Variant Market Research forecasted that the global chemical sensors market is forecasted to reach $23,114 million by 2024 from $15,079 million in 2016; growing at a CAGR of 8.6% from 2016 to 2024. There are the several driving factors of the market such as need for accurate diagnosis in healthcare, rising use of chemical sensors for environmental monitoring, and growing demand for semiconductor chemical sensors and dissolved gas sensors. However, declining automobile emission testing may restrain the growth of the market. Furthermore, low-cost, portable and wearable chemical sensors are the major opportunities of the market.
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Key segments of the global chemical sensors market are, end-use and geography. Optical sensor, catalytic bead, electrochemical and others are the key sub segments of the type segment. Optical sensor sub segment is expected to dominate the segment with fastest CAGR during the forecast period 2016-2024. Moreover, application segment has been segmented into medical, environmental monitoring, oil & gas, industrial, automotive and others.
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North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global chemical sensors market. In 2016, North America region accounted for the highest market share of 36%, followed by Asia-Pacific with 27.7%. Additionally, Asia-Pacific is predicted to grow at the highest CAGR during 2016-2024, driven by rapid adoption of advanced technologies and expanding automotive & healthcare sector.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the chemical sensors market are ABB Group, BASF SE, General Electric, Honeywell International Inc., Emerson Electric Company, Siemens AG, Bosch GmbH, Thermo Fisher Scientific, Delphi Automotive Plc, and Abbott Laboratories, among others.
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