Global Chemical Sensors Market was valued at US$ 21,868.17 Million in 2021 and is expected to surpass US$ 44,765.29 Million by 2030, registering a CAGR of 8.5% during the forecast period (2022-2030), according to the Global Chemical Sensors Market Report, by Product Type (Optical Sensor, Electrochemical, Catalytic Bead, and Others), by End-use (Oil & Gas, Automotive, Medical, Environmental Monitoring, Industrial, and Others), by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
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 Sensors 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.
Key Developments
- On June 27, 2022, Researchers from University of Tokyo innovated a wearable chemical sensor made from threads of gold. The sensor can measure different biomarkers on which the chemical analysis can be performed.
Global Chemical Sensors Market- Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has adversely affected the global Chemical Sensors Market. Chemical sensors are widely used in oil and gas industry as they have the capability to detect a wide range of gases that can cause exploration in the refineries. Due to pandemic, the oil and gas industry faced financial crises due to which many new projects were suspended which directly impacted the sales of the chemical sensors used in oil and gas industry. Hence, the global Chemical Sensors Market witnesses slow growth during the pandemic.
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Key Trends and Analysis of the Global Chemical Sensors Market:
- North America region held a dominant position in the global chemical sensors market in 2021 and is expected to retain its dominance throughout the forecast period owing to the rising usage of chemical sensors in the automotive sector. Chemical sensors are used to monitor engines, fuel consumption, the fuel emissions which help in maintaining the vehicles and protect the passengers and drivers. Manufacturers can also provide safe and efficient cars to customers by using chemical sensors. All the advantages of sensors in the automotive industry is driving the growth of the Chemical Sensors Market in the North America region.
- Europe is expected to witness significant growth over the forecast period. Europe is considered a world leader in the medical device market and healthcare sector. The healthcare sector is growing rapidly in the European region. Technological advances in the medical device using chemical sensors is driving the growth of the global Chemical Sensors Market in Europe. For instance, chemical sensors are used in blood sugar testing strips, portable glucose monitors, and other medical devices.
- Major players operating in the global chemical sensors market include ABB Group, Delphi Automotive PLC., The Bosch Group, Emerson Electric, Co., Denso Corporation, Halma plc, Siemens AG, Honeywell International, Inc., Yokogawa Electric Corporation, Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Inc., Bayer, NGK Spark Plugs, Johnson & Johnson Services, Abbott Laboratories, AMETEK, Inc., Alpha MOS, E2V Technologies, Figaro Engineering, Freescale Semiconductor, Heraeus Holding, General Electric, Industrial Scientific, International Sensor Technology, Smiths Detection Teledyne Monitor Labs, Xylem, and United Technologies
