The global chemical sensors market is highly fragmented and competitive in nature due to the presence of many players in the market, says an upcoming Transparency Market Research (TMR) report says. Some of the prominent market players include Honeywell International Inc., Siemens AG , Emerson Electric Co. , Denso Corporation, and F. Hoffmann-La Roche Ltd. These companies are involved in research and development activities to introduce better products to capture over the large share of the competitive market.
The global chemical sensors market is likely to grow owing to rising impact of carbon footprint in the environment due to rapid industrialization taking place. The global chemical sensor market is projected to grow at a CAGR 5.0% during the forecast period 2016 to 2024. By the end of the forecast period in 2024, the global chemical sensors market anticipated to reach the estimated value of US$24.8bn. Previously, the global chemical sensors market registered the net revenue of US$16.3 bn in 2016.
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On the basis of region, the global chemical market is likely to be dominated by North America during the forecast period. North America is foretold to hold a lion’s share due to increasing research and development activities, high production in the automotive sector are projected to boost the growth. Alternatively, the Asia Pacific is expected to grow substantially during the forecast period. The growth in this region can be attributed to growing demand from food and beverage and oil and gas sector. On the basis of segmentation, in terms of product type, the global chemical sensors market is segmented into optical sensors, electrochemical sensors, and catalytic bead. But, of all these, the optical sensor is projected to register the highest growth. This is due to increasing demand for optical sensors across various industries.
Government Support to Promote Growth in Global Chemical Sensor Market
The growing initiatives from governments across the globe to reduce carbon emission is expected to have positive impact on the chemical sensors market. Therefore, the global chemical market is projected to swell up in the upcoming years. Moreover, these chemical sensors help in detecting the hazardous chemicals and gases that can pose a risk not only to environment but also to human lives. Risks of greater damage to environment and human lives can be averted, thus the global chemical sensors market is foreseen to expand at a healthy rate in the near future.
Wide Applicability across Industries to Drive Global Chemical Sensors Market
The chemicals sensors are versatile and they offer wide application in industries such as food and beverages, textile, automotive, and smart packaging. Thus, the global chemical sensors market is projected to grow at steady rate during the forecast period. Additionally, the food and beverage sector is paving a way for good growth opportunities in the near future.
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Further, impressive improvement in medical sector is predicted to provide impetus to growth in chemical sensors in the global arena.
The production of vehicles with less emission is expected to hamper the growth in the global chemical sensors market during the forecast period. Nonetheless, the need for chemical sensors to check the level of pollution in cities and for defense use are anticipated to strengthen the global chemical sensors market in forthcoming years.