Reports and Data has published its latest report titled “Chemical Sensors Market By Product Type (Optical, Electrochemical, Catalytic Bead), By Application (Medical, Industrial, Environment Monitoring, Defense and Homeland Security), and By Region, Forecast to 2028.”
According to the latest report, the global chemical sensors market size was USD 21.85 billion in 2020 and is expected to reach USD 38.35 billion in 2028 and register a revenue CAGR of 7.3% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
Chemical sensors are defined as devices comprising recognition and transduction elements and a signal processor capable of continuously reporting chemical concentrations. Chemical sensors can effectively convert chemical information into a measurable signal and are widely used for detecting and monitoring physical and chemical properties of various substances. Increasing expansion and advancements in sensor research has led to the introduction of nanoelements in chemical sensors, and this has significantly contributed to revenue growth of the market in the recent past. Increasing research to expand application scope of chemical sensors in detection of toxins in groundwater, biotoxins in public settings, and vehicle emissions, among others, is another key factor expected to drive market revenue growth over the forecast period.
Chemical sensors are devices that can convert chemical signal into analytic ones and provide advantageous options for a wide range of applications in terms of simplicity, time, and cost-effectiveness. Chemicals sensors are often used for control and surveillance, which can enable assessment of various biological and chemical components to gather crucial information. Optical, electrochemical, magnetic, mass, and thermal are some types of chemical sensors. Over the recent past, introduction of nanomaterials into chemical sensors and biosensors have led to significant improvements in their functioning. Chemical sensors are a complex system and are designed with an optimized manner for a particular substance, and depending on properties of different chemicals, the sensors react and produces some electrical signal. Chemical sensing can be through direct reading based and using chromatographic and electrographic samples. Sensitivity and selectivity are the two most important features of chemical sensors, and these sensors can detect 10−9 M concentrations or less.
Chemical sensors include detection of toxic chemicals, biomolecules, and gases. Chemical sensors are also used for clinical and medical applications such as detection of glucose, pregnancy and ovulation tests, ELISA, and western blot analysis. These features have further boosted use of chemical sensors across environmental, chemical, and clinical sectors, and is a key factor expected to contribute to revenue growth of the market going ahead. However, limited shelf life of electrochemical sensors and challenges associated with chemical sensor research are some key factors expected to restrain market growth to a certain extent over the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Resulted in raw material shortage and manufacturing slow-down
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Electrochemical Segment to Account for Largest Revenue Share:
Electrochemical segment is expected to account for largest revenue share over the forecast period, attributable to increasing use of electrochemical sensors due to high selectivity, portability, low power requirements, and a wide linear range. In addition, electrochemical sensors can lower the deployment costs of sensors through mass production, and this is expected to further boost revenue growth of this segment going ahead.
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Industrial Segment to Register Significant Revenue Growth:
Industrial segment is expected to register significantly rapid revenue growth over the forecast period, attributable to increasing use of chemical sensors in processing and automotive industries, growing need for process and quality control in various fields such as automotive, food, and oil & gas industries, and rising preference for chemical sensors due to numerous advantages.
North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share over the forecast period, attributable to increasing research and development activities to advance and enhance performance of chemical sensors, rising demand for lightweight vehicles, growing focus on reducing emissions, and increasing focus on improving safety of industrial operations.
Asia Pacific to Register Robust Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period, attributable to increasing utilization of chemical sensors across various end-use industries due to cost-effectiveness, rising investment to accelerate healthcare and biomedical research due to high prevalence of chronic diseases, and growing focus on reducing environmental pollution and toxic emissions.
Major Companies in the Market Include:
- Thermo Fisher Scientific
- General Electric Co.
- Hans Turck GmbH & Co. KG
- Honeywell International Inc.
- ABB Ltd.
- ATI Airtest Technologies
- Sick AG
- Siemens AG
- Robert Bosch
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For the purpose of this report, Reports and Data has segmented the global chemical sensors market based on product type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Catalytic Bead
Application Outlook (Revenue, USD Billion; 2018-2028)
- Environment Monitoring
- Defense and Homeland Security
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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