Wilmington, Delaware, United States, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global market for chemical sensors was estimated to have acquired US$ 22.4 billion in 2022. It is anticipated to advance with a 6.8% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 40.1 billion.
The rise in the use of self-monitoring devices all over the world is expected to raise the need for chemical sensors in the healthcare industry in the near future. Manufacturers have responded to this trend by creating novel, extremely precise, small sensor technologies. Wearable chemical sensor advances for real-time health monitoring are helping the industry to expand.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 22.4 Bn | |
| Estimated Value | US$ 40.1 Bn | |
| Growth Rate - CAGR | 6.8% | |
| Forecast Period | 2023-203 | |
| No. of Pages | 240 Pages | |
| Market Segmentation | Product Type, Technology, Particle Type, Application, End-use Industry | |
| Regions Covered | North America,Europe,Asia Pacific,Middle East & Africa,South America | |
| Companies Covered | ABB,AirTest Technologies Inc.,Emerson Electric Co.,General Electric,Honeywell International Inc.,MSA Safety Incorporated,SenseAir AB,Siemens AG,Smiths Detection Group Ltd,Thermo Fisher Scientific Inc.,VOCSens | |
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Key Findings of Market Report
- Chemical sensor producers are concentrating on high-growth markets such process control, pollution monitoring, car safety systems, as well as heating, ventilation, and air conditioning (HVAC) systems to increase their market share,
- Market statistics are expected to be hampered in the near future by the high installation cost of sensor networks.
- During the projection period, the electrochemical technology sector is anticipated to rule.
- During the projection period, the liquid particle type segment is most expected to dominate the global market.
Market Trends For Chemical Sensors
- The liquid particle type segment is most likely to dominate the global market during the forecast period. Chemical sensors play a critical role in the identification and measurement of various liquid properties, such as substance concentration, composition, and possible pollutants.
- The ability to detect liquid particles enables accurate and trustworthy monitoring in a variety of liquid-related applications, including industrial operations, environmental monitoring, and medical diagnostics.
- The electrochemical technology sector is anticipated to rule during the projection period. High sensitivity and selectivity are features of this technique that enable precise and dependable target analysis identification.
- Fast-responding electrochemical sensors can function at a variety of humidity and temperature conditions. They are therefore appropriate for a variety of applications. Electrochemical sensors use less electricity. They may be added to portable and battery-operated gadgets.
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Chemical Sensors Regional Market Outlook
Various reasons are propelling the growth of the chemical sensors market in different regions. These are:
- North America is anticipated to lead the global market during the forecast period. In 2022, the region represented a sizable portion.
- The United States of America has developed into a technologically cutting-edge hub for industrial sensor devices due to the extensive implementation of the Industry 5.0 concepts in American industries. The existence of renowned sensor producers in the nation also contributes to the market's growth.
- The size of the chemical sensors market in Asia Pacific is anticipated to grow over the projected period as a result of an increase in investment within the oil and gas industry, notably in India. In the oil and gas industry, chemical sensing equipment is used to monitor confined places and find leaks. The demand for these devices is thus gaining traction owing to the introduction of new competitors in the market.
Global Chemical Sensors Market: Key Players
The chemical sensors industry is dominated by a small number of well-established companies in a fragmented worldwide environment. Chemical sensors market research analysis shows that manufacturers are employing cutting-edge tactics like product portfolio expansion and mergers & acquisitions to improve their position.
The following companies are well-known participants in the global chemical sensors market:
- ABB
- AirTest Technologies Inc.
- Emerson Electric Co.
- General Electric
- Honeywell International Inc.
- MSA Safety Incorporated
- SenseAir AB
- Siemens AG
- Smiths Detection Group Ltd
- Thermo Fisher Scientific Inc.
- VOCSens
Developments by the key players in the global market for chemical sensors are:
| Market Player | Year | Key Developments |
| ABB | 2022 |
|
| Honeywell International Inc. | 2021 |
|
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Global Chemical Sensors Market Segmentation
- Product Type
- Dissolved Oxygen Sensor
- Carbon Dioxide Sensor
- Carbon Monoxide Sensor
- Hydrogen Sensor
- Methane Sensor
- Others (Nitrogen Oxide Sensor, Hydrogen Sulfide, etc.)
- Technology
- Optical
- Electrochemical
- Catalytic Bead
- Thermal
- Others (Mass, Biochemical, etc.)
- Particle Type
- Solid
- Liquid
- Gas
- Application
- Process Control
- Emission Monitoring
- Vehicle Safety System
- Heating, Ventilation, and Air Conditioning (HVAC) System
- Home Building Automation
- Others (Explosion Protection, Homeland Security, etc.)
- End-use Industry
- Oil and Gas
- Chemical
- Pharmaceutical
- Food and Beverage
- Water and Wastewater
- Healthcare
- Others (Paper and Pulp, Automotive, etc.)
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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