January 21, 2020 by Monica nerkar
Chemical Sensors Market Overview
Market Research Future (MRFR) predicts the global chemical sensors market to cross its valuation of USD 22.35 billion in 2017 to reach USD 30.47 billion by 2023. It could clinch a CAGR of 5.54%, during the forecast period (2017-2023).
Market Boosters and Top Barriers
Worldwide surge in application across end-use industries, including medical, processing, and motor vehicles industries could benefit the chemical sensors market in the next few years. Chemical sensors find use in motor vehicles sensors, oxygen, chemical processing industry, food & beverage processing industry, industrial safety systems, industrial safety & emission, water & wastewater, emissions monitoring, environmental monitoring, defense and homeland security and automotive emissions testing. These sensors also find use in fertility treatments, cancer diagnosis, portable glucose monitors, drug and alcohol abuse diagnosis, renal failure diagnosis, and blood sugar testing strips.
The fast-track and accurate detection process drive its demand for diagnosis application in the medical industry. Increasing light vehicle production along with surge in high-cost universal exhaust gas oxygen (UEGO) sensors could complement the market growth during the evaluation period.
Upgradation of chemical sensors backed by technological advancements combined with high unit volume demand as a result of their low prices will do wonders for the market. Small analytical range of chemical sensors could cause issues for the industry participants during the review period. On the bright side, technological developments for curbing these issues could create massive opportunities for the vendors in the forthcoming years.
The worldwide market for chemical sensors can be classified depending on the particular type, technology, and vertical.
In terms of the particulate type, the market is considered for solid, liquid, and gas.
With respect to the technology, the market caters to electromechanical, biochemical, electrical, thermometric, and others. The electromechanical sensors segment could attain the highest CAGR in the next few years due to the quick development in microelectronics and micro-fabrication technologies that make extensive use of miniaturized chemical sensors.
Technology-wise, the market includes electromechanical, biochemical, electrical, thermometric, and others.
As per the vertical, the market can be narrowed down to healthcare and life sciences, oil & gas, energy and power, industrial, automotive, military and defense, agriculture, and others. The healthcare and life sciences segment could demonstrate the highest CAGR during the appraisal period with technological advancements in clinical measuring, monitoring, and diagnostic sensors that are used in implantable and wearable devices.
Considering the geographical analysis of the chemical sensors market, North America, Asia Pacific, Europe, and the rest of the world (RoW) are the key regions.
North America is estimated to be the highest gaining market for chemical sensors from 2018 to 2023. The market growth is in response to the rising adoption of direct gasoline injection as well as turbocharged engines within the automotive industry. In addition, the high concentration of industry participants in the region as well as the availability of accomplished technical expertise benefits the market.
The Asia Pacific chemical sensors market could exhibit the fastest growth on account of the expanding healthcare and life sciences as well as automotive industries. Mounting awareness with regard to health issues combined with expanding population favors the market. The surge in the number of vehicles in countries like India and China also boost the growth of the chemical sensors market.
Europe’s market growth banks on the changes within the end-use industries like the motor vehicle industry. To illustrate, rising use of direct gasoline injection and turbocharged engines among the vehicle manufacturers in the region. This takes place to satisfy the federal corporate fuel economy requirements, which is expected to mandate high cost UEGO sensors in the region.
Technological advancements are projected to aid in chemical sensors market penetration and could offer improved solutions across diverse industries. Manufacturers, to expand their market reach, are set to introduce portable, contracted and price-friendly sensors variations that provide enhanced measurement systems integration.
Some of the significant manufacturers in the worldwide chemical sensors market are Nova Biochemical Corp. (US), Denso Corporation (Japan), Bosch GmbH (Germany), NGK Spark Plugs (Japan), AMETEK, Inc. (US), Alpha MOS (France), Freescale Semiconductor, Inc. (US), Emerson Electric Co. (US), F. Hoffmann-La Roche AG (Switzerland), Analog Devices, Inc. (US), BASF SE (Germany), Siemens AG (Germany), Halma PLC (UK), ABB (Switzerland), Amphenol Corporation (US), Thermo Fisher Scientific Inc. (US), Abbott Laboratories (US), among others.