New York, US, Aug. 24, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Chemical Sensors Market Analysis by Particulate Type, Technology, Vertical — Forecast till 2030” valuation is poised to reach USD 29.27 Billion by 2030, registering a 5.52% CAGR throughout the forecast period (2022–2030).
Chemical Sensors Market Overview
Due to the increased demand for quick, compact, precise, and portable diagnostic sensing equipment in the healthcare & biomedical industries, chemical sensors are in great demand. Additionally, the operating characteristics of chemical sensors have been dramatically changed by nanotechnology, which is also gaining market share quickly.
Chemical Sensors Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 29.27 Billion |
| CAGR From 2022 to 2030 | 5.52% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
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Drivers
Surge in Use in Biomedical and Healthcare Sectors to Boost Market Growth
The surge in use of chemical sensors in biomedical and healthcare sectors will boost market growth over the forecast period. Due to the increased demand for quick, compact, precise, and portable diagnostic sensing equipment, chemical sensors are growing in demand both in the healthcare & biomedical sectors. Additionally, nanotechnology has drastically changed the functional characteristics of chemical sensors & is quickly capturing the market for these devices.
Fluctuating Cost of Chemical Sensors to act as Market Restraint
The fluctuating cost of chemical sensors may act as a market restraint over the forecast period.
Chemical Sensors Market Segments
The chemical sensors market is bifurcated based on vertical, technology, and particulate type.
By particulate type, solid will lead the market over the forecast period.
By technology, electromechanical will dominate the market over the forecast period.
By vertical, healthcare & life sciences will spearhead the market over the forecast period.
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Chemical Sensors Market Regional Analysis
North America to Spearhead Chemical Sensors Market
The US, Canada, & Mexico make up the three segments of the North American market. In 2018, this regional market is anticipated to hold the greatest proportion of the global market for chemical sensors. The increased use of direct gasoline injection & turbocharged engines especially in the automobile sector is largely responsible for the expansion of the market in North America. Additionally, the region's high market player concentration and accessibility to highly skilled technical expertise both contribute to the industry's growth. The soaring vehicle production, expanding research efforts, the creation of new products, and the push to lower pollution levels in the near future will all drive the need for chemical sensors in North America.
During the projection period, the region is anticipated to have the greatest CAGR. The rise in disposable income & urbanization in these nations are the main causes of this. The expanding automotive industry and rising pollution levels are credited with driving the market expansion in these areas. For instance, the automotive sector heavily relies on chemical sensors for gasoline direct injection & turbocharged engines, which is predicted to fuel demand for these devices over the projection period. Additionally, rising demand for ammonia and nitrogen oxide sensors in the chemical sector is anticipated to support expansion of the North America market.
APAC to Have Admirable Growth in Chemical Sensors Market
The demand for chemical sensors is being driven by the alarming levels of pollution in China, India, & other Asia-Pacific nations. Chemical sensors are in great demand in the Asia-Pacific region thanks to affordable prices, adaptable applications, and quick technological advancements. Due to the growing use of chemical sensors in industrial safety operations & environmental monitoring programs, the market forecast for chemical sensors appears positive. The APAC market is driven by the surging use of chemical sensors in industries like oil & gas, food & beverage production, and industrial applications. Throughout the forecast period, growth is anticipated in the Asia Pacific area. Asia Pacific nations frequently make investments in the oil & gas industry.
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To address the energy needs of nations like India, Bangladesh, Taiwan, & others, new plants are being built. Chemical sensors are needed in the oil and gas industry to detect leaks, monitor confined spaces, and other things, thus the building of the new plants will raise demand for them. As a result, the APAC region is anticipated to experience growth in the worldwide chemical sensor market over the forecast period. The market will expand steadily in Asia-Pacific due to the region's fast industrialization and expanding healthcare and automotive industries. Market expansion is propelled by the advent of the biological sensors especially for healthcare applications. Due to the rapidly expanding healthcare industry, China & India are the market leaders in Asia for chemical sensors.
The market for chemical sensors is anticipated to have a bright future in the years to come because to the expanding healthcare industry. Additionally, the region's growth is being fueled by Indian regulations that are being developed on the usage of sensors especially in the chemical industry. The Chinese government has enacted a number of laws to combat the nation's rising emissions, which has encouraged greater installation of chemical sensors throughout sectors.
COVID-19 Analysis
The COVID-19 epidemic has halted the expansion of many industries, including the auto industry, the oil and gas industry, and others. The oil and gas industry uses chemical-based sensors the most frequently. Due to the COVID-19 pandemic, numerous ongoing and future projects in the oil and gas industry are experiencing difficulties with project planning and execution, which has reduced the industry's contribution.
Aside from the automotive & oil and gas industries, several other global industries have had production halts, including the chemical and mining industries. The need for the chemical-based sensors is predicted to decline as a result, which would hurt the market share of chemical sensors.
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Chemical Sensors Market Competitive Analysis
Dominant Key Players on Chemical Sensors Market Covered are:
- Abbott Laboratories (US)
- Emerson Electric Co. (US)
- Denso Corporation (Japan)
- Nova Biochemical Corp. (US)
- Thermo Fisher Scientific Inc. (US)
- AMETEK Inc. (US)
- Alpha MOS (France)
- Freescale Semiconductor Inc. (US)
- Halma PLC (UK)
- F. Hoffmann-La Roche AG (Switzerland)
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