Global Chemical Sensor Market - Segmented by Product Type (Electrochemical, Optical, and Pellistor/Catalytic Bead), End-user Industry (Industrial, Medical, Environmental Monitoring, and Defense and Homeland Security), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global chemical sensor market was valued at USD 18.56 billion in 2017, and is expected to reach a value of USD 28.16 billion by 2023 at a CAGR of 7.20%, over the forecast period (2018 - 2023). The scope of the report includes product type like electrochemical, optical, and pellistor/catalytic bead and end users are limited to industrial, medical, environmental monitoring, defense and homeland security. The regions considered under the scope of the report include North America, Europe, Asia-pacific, Middle East & Africa and Latin America.
The Increasing Environmental Risks at the End-user Industries Is Driving the Chemical Sensors Market
The rising levels of pollution have supported the demand for chemical sensors. Applicability of sensors in analyzing the chemical composition of different samples is influencing adoption of chemical sensors. Chemical sensing array and higher order orthogonal sensors are significant trends in the global market. Low-cost and portable nature of chemical sensors are expected to fuel the growth of the market, during the forecast period. Apart from the environmental concerns, the use of chemical sensors for analytes in the chemical industrial process is also integrating into the market. Defense sector, research labs, and healthcare operation are utilizing sensors as advanced tools, which are in turn driving the market.
Optical Chemical Sensor is the Fastest Growing Sensor
Optical chemical sensor demand is expected to rise at a steady pace. Greater adoption of cabin air quality systems in vehicles and increased use of demand control ventilation in commercial properties are expected to drive the market. Additionally, due to the expanding economy and regulations on air and water quality, it is expected to bolster the market. However, faster growth of optical sensors will be limited by declining automobile emissions testing, due to decreasing number of vehicles that need to be tested via the tailpipe.
Medical Industry has the Fastest Growth
Rising demand for the next generation of clinical diagnostic, measuring and monitoring sensors for applications in implantable and wearable devices, have created opportunities with exponential growth potential. Lower raw material costs and advent of nano and micro fabrication techniques within the industrial manufacturing process have led to substantial increase in the commercialization of chemical sensors for healthcare applications, and is expected to stay steady during the forecast period.
Asia-Pacific to Emerge as the Fastest Growing Market with a Double-Digit Growth Rate
North America and Europe are the leading regions in terms of overall demand for chemical sensors. The concerning pollution levels in China, India, and other Asia-Pacific countries are also driving the demand for chemical sensors. Low prices, flexible applications, and speedy technological implementations are fuelling the demand for chemical sensors in the Asia pacific market. The chemical sensors market forecast seems promising, owing to the increasing usage of chemical sensors in industrial safety operations and environmental monitoring programs.
Key Developments in the Market