In its recently published market research report, Future Market Insights offers an in-depth analysis of the growth prospects of the trace chemical detector market during the forecast period, 2019-2027. As per the findings of the report, in 2018, the trace chemical detector market size was around US$ 2 billion and the market is expected to grow at a compounded annual growth rate (CAGR) of ~7.2% through the forecast period, 2019-2027.

The growing applicability of trace chemical detectors in different industrial domains including, chemical, petrochemical, aerospace, healthcare, and defense among others is one of the major factors that is likely to boost the growth of the trace chemical detector market during the assessment period. In addition, subsequent increase in the number of research investments is likely to propel the demand for trace chemical detectors in the upcoming years.

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Market Players Leverage Technological Advancements to Improve Trace Chemical Detectors

Technological advancements are expected to play a major role in influencing the growth of the market as far as trace chemical detectors is concerned. In addition, the advent of highly advanced and superior trace chemical detectors including, narcotics detection systems, accurate identification & measurement control device, hazardous chemical warning systems and more are likely to enhance the usability and applicability of trace chemical detectors. Moreover, in the current scenario, a wide range of trace chemical detectors are available which in turn has resulted in the upsurge of demand for trace chemical detectors. Some of the recent feature upgrades including, audio-video alarm, programmable sensors, and remote monitoring among others are expected to generate significant demand for trace chemical detectors from numerous industries.

Concerns over Chemical Safety Expected to Fuel Market Growth

Concerns over the usage of hazardous and toxic chemicals has increased significantly in recent years. Further, within the healthcare sector, inspection of multiple products according to the regulatory guidelines has experienced a considerable growth, which has positively impacted the adoption of trace chemical detectors. Trace chemical detectors are largely used to carry out various mandatory tests including, stability testing, expiration date testing, and shelf life testing.

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 According to the analyst at Future Market Insights, “The growing adoption of trace chemical detectors for medicine testing in the healthcare sector is another major factor that is expected to propel the demand for trace chemical detectors during the forecast period.”

High Demand from the Defense Sector Expected

According to the report published by Future Market Insights, a notable demand for trace chemical detectors from the defense sector was observed to perform an array of applications including, narcotic detection, hazardous chemical detection, and explosive detection, and chemical weapon detection among others. Thus, the surge in demand for trace chemical detectors from the defense industry is likely to create promising prospects for trace chemical detector market.

Trace Chemical Detector Market: Vendor Insights

The report published by Future Market Insights lists the names of leading market players operating in the current market landscape. The prominent players involved in the trace chemical detector market are, ABB, Siemens, Thermo Fisher Scientific, Smiths Detection Inc, Bruker, Westminster Internation Ltd, NUTECH Company Limited, Morphix Technologies and more.