The global chemical sensors market is anticipated to grow at a CAGR of around 7.1% during the forecast period 2020 to 2027 and to reach around US$ 33.6 Bn by 2027
LOS ANGELES, May 29, 2020 /PRNewswire/ -- Acumen Research and Consulting, Recently Published Report on "Chemical Sensors Market Size, Share, Growth, Revenue and Forecast 2020 to 2027".
The market in North America is expected to account for significant revenue share in the global market due to high chemical demand from food & beverage sector and medical sector. Healthcare sector is witnessing rapid change, developing regulatory scenario and standards, coupled with increasing use of chemical sensors fertility treatments, portable glucose monitors, cancer diagnosis are among other factors impacting the growth of target market positively.
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High government spending on development of present healthcare infrastructure, introduction of new diagnosis products by the major players is resulting in increasing demand for chemical sensors further supporting the growth of target market in this region.
In addition, major players focus towards business expansion through strategic merger and acquisitions is expected to further augment the growth of target market in this region. Player are focused on increasing the business presence through strategic merger this is expected to increase the customer base and enhance the profit share. The acquisitions activities by the major players are focused on increase the product portfolio and increase the business presence.
- In 2019, Thorlabs, Inc. acquired the Coda Devices, a manufacturer of Raman-based solutions for analyzing the chemical composition of substances within a laboratory environment. This acquisition is expected to help the company to enhance strengthen its position in the US market.
The market in Asia Pacific is expected to witness faster growth over the forecast period due to high demand for chemical sensors from chemical, mechanical industries. In addition, major player inclination towards developing countries in order to track the untapped market is expected to further support the growth of target market in this region.
Availability of low cost labor and raw material is attracting the major across the globe in order to shift the manufacturing units to emerging economies. This is expected to aid in introduction of innovative products at low cost. The government of developing countries is providing various supports related to business which is resulting in emergence of small and mid-size enterprises which is expected to impact the target market growth in this region to a certain extent.
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Rapid industrialization across the globe, technological advancements in electronic devices resulting in miniaturization of products, and wide applicability of chemical sensor in various industry vertical such as food & beverage, healthcare, chemical, industrial, etc. are major factors expected to drive the growth of global chemical sensors market. Food & beverage sector is flourishing in developed and developing countries as the consumer demand for innovative products is increasing. Consumer awareness related to product freshness and genuinely is increasing they are more focused on consuming products that are fresh and healthy. Food & beverage manufactures are using chemical sensors in order to determine the concentration of glycerol and ethanol, both products of alcoholic fermentation.
In addition, high passenger vehicle sale in developing countries, developing automotive standards and rising rules related to fuel consumption is resulting in increasing use of direct gasoline injection and turbocharged engines which is further increasing the demand for chemical sensors further augmenting the growth of target market
However, factors such as poor life spam of the chemical sensors and technological glitches are factors expected to hamper the growth of the global market.
High investment by the major players and introduction of innovative products are factors expected to create new opportunities for players over the forecast period. In addition, increasing merger and acquisitions activities between regional and international players in order to increase the product portfolio is expected to support the revenue traction of target market.
- Radar Sensors Market – The market is expected to grow at a market value of nearly $35.23 Billion by 2026, at approximately 20% CAGR.
- Biosensors Market – The market is expected to grow at noteworthy CAGR around 7.8 % throughout the forecast period and reach around US$ 32 billion by 2026.
- Automotive Sensors Market - The market size is anticipated to reach around US$ 44.2 Billion by 2026, at a noteworthy CAGR of 7% during the forecast period 2019 to 2026.
The global market is segmented into product type and end use. The product type segment is bifurcated into optical sensor, electrochemical, catalytic bead, and others. Among end use the automotive segment is expected to account for significant revenue share in the global chemical sensors market.
Players operating in the global chemical sensors market are ABB Group, The Bosch Group, Halma plc, Siemens AG, Delphi Automotive PLC., Emerson Electric, Co., Hoffmann-La Roche Ltd, Thermo Fisher Scientific, Denso Corporation, Honeywell International, Inc., and Yokogawa Electric Corporation
- Analysis Period - 2016 – 2027
- Base Year - 2019
- Forecast Data - 2020 – 2027
- Market Stratification - Product Type, End Use and Geography
- Regional Scope - North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Report Coverage - Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Market By Product Type
- Optical Sensor
- Catalytic Bead
Market By End Use
- Oil & Gas
- Environmental Monitoring
Market By Region
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of MEA
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