Global Chemical Sensor Market is projected to be valued $23 Billion by 2024; with a CAGR of 5.4% from 2017 to 2025. Chemical sensors are measurement devices that convert a chemical or physical property of a specific analyte into a measurable signal, whose magnitude is normally proportional to the concentration of the analyte. A basic chemical sensor consists of two functional units namely a receptor and a transducer, whereas some even include a separator. These sensors have applications in the various fields such as biology, mechanics, electricity, semiconductor technology, thermology, membrane technology, medicine, and home safety, among others. Growing R&D has led to the emergence of microchemical sensor and its array which is likely to enter a new era.
Need for accuracy in diagnosis in healthcare sector coupled with increasing use of chemical sensors in environmental monitoring support the growth of the global chemical sensors market. Moreover, growing use of semiconductor chemical sensors and rising demand for dissolved gas sensors for aquaculture industry also fuel the growth of the market. However, decline in automobile emission testing may hinder the growth of the market. Furthermore, untapped markets and inexpensive, portable and wearable chemical sensor devices may provide growth opportunities in the coming years.
The global chemical sensors market has been categorized 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 global chemical sensors 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 Koreaand others. RoW covers South America, Middle East and Africa.
The key market players in chemical sensors market 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.
The key takeaways from the report
Scope of Chemical Sensors Market