Global Chemical Sensors Market Report, published by Variant Market Research, forecast that the global market is forecasted to reach $23,114 million by 2024 from $15,076 million in 2016; growing at a CAGR of 5.5% from 2016 to 2024. The chemical sensors market is majorly driven by the following driving factors such as increasing demand for semiconductor chemical sensors and dissolved gas sensors, rising need for accurate diagnosis and increased use of chemical sensors in environmental monitoring. However, decline in automobile emission testing mar hamper the growth of the market. Furthermore, rising need for portable, wearable and reasonable chemical sensor devices would provide growth opportunities for the market.
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Type, end-user and geography are the key segments of the global chemical sensors market. Type segment has been segmented into catalytic bead, electrochemical, optical sensor and others. Additionally, end-user segment includes industrial, oil & gas, environmental monitoring, automotive, medical and others. Environment monitoring is expected to dominated the end-user segment with fastest CAGR during the period 2016-2024, driven by technological developments in the field of environmental monitoring owing to increased energy usage and rising pollution level.
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The global chemical sensors market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. North America held the highest market share of 36% in 2016. In terms of growth rate, Asia-Pacific region is anticipated to grow at the fastest CAGR over the forecast period, owning to adoption of latest technologies and expanding healthcare and automotive sector.
Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the chemical sensors market include Thermo Fisher Scientific, BASF SE, Honeywell International Inc., Emerson Electric Company, Siemens AG, Bosch GmbH, Delphi Automotive Plc, ABB Group, General Electric, and Abbott Laboratories, among others.
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