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Automotive Industry's Growing Adoption of Chemical Sensors Fuels Market Expansion in Forecasted Period || Honeywell International Inc., Siemens AG, Halma PLC, Denso Corporation
Chemical Sensors Market
The Business Research Company's Chemical Sensors Global Market Report 2023 identifies the increasing use of chemical sensors in the automotive industry is the major driver for the chemical sensors market's growth in the forecast period. Automobile traffic is the primary source of exhaust gases. The chemical sensors and measurement technology can aid in improving engine performance, increasing energy efficiency, and lowering pollutant emissions. For instance, in January 2021, Gentex Corporation, a US-based high technology electronics company, introduced nanofiber sensing technology for detecting a wide range of chemicals, ranging from explosives to volatile organic compounds, with applications in a variety of industries including automotive, aerospace, and others. The company is presently working on a variant of this technology with an autonomous vehicle manufacturer to deliver the first smoke detector developed to identify smoke and vape within the vehicle environment.
The global chemical sensors market size grew from $28.84 billion in 2022 to $31.39 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the global chemical sensors is expected to grow to $44.8 billion in 2027 at a CAGR of 9.3%.
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Major competitors in the chemical sensors market are Honeywell International Inc., Siemens AG, Halma PLC, Denso Corporation, Emerson Electric, General Electric, Intelligent Optical Systems, SICK AG, Alpha MOS, The Bosch Group.
A key trend in the chemical sensors market includes offering Artificial Intelligence (AI). Artificial intelligence (AI) is increasingly being used in chemical sensors to assist in the identification and quantification of the ubiquitous mix of chemicals that comprise the environment. The ability of novel AI algorithms to seamlessly integrate with chemical sensors for material innovations and robust additive manufacturing technologies is impressive. For instance, in November 2022, King Abdullah University of Science and Technology (KAUST), a Saudi-Arabia-based private research university, engineered a artificial intelligence-based chemical sensor to identify specific gases in the air with high selectivity and sensitivity.
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The chemical sensors market is segmented -
1) By Product Type: Optical, Pallister Or Catalytic Bead, Other Product Types
2) By Particulate Type: Liquid, Gas
3) By Detection Method: pH Sensors, Humidity Sensors, Bio Sensors
4) By End-User: Automotive, Medical, Environmental Monitoring, Industrial, Other End-Users
5) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the chemical sensors market.
The Business Research Company's "Global Chemical Sensors Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Chemical Sensors Market Include:
1. Executive Summary
2. Chemical Sensors Market Characteristic
3. Chemical Sensors Market Trends And Strategies
4. Chemical Sensors Market - Macro Economic Scenario
5. Chemical Sensors Market Size And Growth
……………
27. Chemical Sensors Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Chemical Sensors Market
29. Chemical Sensors Market Future Outlook And Potential Analysis
30. Appendix
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