Global Chemical Sensors Market Report, published by Variant Market Research, forecast that the global market is expected to reach $23billion by 2024 from $15billion in 2016; growing at a CAGR of 5.5% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow ata CAGR of 6.4% and 5.8%, respectively, during the forecast period.
The global chemical sensors market is majorly driven by increasing need for accuracy in diagnosis in healthcare sector and expanding use of chemical sensors in environmental monitoring. Additionally, rising use of semiconductor chemical sensors and high demand for dissolved gas sensors for aquaculture industry also support the growth of the market. Though, declining automobile emission testing may limit the growth of the market. Furthermore, untapped markets and low-cost, potable and wearable chemical sensor devices would provide growth opportunities during the forecast period.
The global chemical sensors market is bifurcated intotype and end-user. By type, the market is further segmented into electrochemical, optical sensor, catalytic bead and others. By end-user, the market is segmented asautomobile, oil & gas, medical, industrial, environment monitoring, and others. In 2016, environmental monitoring is expected to dominate the market in the application segment with highest CAGR during the forecast period 2016-2024, 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.
Geographically, the global chemical sensors market has been categorized into North America, Europe, Asia-Pacific and RoW.In 2016, 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.
The key market players in chemical sensors marketinclude BASF SE, Siemens AG, Honeywell International Inc., Emerson Electric Company, Bosch GmbH, General Electric, Delphi Automotive Plc, Thermo Fisher Scientific, AAB Group, and Abbott Laboratories, among others.