Chemical Sensor Market Growth Driven by Rising Chemical Usage
United States/WA: The global chemical sensor market was valued at US$ 18,361.2 Mn in 2018 and is expected to exhibit a CAGR of 6.6% over the forecast period (2019-2027), to reach US$ 32,277.8 Mn in 2027.
Major players operating in the global chemical sensor market are United Technologies, Xylem, International Sensor Technology, Industrial Scientific, General Electric, Heraeus Holding, Freescale Semiconductor, Figaro Engineering, E2V Technologies, Alpha MOS, AMETEK, Abbott Laboratories, Alphasense, Johnson & Johnson, NGK Spark Plugs, Bayer, Thermo Fisher Scientific, Hoffmann-La Roche Ltd., Halma, Yokogawa Electric Corporation, Emerson Electric, Co., Honeywell International, Inc., Denso Corporation, Siemens AG, The Bosch Group, Delphi Automotive., ABB Group, and Smiths Detection Teledyne Monitor Labs.
Market Overview:
Chemical Sensors are used to convert a chemical or physical property of a specific analyte into a measurable signal, the magnitude of which is normally proportional to the concentration of the analyte. Chemical sensors are used in myriad applications, such as automotive, medical, nanotechnology, oil & gas, and home detection systems, among others. Based on the working principle, chemical sensors can be classified into many types such as electrochemical, optical, magnetic, mass, and thermal.
This sensor is sensitive enough to detect a single chemical or biological molecule. Moreover, it plays an important role in environmental monitoring, as well as chemical, pharmaceutical, and food processing. Thus, the demand for chemical sensors is increasing across the world in various end-use industries.
Key Market Drivers:
Increasing demand for chemical sensors for environmental monitoring and homeland security due to the rapid urbanization is expected to boost the chemical sensor market growth over the forecast period. For instance, in August 2020, the U.S. Defense Advanced Research Projects Agency (DARPA) deployed advanced chemical and biological sensing systems in Indianapolis metro region and collected more than 250 hours of atmospheric data across five neighborhoods that helped train algorithms to more accurately detect chemical and biological threats.
Moreover, growing demand for chemical sensors due to the increasing use of chemicals in the automotive food, medical, and agricultural industries is expected to augment the growth of the chemical sensor market. For instance, in April 2021, Asystom announced the launch of its new range of multi-sensor IoT devices for predictive maintenance with increased autonomy. These sensors can be used in various end-use industries, such as automotive, medical, food, etc.
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The pandemic has slowed the growth of several sectors, including oil and gas, automobile, food, medical, and others. This in turn has reduced the demand for chemical sensors, as they are widely used in these industries for a wide range of applications. Moreover, several existing and potential projects in various sectors have been put on hold as a result of the pandemic, leading to diminished contribution of chemical sensors industry. Production has come to a halt in almost every country in many regions around the world except pharmaceuticals. This in turn is expected to lower the demand for chemical sensors.
Key Takeaways
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The chemical sensor market is expected to exhibit a CAGR of XX % during the forecast period owing to the growing developments in miniaturized and portable electrochemical sensors. For instance, in January 2021, Gentex Corporation announced the acquisition of a new nanofiber sensing technology capable of detecting a wide variety of chemicals, with widespread application in a multitude of industries.
- Among regions, North America and Asia Pacific are expected to witness strong growth in the chemical sensor market due to increase in production and sales of passenger vehicles and rapid growth of the automotive and pharmaceutical industries. According to the India Brand Equity Foundation (IBEF), India’s domestic pharmaceutical market is estimated at US$ 42 billion in 2021 and likely to reach US$ 65 billion by 2024 and further expand to reach ~US$ 120-130 billion by 2030.
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