Chemical Sensors Market CAGR Projected to Grow at 5.0% through 2024

In a to a great extent divided worldwide compound sensors showcase, top five players held a small 19.8% of the general market in 2015. These organizations, in particular Emerson...

In a to a great extent divided worldwide compound sensors showcase, top five players held a small 19.8% of the general market in 2015. These organizations, in particular Emerson Electric Co., ABB Group, The Bosch Group, Honeywell International Inc., and Siemens AG are relied upon to clutch their predominant position sooner rather than later. Innovative work endeavors for presentation of novel items is what is helping these organizations to collect expansive offer in the market, expresses the creator of the examination.

Companies in this market are also focusing on implementation of new technologies to add to thie business profile. This is likely to aid these companies bolster their position in the market. Some top companies operating in the global chemical sensors market include Alpha MOS, Delphi Automotive plc, Denso Corporation, Honeywell International Inc., F. Hoffmann-La Roche Ltd., ABB Group, The Bosch Group, Emerson Electric Co., Halma plc., Siemens AG, and Yokogawa Electric Corporation.

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As per estimates of a market intelligence publication by Research Report Insights (RRI), the global chemical sensors market will be worth US$24.8 bn by 2024 from US$16.3 bn in 2015. This alludes to a CAGR of 5.0% over the forecast period starting in 2016 and ending in 2024. Among the various segments of the market based on end-use, the medical industry continues to remain at the fore. Continual uptake of technologically advanced devices is fuelling the medical end-use segment in the chemical sensor market. Product-wise, optical sensors are likely to continue to show an uptick in demand due to their increasing application in healthcare and medicine industry. North America is the leading regional market for chemical sensors; the growth of the automobile industry, development of new products, and increasing research activities are providing impetus to this market.

Efficacy for Homeland Security Boosts Growth

The growth of the chemical sensors market is mainly because of rising demand for chemical sensors across a host of industries such as food and beverages, medical, automotive, and agriculture. Further, rising number of oil and gas exploration and extraction undertakings are stoking demand for chemical sensors. Chemical sensors are increasingly being deployed as they help to identify the amount of hazardous chemicals present in the environment and quantify their impact through logical analysis. Initiatives undertaken by governments to ensure environmental safety is also predicted to boost the chemical sensors market in the years ahead.

The chemical sensors market is also witnessing a spike in its revenue due to surging demand for homeland security. To serve this, chemical sensors are witnessing upswing in demand from the defense forces to detect harmful gases, explosives, and other chemicals used for chemical warfare. Apart from this, increasing investments for research and development of chemical sensors is serving to boost this market.

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Fluctuating Prices to Hamper Market

On the downside, poor lifecycle of chemical sensors is the only major factor restraining the growth of chemical sensors market. These sensors if exposed to varying temperature, humidity, air pressure, and other environmental contaminants can get damaged easily. Price fluctuations of chemical sensors despite their steady demand and extensive sales is projected to hamper this market in the future.

The review presented is based on the findings of a RRI report, titled “Chemical Sensors Market (Type – Optical Sensor, Electrochemical, and Catalytic Bead; by End User – Oil and Gas, Automotive, Medical, Environmental Monitoring, and Industrial) – Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024.”

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