Chemical Sensors Market Expected to Expand at a CAGR of 10.2% by 2024| ABB Group, Delphi Automotive PLC., Alpha MOS
Nov 24, 2020 (AB Digital via COMTEX) —
The chemical sensor market has been segmented into optical sensors, electrochemical sensors, and catalytic bead sensors among others. Electrochemical sensors are considered to dominate the market due to its growing use and are expected to grow at highest CAGR during the forecast period. Rising demand for quick and accurate monitoring systems is anticipated to aid the growth of chemical sensors market. Further, the market is witnessing growing adoption and preference for technologically advanced devices by various sectors such as oil & gas, automotive, food & beverages and others. This factor is envisioned to strengthen the growth of chemical sensors market.
The global market for Chemical Sensors Market is expected to flourish at a CAGR of 10.2% during the forecast period 2018-2027. Factors such as growing usage of chemical sensors in house monitoring is anticipated to drive the global demand for chemical sensors market.
Moreover, integration of chemical sensors in electronics and computers are projected to be the major factor behind the growth of chemical sensor market. Further, mounting demand for chemical sensors for safety purposes in industrial sector and for environmental monitoring programs is also anticipated to foster the growth of chemical sensor market by noteworthy revenue by end of forecast period.
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In the regional segment, North America is the largest market for chemical sensorsin terms of revenue and is anticipated to dominate the market by the end of 2024. This can be attributed to rising demand for quick and accurate diagnosis in medical sector. Owing to increasing research activities, U.S holds the largest market share in chemical sensors followed by Asia Pacific, making it the second largest chemical sensors market. Moreover, penetration of major vendors for chemical sensor market in Asia Pacific is envisioned to bolster the growth of chemical sensors market in forecast period. Presence of huge number of established manufacturing industries is anticipated for tremendous growth in Europe region.
Growing Concern for Monitoring Technologies
Growing concern for increase in global energy usage and unwanted release of pollutants has led to a serious focus on advanced monitoring technologies for environmental protection, remediation and restoration furthering the demand in industrial sector for chemical sensors for safety purposes. This factor is expected to benefit the expansion of chemical sensors market.
With increasing concern for health and environment, there is demand for chemical sensors in healthcare sector as well as automotive industries such as oil & gas sector by end users. It is estimated to be the fastest growing segment in overall chemical sensor market and is believed to supplement the growth of chemical sensor market during forecast period.
However,lack of awareness and less adoption of chemical sensors are expected to dampen the growth of chemical sensor market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of thechemical sensor market which includes company profiling ofABB Group, Delphi Automotive PLC., Alpha MOS, The Bosch Group, Emerson Electric, Denso Corporation, Halma PLC., Siemens AG, F.Hoffmann-La Roche Ltd. and Yokogawa Electric Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the fire chemical sensor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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