Chemical Sensor Market Expected to Reach USD 42.23 Billion and CAGR 7.5% by 2028 says Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

Dec 06, 2022, 06:05 ET

LONDON, Dec. 6, 2022 /PRNewswire/ -- The Global Chemical Sensor Market was worth USD 25.46 Billion in 2021. Due to the emergence of various growth inducing factors, the industry is poised to amass a valuation of USD 42.23 Billion by 2028, registering a CAGR of 7.5% over 2022-2028.

Chemical Sensor is referred to as Devices which are equipped with the ability to convert a physical or chemical property into a measurable signal. The obtained signal always remains proportional to the entire analytical concentration. These sensors posses the capacity of identifying a minute quantity of analyte even from its vapours due to their highly sensitive nature. They are further used to detect single molecules within any entity. Some of the commonly used Chemical Sensor are electrochemical gas sensors, breathalysers, and carbon monoxide sensor.

The Growing adoption of these Sensors in the healthcare sector, widespread technological advancements, along with rising R&D investments within this vertical are primarily augmenting the outlook of this business sphere.

Further, the increasing utilization of turbocharged engines and gasoline injections across the automobile sector is creating lucrative opportunities for this marketplace. Also, surging healthcare expenditure across the globe, rapid industrialization, and prompt urbanization are adding momentum to the progression of global Chemical Sensor Market.

Moreover, the rising pervasiveness of breathing disorders among the masses along with the increase usage of centralized ventilation in residential and commercial complexes are aiding the expansion of this industry. On the contrary, fluctuations in the price of these sensors and the presence of counterfeit products in the market are slowing down the development of this business vertical.

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Competitive Hierarchy

The prominent players defining the competitive terrain of global Chemical Sensor market are

ABB Ltd
F., Hoffmann-La Roche Ltd
Siemens AG
Air Test Technologies
Honeywell International
Halma plc
Denso Corporation
Emerson Electric
The Bosch Group
Delphi Automotive PLC
Alpha MOS
MSA Safety Incorporated
Others.

Chemical Sensor Market Segmentations:

By Type:

Optical
Electrochemical
Pellistor/Catalytic Bead
Semiconductor
Magnetic
Thermal
Others

By End-User:

Chemical Industry
Automotive
Medical
Pharmaceutical Sector
Oil and Gas Industry
Others

The prompt usage of Chemical Sensor in oil and gas industry is another development catalyst for this market. These devices are extensively used to detect the presence of harmful chemicals or chemicals within the vicinity of these industries. This not only prevents dangers to human health but also checks environmental degradation caused by these chemicals. Governments across the globe are imposing stringent emission regulations, which in turn is further stimulating the dynamics of this business vertical.

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These companies are striving to emerge as global leaders in this business vertical. To accomplish that, they are involving in mergers & acquisitions, product launches, R&D investments, partnerships, and collaborations, among others. The adoption of these strategies will not only enable them to meet their goals but will also help them to gain a competitive edge in the industry.

Comparing the historical outlook and ongoing trends of this Market

The marketplace has been garnering a massive traction over the stipulated timeline of 2022-2028 due to the rising use of Chemical Sensor across various applications.

There has been a growing product adoption across the healthcare sector. These sensors are used in various disease diagnostic procedures. Moreover, they are also used in the form of breathalysers to detect the amount of alcohol molecules present in the blood of an individual. Chemical Sensor finds widespread usage in detecting the concentration and ingredient of body liquid including glucose concentration, pH value, antibody, hormone, sense enzyme, and microbes, among others. These factors are fuelling the growth of this market vertical.

The COVID-19 pandemic created lucrative expansion avenues for these sensors. Patients affected with severe coronavirus face breathing issues and need artificial breathing supports. This in turn escalated the demand for oximeters, which emerged as a live saving entity for patients during the pandemic era.

Region-wise Insights

Which is the dominant region in the Market?

North America presently leads the global Chemical Sensor market in terms of revenue share. This is attributable to the booming automotive sector, rising product adoption in the medical field, along with the presence of stringent environmental safety regulations.

Also, increasing geriatric population which are highly prone to various chronic and infectious diseases coupled with the rising popularity of adoption centralized ventilation across residential and commercial buildings are contributing to the growth of this regional market.

How is Asia Pacific faring in the industry?

Asia Pacific is reckoned to capture a substantial volume share over the stipulated timeframe. This is ascribed to the increasing number of automobile companies, rising pervasiveness of various ailments, along with surging healthcare expenditure.

Alongside, presence of potential players, growing health cognizance of the masses, along with widespread developments in the healthcare infrastructure are accelerating the industry expansion in APAC.

Category-wise Outlook

Which is the leading type of segment in global Chemical Sensor Market?

The optical sensors segment is presently dominating the industry and is expected to showcase similar progression trends in the ensuing year. This is attributable to the widespread use of these sensors in environmental protection due to the ability to detect the presence of harmful pollutants in the air.

Which end user segment is gaining robust traction in this business vertical?

The medical segment has been amassing notable gains over the stipulated timeframe due to the growing prevalence of chronic and infectious diseases, increase in the geriatric population base, along with rising healthcare expenditure across the globe.

Major Developments

In October 2020, Smiths Detection, Inc received a USD 90.8 Million IDIQ contract. This deal requires the company to produce joint chemical detector adaptors in bulk.

On Special Requirement Chemical Sensor Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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