A new, incisive report by Research Report Insights offers in-depth information and analysis on the future of chemical sensors market. The research study tracks the global chemical sensors market till 2024, and offers readers valuable insights on key factors at play in this landscape.
The study opines that growing applications across end-use industries, including automobile and medical processing will create sustained opportunities for market players. Adoption is also likely to increase on account of growing penetration in chemical processing, industrial safety, and environmental monitoring.
The study finds that chemical sensors industry will gain lucrative opportunities in the future on account of rapidly growing applications in the healthcare sector. The use of chemical sensors in a range of healthcare procedures, including cancer diagnosis, fertility treatment, and alcohol abuse is likely to provide an impetus to growth over the forecast period. The healthcare industry is moving towards quick and reliable detection process, and chemical sensors can help meet these goals. According to the study, the push from healthcare sector is likely to provide a steady stream of opportunities for chemical sensor industry.
To meet the evolving demands of end-users, chemical sensor manufacturers are focusing on research and development. The research in sensors is also supported by governments around the globe, with the US government taking a proactive approach towards sensor innovation. Manufacturers are also working on ensuring chemical sensors are compliant with next-gen technologies such as AI and IoT. The study finds that these trends will continue to grow stronger during the forecast period, as penetration of AI and IoT is likely to increase during this period.
The study offers analytical and qualitative information on the growth of chemical sensors market across various regions. According to the study, revenue growth of chemical sensors varies across regions and countries, with the US and EU5 among more lucrative markets. Presence of a number of chemical sensor companies, combined with lower reluctance to invest in innovative technologies continues to be the key factors fuelling demand for chemical sensors in these markets. Additionally, use of turbocharged engines and direct gasoline injection technology is also likely to create sustained opportunities for chemical sensors industry.
In addition to North America, Asia Pacific is also likely to emerge as a lucrative market, primarily due to two factors – the behemoth automobile industry in the region and growth of many countries as medical tourism hubs. According to the study, growing automobile manufacturing and subsequent sales in Asia Pacific are likely to create steady opportunities for sensor industry. Further, the emergence of many countries in the region as medical tourism hubs is also likely to create substantial opportunities for chemical sensors players in the region.
The research study also offers detailed analysis on the competitive landscape of the chemical sensors market. The market continues to be highly fragmented, with the presence of a large number of players in the market. Some of the key players profiled in the chemical sensors market include Alpha MOS (France), Siemens AG (Germany), Delphi Automotive PLC (U.K.), The Bosch Group (Germany), Emerson Electric, Co. (The U.S.), Denso Corporation (Japan), Halma plc (U.K.), ABB Group (Switzerland), F. Hoffmann-La Roche Ltd (Switzerland), Honeywell International, Inc. (The U.S.), Yokogawa Electric Corporation (Japan).
The report also offers segment-wise analysis and insights on the basis of type, end use, and region. By type, the key segments of the report include optical sensors, catalytic bead, and electrochemical. By end use, notable segments of the market include oil & gas, medical, automotive, industrial, and environmental monitoring. In addition to North America, Europe, and Asia Pacific, the key markets tracked in the research study include Middle East & Africa (MEA) and Latin America,