Global Chemical Sensor Market is Estimated to Reach $23 Billion by 2024, Says Accurize Market Research
Global chemical sensor market report published by Accurize Market Research forecast that the global market is expected to reach $23 billion by 2024; growing at a CAGR of 5.4% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Need for accuracy in diagnosis in healthcare sector coupled with increasing use of chemical sensors in environmental monitoring across the globe to drive the growth of the market
Need for accuracy in diagnosis in healthcare sector coupled with increasing use of chemical sensors in environmental monitoringfuels the demand for the global chemical sensormarket. Moreover, growing use of semiconductor chemical sensors and rising demand for dissolved gas sensors for aquaculture industry also boost the growth of the market.
The global chemical sensor market has been bifurcated on the basis of type, end-user, and geography. The market by type is segmented into electrochemical, optical sensor, catalytic bead and others. Furthermore, by end-use industry, it can be segmented into automobile, oil & gas, environment monitoring, medical, industrial, and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Germany, Italy, France and others. Asia-Pacific covers China, Japan, India, South Korea and others. RoW covers South America, Middle East and Africa.
“Environmental monitoring is expected to dominate the market with highest CAGR during the forecast period ", says Accurize
By application segment, environmental monitoring is expected to dominate the market with highest CAGR during the forecast period 2017-2025, owing to high energy usage and unwanted release of pollutants which has led to increased focus on advanced monitoring technologies for environmental protection, remediation and restoration.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America accounted for the largest market share of 36% followed by Asia-Pacific with market share of 27.7%. However, Asia Pacificis expected to dominate the market with fastest CAGR during the forecast period, owing to the adoption of advanced technologies and growing automotive and healthcare sector.
Top players in the market
The key market players include Honeywell International Inc., Bosch GmbH, Delphi Automotive Plc.,General Electric, Abbott Laboratories, BASF SE, Emerson Electric Company, ABB Group, Thermo Fisher Scientific and Siemens AG, among others.
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