SAN FRANCISCO, July 26, 2017 (GLOBE NEWSWIRE) -- Global Chemical Sensors Market Report, published by Variant Market Research, forecast that the global market is expected to reach $23 billion 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 at a CAGR of 6.4% and 5.8%, respectively, during the forecast period.
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Increasing need for accuracy in diagnosis in healthcare sector and expanding use of chemical sensors in environmental monitoring are the major factors driving the global chemical sensors market. Additionally, high demand for dissolved gas sensors for aquaculture industry and rising use of semiconductor chemical sensors also fuel the growth of the market. However, declining automobile emission testing may hinder the growth of the market. Furthermore, potable and low-cost wearable chemical sensor devices, and untapped markets would unfold several growth opportunities during the forecast period.
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The global chemical sensors market is segmented into type and end-user. By type, the market is further bifurcated into optical sensor, electrochemical, catalytic bead and others. By end-user, the market is categorized as oil & gas, automobile, industrial, medical, environment monitoring, and others. In 2016, environmental monitoring is projected to dominate the application segment, driven by high energy usage and unwanted release of pollutants which has led to increased focus on advanced monitoring technologies for remediation and restoration, By geography, the global chemical sensors market has been segmented into North America, Europe, Asia-Pacific and RoW. North America accounted for the largest market share of 36% in 216 followed by Asia-Pacific with market share of 27.7%. In terms of growth, Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period, due to the adoption of advanced technologies and growing automotive and healthcare sector.
Major companies operating in the chemical sensors market include Honeywell International Inc., BASF SE, Siemens AG, Emerson Electric Company, Delphi Automotive Plc, Bosch GmbH, General Electric, Thermo Fisher Scientific, AAB Group, and Abbott Laboratories, among others.
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The key takeaways from the report
- The report will provide detailed analysis of Chemical Sensors Market with respect to major segments such as type and end-user
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Chemical Sensors Market has been provided in the report
- Profile of the key players of the Chemical Sensors Market, will be provided, which include key financials, product & services, new developments and business strategies
Scope of Chemical Sensors Market
Type Segments
- Catalytic Bead
- Electrochemical
- Optical Sensor
- Others
End-User Segments
- Medical
- Oil & Gas
- Industrial
- Automobile
- Environment Monitoring
- Others
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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