Global Electrochemical Sensor Market - Segmented by End-user Industry (aerospace & defense, automotive, industrial), and Region - Growth, Trends and Forecasts (2018 - 2023)
The electrochemical sensor market is projected to register a strong CAGR of 11.27% over the forecast period (2018 - 2023).The scope of the report is limited to end users like aerospace & defense, industrial, automotive, and marine. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, and the Rest of the World.
The Advent of Microelectronics Industry and Micro-Fabrication Technologies Down to the Nano-Scale is Indicating Promising Growth
A good indication of this growth is the increasing demand for the ersonal monitoring devices, such as glucose sensors for diabetics or the recently developed sensors for blood pressure detection. Medical care is becoming more personal with the help of electrochemical sensors, where care can be customized to suit the individual requirements of a patient. Additionally, treatment procedures can be addressed by knowing biological rhythms and unique metabolism conditions. Increased demand for patient monitoring applications, technological innovations in MEMS enabling the design of low-cost, and high performance sensors that can be easily integrated into other applications are some of the key drivers for growth in this market.
Electrochemical systems have become an integral part of several factories across the world. They are widely used for the monitoring & control of environmental conditions and other appliances. There is a growing demand for electrochemical gas sensors in emission control, as indoor air quality, in fill gas detection with effective multiple gas detection capability, and cost efficiency are some of the factors driving the growth of the market. Additionally, strict safety regulations laid down by the various governments are further anticipated to propel the growth of the market in the coming years.
North America to Register the Largest Market over the Forecast Period
North America is one of the largest markets for advanced research industries, globally. The huge market in the region is mainly due to growing R&D activities in biomedical, automotive, building automations, and other verticals. Additionally, North America is one of the largest markets for advanced electronic devices and control, globally. The huge market in the region is mainly due to large-scale domestic manufacturing, government initiative toward disruptive technologies, and technological innovation in information technology. Moreover, the future growth in the smart cities market to move on for energy-efficient and conservation-related solutions in North America will possibly directly influence the market of electrochemical sensors from early adoption phase to mass-adoption.
Key Developments in the Market
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