Global Chemical Sensor Market is Envisioned to Mark a CAGR of 8.1% by the End of 2024
“Chemical Sensors Market: Global Demand Analysis & Opportunity Outlook 2024”
The global chemical sensors market is segmented into type such as optical sensor, electrochemical sensor, catalytic bead and others. Among these segments, electrochemical sensor segment is predicted to grow at a remarkable pace over the forecast period i.e. 2017-2024. Additionally, the growth of this segment is attributed to growing industrialization and increasing adoption of innovative technology. In addition to this, growing demand for control ventilation in commercial properties is also fostering the growth of chemical sensor market.
The global chemical sensor market is expected to register a CAGR of 8.1% over the forecast period. Moreover, global chemical sensor market is projected to reach USD 25, 230 Million globally by 2024. The market is expected to expand on the back of favorable government initiatives and increasing environmental awareness.
The automotive and oil & gas segment by end user is expected to account for the largest share of revenue across the globe. Additionally, robust expansion of automotive industry is one of the major factors fuelling the demand for chemical sensors. In terms of geography, North America region is estimated to capture the biggest market of chemical sensor by 2024 aided by U.S. Further, growing healthcare infrastructure in this region is projected to augment the demand for chemical sensor market. Moreover, Asia-Pacific region is projected to be fastest growing chemical sensor market by witnessing a CAGR of 10.2% during the forecast period.
Swift advancement in technology
Rising integration of chemicals sensors into electronic products such as electronic nose along with increasing demand for innovative products which can detect numerous things such as temperature, odor and others are believed to boost the demand for chemical sensors. Moreover, growing adoption of technologically advanced devices by various sectors such as oil and gas is also boosting the demand for chemical sensors. These factors are envisioned to bolster the growth of chemical sensor market.
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Growing adoption of chemical sensor devices
Rapid urbanization coupled with positive GDP growth of the developed and developing nations such as U.S., China and others are positively impacting the growth of various sectors for instance automotive industry which is likely to intensify the growth of chemical sensor market. Furthermore, rise in global energy usage along with increasing pollution across the globe has led to a serious focus on advanced monitoring technologies for environmental protection which is likely to flourish the growth of chemical sensor market.
On the contrary, high cost associated with chemical sensor equipped devices is expected to dampen the growth of chemical sensor market around the globe.
The report titled “Chemical Sensors Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global chemical sensor market in terms of market segmentation by type, by end user type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global chemical sensor market which includes company profiling of ABB Group, Delphi Automotive PLC., Alpha MOS, The Bosch Group, Emerson Electric, Denso Corporation, Halma plc., Siemens AG, F. Hoffmann-La Roche Ltd and Yokogawa Electric Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global chemical sensor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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