Global Chemical Sensors Market: Overview
The rapid advancements in the healthcare sector, automotive sector, and various other industrial sectors is the very basis for the increasing uptake of chemical sensors. Chemical sensors are used for identifying and transforming information pertaining to chemicals into analytical signals. The demand for these sensors is also being augmented due to the growing environmental concerns and the need to monitor various types and levels of pollutions and for homeland security and defense purposes. Transparency Market Research states that the global chemical sensors market was valued at US$ 18.87 bn in 2018 and is anticipated to reach US$ 29.27 bn by 2027. Analysts predict that the global market will expand at a CAGR of 5.0% from 2019 to 2027.
Product Innovation Permits Extensive Application of Chemical Sensors across Industries
The increasing government initiatives to control the emission and in order to cut down the national carbon footprint is also expected to have a positive influence on the demand for chemical sensors. Detection of hazardous gases and chemicals to avert risks to human health and deterioration of the environment is primary objective chemical sensors in the oil and gas sector. The various types of chemical sensors available in the global market are the catalytic bead, electrochemical, and optical sensors. The demand for chemical and gas sensors in the automotive industry is being driven by application of oxygen sensors for stoichiometric control of the engine operation
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North America to Hold Lion’s Share in Global Market as Automotive Sector Regains Momentum
In terms of geography, the global chemical sensors market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is leading the global market and is expected to hold its position, followed by Asia Pacific. The demand for chemical sensors in North America will be dictated by the soaring production of vehicles, increasing research activities, development of new products, and the pressure of reducing pollution levels in the near future. Additionally, the increasing application of chemical sensors in sectors such as oil and gas, food and beverages, and industrial application is anticipated to fuel Asia Pacific market.
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Some of the key players operating in the global chemical sensors market are
- Alpha MOS,
- ABB Group,
- Delphi Automotive PLC.,
- The Bosch Group,
- Emerson Electric, Co.,
- Denso Corporation,
- Halma plc.,
- Honeywell International, Inc.,
- Siemens AG,
- F. Hoffmann-La Roche Ltd
- Yokogawa Electric Corporation.
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