical sensors rapidly. The fluctuation in prices of chemical sensors despite extensive sales and steady demand is expected to restrain growth of the market over the forecast period. However, the increasing number of applications of chemical sensors is driven by research and development activities as manufacturers are introducing advanced wearable chemical sensors, which is expected to boost growth the of the chemical sensor market over the forecast period.
Key takeaways of the Chemical Sensors Market:
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