The global chemical sensors market is expected to grow from USD 22.35 billion in 2018 to USD 30.47 billion by 2023, at a CAGR of 5.54% during the forecast period. Technological advancements resulting in enhanced chemical sensors performance coupled with the high demand for portable, low-cost chemical sensors are the key drivers for market growth. The global chemical sensors market has been segmented based on particulate type, technology, and vertical.
The global Chemical Sensors Market is expected to grow from USD 22.35 billion in 2017 to USD 30.47 billion by 2023, at a CAGR of 5.54%, during the forecast period.
Based on particulate type, the global chemical sensors market has been classified as solid, liquid, and gas. The solid segment is expected to dominate the market.
The technology segments of the global chemical sensors market are electromechanical, biochemical, electrical, thermometric, and others. The biochemical segment is expected to be the largest, while the electromechanical segment is projected to register the highest CAGR during the forecast period.
On the basis of application, the global chemical sensors market has been divided into healthcare and life sciences, oil & gas, energy and power, industrial, automotive, military and defense, agriculture, and others.
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The key players profiled in the global chemical sensors market research report are Abbott Laboratories (US), Emerson Electric Co. (US), Denso Corporation (Japan), Nova Biochemical Corp. (US), Thermo Fisher Scientific Inc. (US), AMETEK, Inc. (US), Alpha MOS (France), Freescale Semiconductor, Inc. (US), Halma PLC (UK), and F. Hoffmann-La Roche AG (Switzerland).
A geographical analysis of the chemical sensors market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The regional market is expected to account for the largest share of the global chemical sensors market in 2018. The growth of the market in North America can be credited to the growing adoption of direct gasoline injection and turbocharged engines in the automotive industry. Furthermore, the high concentration of market players in the region and the availability of proficient technical expertise also boost market growth.
In terms of market size, Europe is expected to be the second-largest. The European market has been divided into the UK, Germany, France, and the rest of Europe. The UK is the leading country-level market and the market in France is expected to register the highest growth rate during the forecast period.
The market in Asia-Pacific is expected to be the fastest-growing during the review period of 2018 to 2023. The regional market has been classified as China, Japan, India, and the rest of Asia-Pacific. The expanding healthcare and life sciences and automotive industries are driving the growth of the chemical sensors market in the region.
The rest of the world has been segmented into South America and the Middle East & Africa. These regions are expected to offer numerous opportunities to vendors as the majority of the countries are witnessing growth in the oil & gas industry, which continuously demands technologically advanced chemical sensors.
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