Chemical Sensors Market (By Product Type: Optical Sensor, Electrochemical, Catalytic Bead, Others; By End Use: Oil & Gas, Automotive, Medical, Environmental Monitoring, Industrial, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
The global chemical sensors market is anticipated to grow at a CAGR of around 7.1% during the forecast period 2020 to 2027 and to reach around US$ 33.6 Bn by 2027.
Market Dynamics
Rapid technological advancement in electronic sectors and wide applicability of chemical sensor in various end use industries such as food & beverage, healthcare, chemical, automotive, etc. are major factor expected to drive the growth of the global market. Healthcare industry is flourishing in developed and developing countries, government is spending high on the development of present infrastructure, coupled with the rising incidences of chronic diseases across the global is resulting in device manufactures focus on developing advanced diagnostic devices. Chemical sensors are widely used for fertility treatments, portable glucose monitors, cancer diagnosis.
Developing automotive sector, increasing sale for passenger vehicles in emerging economies, and changing regulatory standards related to fuel consumption is resulting in manufactures focus on use of direct gasoline injection and turbocharged engines this is expected to increase demand for chemical sensors.
- In addition, major players focus on business expansion through strategic merger and acquisitions in order to increase the customer base and enhance the product portfolio is another factor expected to impact the growth of target market positively.
- In 2019, IST AG acquired Jobst Technologies GmbH a company focused on developments in the field of bio analytical microsystems such as biosensor arrays for medical applications and biotechnology. This acquisition will help the company to strengthen its product portfolio in bio and chemical sensors.
In 2019, Thorlabs, Inc. acquired the Coda Devices, a manufacturer of Raman-based solutions for analyzing the chemical composition of substances within a laboratory environment. This acquisition is expected to help the company to enhance strengthen its position in the US market.
However, factors such as poor life spam of the chemical sensors and technological glitches are factors expected to hamper the growth of the global market.
Investment by the major player for technological advancements and innovative product offerings is expected create new opportunities for players operating in the target market over the forecast period. In addition, inclination towards developing countries in order to enhance the business presence and increase the profit ration is expected to support the revenue traction of target market.
Chemical Sensors Market Segment Analysis, 2019
The global market is segmented into product type and end use. The product type segment is bifurcated into optical sensor, electrochemical, catalytic bead, and others. Among end use the automotive segment is expected to account for significant revenue share in the global chemical sensors market.
Segment Analysis by Region
The market in North America is expected to account for major revenue share owing to high demand for chemical sensor from various end use industries such as food & beverage, healthcare, automotive, etc. In addition, availability of advanced infrastructure in order to support the R&D activities is expected to support the growth of target market in this region.
Asia Pacific is expected to witness faster growth in the near future owing to rising demand for chemical sensors from automotive industry. In addition, business development activities and rising public-private partnerships for development of innovative products is expected to further support the growth of target market.
Competitive Landscape
Presence of large number of players operating on regional and international level is increasing the competition. In addition, business development activities and introduction of new apps and payment system are factors further augmenting the market competition.
Report coverage
|
Market |
Global Chemical Sensors Market |
|
Analysis Period |
2016 – 2027 |
|
Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
|
Market Stratification |
Product Type, End Use and Geography |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
The market research study on “Chemical Sensors Market (Product Type: Optical Sensor, Electrochemical, Catalytic Bead, and Others; End Use: Oil & Gas, Automotive, Medical, Environmental Monitoring, Industrial, and Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global chemical sensors market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global chemical sensors market segment by product type, end use and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global chemical sensors market size and segment markets by product type, end use and geography along with the information on companies operating in the market. The chemical sensors market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report ABB Group, The Bosch Group, Halma plc, Siemens AG, Delphi Automotive PLC., Emerson Electric, Co., Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Denso Corporation, Honeywell International, Inc., and Yokogawa Electric Corporation.
Market Segmentation
Market By Product Type
- Optical Sensor
- Electrochemical
- Catalytic Bead
- Others
Market By End Use
- Oil & Gas
- Automotive
- Medical
- Environmental Monitoring
- Industrial
- Others
Market By Region
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Frequently Asked Questions
Which major factor expected to drive the growth of the global chemical sensors market?
Rapid technological advancement in electronic sectors and wide applicability of chemical sensor in various end use industries such as food & beverage, healthcare, chemical, automotive, etc. are major factor expected to drive the growth of the global market.
How much is the CAGR of chemical sensors market?
The global chemical sensors market is anticipated to grow at a CAGR of around 7.1% during the forecast period 2020 to 2027.
How much is the chemical sensors market worth?
The global chemical sensors market size is expected to reach around US$ 33.6 Bn by 2027.
Which end use segment is expected to account for significant revenue share?
Among end use the automotive segment is expected to account for significant revenue share in the global chemical sensors market.
Which region is expected to account for major revenue share?
The market in North America is expected to account for major revenue share owing to high demand for chemical sensor from various end use industries such as food & beverage, healthcare, automotive, etc.
Which region is expected to witness faster growth?
Asia Pacific is expected to witness faster growth in the near future owing to rising demand for chemical sensors from automotive industry.
Which are the key players of chemical sensors market?
The players profiled in the report ABB Group, The Bosch Group, Halma plc, Siemens AG, Delphi Automotive PLC., Emerson Electric, Co., Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Denso Corporation, Honeywell International, Inc., and Yokogawa Electric Corporation.
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