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Chemical Sensors Global Market Sales Estimated to Hit $48.68 Billion with CAGR of 9.2% By 2028 | Says The Business Research Company
Chemical Sensors Global Market
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According to The Business Research Company's, The chemical sensors market size has grown strongly in recent years. It will grow from $31.6 billion in 2023 to $34.19 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to industrial growth, increased global chemical trade, growth in chemical manufacturing, regulatory compliance, and increased demand for supply chain efficiency.
The chemical sensors market size is expected to see strong growth in the next few years. It will grow to $48.68 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing use of sustainable chemicals, growing e-commerce and digital platforms, growing adoption of green chemistry, global supply chain resilience, increasing specialty and custom chemicals. Major trends in the forecast period include chemical industry innovation, key players' partnerships, iot adoption, product innovations, and advances in wearable chemical sensors.
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Market Drivers and Trends:
The increasing use of chemical sensors in the automotive industry is expected to drive the growth of the chemical sensors market 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. Therefore, the rising use of chemical sensors in the automotive industry propels the chemical sensors market growth.
Artificial Intelligence (AI) is an emerging trend in the chemical sensors market. 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. This smart electronic chemical sensor is capable of precisely identifying the target gas among the compound mixture of chemicals found in the air and can be used in applications ranging from medical diagnostics to the detection of hazardous industrial gas leakages. Additionally, for each tested gas, specific signature markers are created using data processing and machine learning algorithms to create an accurate and specialized gas categorization model.
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Major Key Players of the Market:
Honeywell International Inc., Siemens AG, Halma plc, Denso Corporation, Emerson Electric Co., General Electric Company, Intelligent Optical Systems Inc., SICK AG, Alpha MOS SA, Robert Bosch GmbH, Hans Turck GmbH & Co. KG, Owlstone Medical Ltd., SPEC Sensors LLC, Nemoto & Co. Ltd., SenseAir AB, Freescale Semiconductor Inc., JLM Innovation GmbH, ABB Group, BorgWarner Inc., Smiths Detection Inc., MSA Safety Incorporated, Pepperl+Fuchs Group, AirTest Technologies Inc., Yokogawa Electric Corporation, BorgWarner Inc., Thermo Fisher Scientific Inc., Bayer AG, Pendar Technologies Inc., Intellisense Systems Inc., Lyten Inc., Physical Sciences Inc., GlaxoSmithKline plc, Aerodyne Research Inc., Sensirion AG, City Technology Ltd., Figaro Engineering Inc.
Chemical Sensors Market 2024 Key Insights:
• The chemical sensors market size is expected to see strong growth in the next few years. It will grow to $48.68 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Elevated Adoption Of Chemical Sensors In The Automotive Sector Boosts The Chemical Sensors Market
• Integration Of Artificial Intelligence (AI) Transforms The Chemical Sensors Market
• North America was the largest region in the chemical sensors market in 2023
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