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Chemical Sensors Market - The Increasing Government Initiatives To Control The Emission
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Companies in this market are also focusing on implementation of new technologies to add to thie business profile. This is likely to aid these companies bolster their position in the market.
Some top companies operating in the global chemical sensors market include Alpha MOS, Delphi Automotive plc, Denso Corporation, Honeywell International Inc., F. Hoffmann-La Roche Ltd., ABB Group, The Bosch Group, Emerson Electric Co., Halma plc., Siemens AG, and Yokogawa Electric Corporation.
As per estimates of a market intelligence publication by Transparency Market Research (TMR), the global chemical sensors market will be worth US$24.8 bn by 2024 from US$16.3 bn in 2015. This alludes to a CAGR of 5.0% over the forecast period starting in 2016 and ending in 2024. Among the various segments of the market based on end-use, the medical industry continues to remain at the fore. Continual uptake of technologically advanced devices is fuelling the medical end-use segment in the chemical sensor market. Product-wise, optical sensors are likely to continue to show an uptick in demand due to their increasing application in healthcare and medicine industry. North America is the leading regional market for chemical sensors; the growth of the automobile industry, development of new products, and increasing research activities are providing impetus to this market.
The growth of the chemical sensors market is mainly because of rising demand for chemical sensors across a host of industries such as food and beverages, medical, automotive, and agriculture. Further, rising number of oil and gas exploration and extraction undertakings are stoking demand for chemical sensors. Chemical sensors are increasingly being deployed as they help to identify the amount of hazardous chemicals present in the environment and quantify their impact through logical analysis. Initiatives undertaken by governments to ensure environmental safety is also predicted to boost the chemical sensors market in the years ahead.
The chemical sensors market is also witnessing a spike in its revenue due to surging demand for homeland security. To serve this, chemical sensors are witnessing upswing in demand from the defense forces to detect harmful gases, explosives, and other chemicals used for chemical warfare. Apart from this, increasing investments for research and development of chemical sensors is serving to boost this market.
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On the downside, poor lifecycle of chemical sensors is the only major factor restraining the growth of chemical sensors market. These sensors if exposed to varying temperature, humidity, air pressure, and other environmental contaminants can get damaged easily. Price fluctuations of chemical sensors despite their steady demand and extensive sales is projected to hamper this market in the future.
The review presented is based on the findings of a TMR report, titled “Chemical Sensors Market (Type - Optical Sensor, Electrochemical, and Catalytic Bead; by End User - Oil and Gas, Automotive, Medical, Environmental Monitoring, and Industrial) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024.”
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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