Global Optical Chemical Sensor Market - Segmented by Type (Infrared Sensors, Fiber Optic Sensors, Photoionization Sensors), End-user Industry (Industrial, Medical, Environmental Monitoring, Defense and Homeland Security), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global optical chemical sensor market was valued at USD 1.32 billion in 2017, and is expected to reach a value of USD 3.46 billion by 2023, at a CAGR of 17.48%, during the forecast period (2018 - 2023). The scope of the report is segmented by type infrared sensors, fiber optic sensors, photoionization sensors, and by end-users is limited to industrial, medical, environmental monitoring, defense & homeland security. While the region considered in 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 Optical Chemical Sensors Market
The rising levels of pollution have supported the demand for optical chemical sensors. Applicability of sensors in analyzing the chemical composition of different samples is influencing adoption of chemical sensors. Low cost and portable nature is expected to fuel the growth of the optical chemical sensors market during the forecast period. Apart from the environmental concerns, the use of chemical sensors to analyze 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.
Fiber Optic Chemical Sensors Holds the Major Market Share amongst Other Type
Fiber optic chemical sensors (FOCSs) are now in operation and have been gaining escalating interest around the World. The FOCS technique is now mushrooming at large scale owing to its numerous applications in different areas of organic, inorganic, clinical, biomedical and environmental analysis, industrial production and bioprocess control, which involves an intrinsic color or fluorescence. The optical fiber in the sensor systems has brought advantages, such as measurement inflammable and explosive environments, immunity to electrical noises, miniaturization, geometrical flexibility, measurement of small sample volumes, remote sensing in remote sites or harsh environments and multi-sensing are factors that are driving the fiber optic chemical sensors market during the forecast period.
Medical Industry Is the Fastest Growing Sector amongst Others
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. Chemical sensing array and higher order orthogonal sensors are significant trends in the global market. Particularly in bio-sensing, advances in micro fluids, and imaging technology are the driving factors of optical chemical sensors market. Low raw materials and advent of nano and micro fabrication techniques within the industrial manufacturing process have led to substantial increase in the commercialization of optical chemical sensors for healthcare applications and is expected to stay steady during the forecast period.
The 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 optical chemical sensors. The concerning pollution levels in China, India, and other Asia Pacific countries are also driving the demand for optical chemical sensors. Low prices, flexible applications, and speedy technological implementations are fuelling the demand for optical chemical sensors in the Asia pacific market. The optical chemical sensors market forecast seems promising, owing to the rising usage of chemical sensors in industrial safety operations and environmental monitoring programs.
Key Developments in the Market