Chemical Sensors Market Size, Revenue Analysis, Industry Outlook, Forecast, 2020-2028
Increasing application of chemical sensors across end-use
industries is a key factor driving market revenue growth
Market Size – USD
21.85 Billion in 2020, Market Growth – at a CAGR of 7.3%, Market Trends –
Rising demand for biosensors
The global Chemical
Sensors Market size is expected to reach USD 38.35 Billion in 2028 and
register a revenue CAGR of 7.3% over the forecast period, according to a latest
report by Reports and Data. Market revenue growth is primarily driven by wide
usage of chemical sensors across various end-use industries. Chemical sensors
are widely utilized in various application areas such as safety, critical care,
process controls, industrial hygiene, human comfort controls, product quality
controls, automotive, emissions monitoring, home safety alarms, clinical
diagnostics, and more recently homeland security. The economic and social
benefits provided by chemical sensors in various applications is expected to
boost revenue growth of the market to a significant extent during the forecast
period. Expanding application of more accurate and lower cost sensors for
sensing chemical compounds in liquids and gases is resulting in increasing
demand for chemical sensors. Moreover, the need for process and quality control
as well as environmental pollution measurements in different fields that
include automotive, process industry, food industry, power engineering,
biomedical industry, and oil and gas industry is boosting demand for chemical
sensors. Increasing number of research activities for chemical sensors based on
electrical and electrochemical transduction principles is projected to drive
market growth during the forecast period. Numerous advantages associated with
chemical sensors based on electrical and electrochemical transduction
principles such as smaller sizes, higher sensitivities in detecting very low
concentrations of gas in gaseous mixtures or analytes in liquids, possibility
of on-line measurements and low costs are other key factors contributing to
rising demand for these sensors.
Rising demand for biosensors for medical purposes is
expected to boost market growth during the forecast period. Biosensors are
designed to sense antigen, enzyme, hormone, antibody, RNA, DNA, and microbes.
These help in detection of pathogenic organisms, mutagenic, carcinogenic,
and/or toxic chemicals for reporting a biological effect. Rising prevalence of
diabetes along with increasing point-of-care and home monitoring and testing
tools are other significant factors driving demand for biosensors.
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Major companies in the market report include Thermo
Fisher Scientific, Bayer, General Electric Co., Hans Turck GmbH & Co. KG,
Honeywell International Inc., ABB Ltd., ATI Airtest Technologies, Sick AG,
Siemens AG, and Robert Bosch.
Some Key Highlights From the Report
- In
January 2021, Gentex Corporation announced the acquisition of new
nanofiber sensing technology. The newly acquired sensing technology is
capable of detecting a wide variety of chemicals, which include drugs,
explosives, Volatile Organic Compounds (VOCs), amines, industrial
chemicals, and others. The technology allows for rapid detection of target
chemicals with high sensitivity in parts per billion and parts per
trillion ranges. The technology can be utilized in a wide variety of
markets and industries, with potential applications in aerospace,
automotive, agriculture, military & first responders, food &
beverage processing, chemical manufacturing, medical, and worker safety.
- Electrochemical
segment is expected to account for largest revenue share in the global
chemical sensors market over the forecast period owing to its high
selectivity, portability, minimal space and power requirements, and a wide
linear range. The ability of electrochemical sensors to lower the
deployment cost of sensors using mass production, is driving their demand
across various end-use industries.
- Industrial
segment is expected to account for a considerably large revenue share in
the global chemical sensors market. Rising need for process and quality
control as well as environmental pollution measurements in different
fields such as automotive, process industry, food industry, power engineering,
oil and gas industry, and biomedical industry are expected to drive the
industrial application of chemical sensors.
- The
chemical sensors market in North America is expected to account for
largest revenue share over the forecast period. Increasing investment of
automobile manufacturers to increase light weight vehicles production and
enhance fuel efficiency and performance is boosting the growth of
universal exhaust gas oxygen (UEGO) sensors.
To identify the key trends in the industry, click on the
link below: https://www.reportsanddata.com/report-detail/chemical-sensors-market
For the purpose of
this report, Reports and Data has segmented the global chemical sensors market
based on product type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Optical
- Electrochemical
- Catalytic
Bead
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Medical
- Industrial
- Environment
Monitoring
- Defense
and Homeland Security
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- Middle
East & Africa
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Market Report includes major TOC points:
- Chemical
Sensors market Overview
- Global
Economic Impact on Industry
- Global
Market Competition by Manufacturers
- Global
Production, Revenue (Value) by Region
- Global
Supply (Production), Consumption, Export, Import by Regions
- Global
Production, Revenue (Value), Price Trend by Type
- Global
Market Analysis by Application
- Manufacturing
Cost Analysis
- Industrial
Chain, Sourcing Strategy and Downstream Buyers
- Marketing
Strategy Analysis, Distributors/Traders
- Market
Effect Factors Analysis
- Chemical
Sensors market Forecast
Conclusively, all aspects of the Chemical Sensors market
are quantitatively as well qualitatively assessed to study the global as well
as regional market comparatively. This market study presents critical
information and factual data about the market providing an overall statistical
study of this market on the basis of market drivers, limitations and its future
prospects.
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