(MENAFN- America News Hour)Kenneth Research has recently added a report titled Chemical Sensors market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2027. The Chemical Sensors market is further anticipated to grow with a CAGR of 8. 1 % during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Chemical sensor is referred to a device that transforms chemical information into analytical signals. Chemical sensors are widely used by various sectors such as automotive industry, healthcare and others. Chemical sensors are also helpful to monitor environmental pollution. It usually contains two basic components, a chemical recognition system and a physicochemical transducer.
''Final Report will add the analysis of the impact of COVID-19 on this industry.''
Market Size and Forecast
The global chemical sensors market is expected to expand at a CAGR of 8.1% over the forecast period i.e. 2017-2024. Further, chemical sensors market is anticipated to reach USD 40.8 billion globally by 2024. Moreover, growing adoption of chemical sensors by industrial sector and rise in demand for testing and monitoring solutions from healthcare sector are envisioned to bolster the growth of chemical sensors market across the globe. Automotive and oil and gas sector by end user is the fastest growing segment in overall chemical sensor market.
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In terms of geography, North America is the largest market in terms of revenue share in overall chemical sensors market. Further, this region is expected to continue its dominance by the end of 2024. The market of chemical sensors is majorly driven on the back of rising demand for quick and accurate diagnosis in medical sector. Likely, U.S. holds the largest market share in chemical sensors owing to the increasing research activities in this region.
Asia-Pacific region hold the second largest chemical sensors market. Further, Asia-Pacific is expected to showcase a highest CAGR of 10.2% during the forecast period. The major countries witnessing the augmented demand for chemical sensors include China, India and Japan. Further, China is the dominating country in this region owing to the growing application of chemical sensors in various factors such as food and beverages and oil and gas. Moreover, penetration of major vendors into the Asia-Pacific chemical sensors market is envisioned to bolster the growth of chemical sensors market in this region. Europe region is also estimated to showcase a tremendous growth over the forecast period owing to the presence of large number of established manufacturing industries.
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Market Segmentation
Our in-depth analysis segmented the global chemical sensors market in the following segments:
By Type
Optical Sensor
Electrochemical sensor
Catalytic Bead
Others
By End User
Automotive
Defense and Military
Environmental Monitoring
Aerospace
Oil & Gas
Healthcare
Industrial
Others
By Region
Global chemical sensors market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Rising demand for quick and accurate monitoring systems and growing adoption of technologically advanced devices by various sectors such as oil and gas, food and beverages, automotive and other are envisioned to flourish the growth of chemical sensors market across the globe. Further, growing usage of chemical sensors in house monitoring purposes is also expected to boost the demand for chemical sensors.
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Moreover, integration of chemical sensors in electronics and computers are projected to be the major factor behind the growth of chemical sensor market. Likely, increasing integration of various features in vehicles is expected to fuel the demand for chemical sensors. 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. In addition to this, 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.
However, lack of awareness and less adoption of chemical sensors are expected to dampen the growth of chemical sensor market.
Key players
The major key players for chemical sensors market are as follows
ABB Group
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Delphi Automotive PLC.
Alpha MOS
The Bosch Group
Emerson Electric
Denso Corporation
Halma plc.
Siemens AG
F. Hoffmann-La Roche Ltd
Yokogawa Electric Corporation
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global chemical sensors market is segmented as follows:
By Type Market Size & Y-O-Y Growth Analysis
By End User Market Size & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter's Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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