Global Chemical Sensors Market, By Product Type (Optical Sensor, Electrochemical, Catalytic Bead), End-use Industry (Oil & Gas, Automotive, Medical, Environmental Monitoring, Industrial), and Geography - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025
PR-Inside.com: 2017-09-14 12:32:24
Chemical Sensors Market: Providing Continuous Environmental Monitoring
Chemical sensor is a device that transforms information regarding presence of chemical elements into an analytically useful signal. Physicochemical transducer and chemical recognition system are two major components of chemical sensors. Chemical sensors primarily operate in real-time, are physically small and are controlled by the kinetics and thermodynamics of a chemical reaction. Rising concerns towards homeland security and environmental monitoring along with rapid industrialization in emerging economies are some of the major driving factors for the market. In addition, increasing production rate of advance vehicles is one of the prime factors boosting the growth of chemical sensors market globally. Advancements in the medical field has resulted in chemical sensors finding application in different medical devices, which is also expected to be major factors driving growth of the global chemical sensors market over the foreseeable future. The growing government initiatives towards environmental safety is also anticipated to drive the global market over the forecast period. With the technological advancement in the field of chemical sensors it has become an important part of the food, pharmaceutical and chemical processing industry among others.
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The global chemical sensors market was valued at US$ 17,466.9 million in 2017 and is expected to witness a CAGR of 5.2% during the forecast period (2017 – 2025).
The growing energy usage as well as unwanted release of pollutants drives the growth of chemical sensors market
Chemical sensors are used in the industries for process monitoring and control in order to ensure environmental safety. It also plays a pivotal role in environmental protection and restoration. Tracking toxic gases and hazardous chemicals along with identifying and analyzing natural and man-made occurrences like waterways infestation, air pollution and weather prediction are some of the core application areas of chemical sensors. Military and defense forces also use chemical sensors in order to track chemical agents in the time of chemical warfare. Furthermore, smoke alarms, carbon monoxide (CO) detection systems and pH meters are some of the major application areas of chemical sensors. Moreover, high prevalence of chronic diseases and increasing application of chemical sensors in different medical devices is also fueling the market. The market in North America is expected to gain major traction over the forecast period, mainly due to increasing application of chemical sensors in different industries for environmental monitoring in U.S. and Canada. However, poor life expectancy of the chemical sensors is one of the major restraining factor for the market.
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Growing number of advanced vehicle production is a prominent factor to fuel the chemical sensors market
The market for chemical sensors is gaining significant traction due to growing industrialization in emerging economies along with rising focus on increasing environmental pollution. In addition, growing number of advanced vehicle production is also one of the major driving factors for the market which is anticipated to contribute in the positive development of the market over the forecast period. Increasing adoption of chemical sensors in medical sector is anticipated to surge the growth for the chemical sensors market. Chemical sensors are used in blood sugar testing strips, portable glucose monitors, and different other medical devices these factors are prime growth contributing factors for the market. Product innovation through research and development is one of the major strategies adopted by the key players operating in the chemical sensors market to hold their prominent positions globally. New innovations like wearable chemical sensors and metal oxide nanowire chemical sensors along with portable chemical sensors and devices for health monitoring among others are anticipated to fuel the market for chemical sensors over the forecast period globally.