“Chemical Sensors Market: Global Demand Analysis
& Opportunity Outlook 2024”
The global chemical sensors market is segmented into
type such as optical sensor, electrochemical sensor, catalytic bead and others.
Among these segments, electrochemical sensor segment is predicted to grow at a
remarkable pace over the forecast period i.e. 2017-2024. Additionally, the
growth of this segment is attributed to growing industrialization and
increasing adoption of innovative technology. In addition to this, growing
demand for control ventilation in commercial properties is also fostering the
growth of chemical sensor market.
The global chemical sensor market is
expected to register a CAGR of 8.1% over the forecast period. Moreover, global chemical sensor market is projected to
reach USD 25, 230 Million globally by 2024. The market is expected to expand on the back
of favorable government initiatives and increasing environmental awareness.
The
automotive and oil & gas segment by end user is expected to account for the
largest share of revenue across the globe. Additionally, robust expansion of
automotive industry is one of the major factors fuelling the demand for
chemical sensors. In terms of geography, North America region is estimated to
capture the biggest market of chemical sensor by 2024 aided by U.S. Further,
growing healthcare infrastructure in this region is projected to augment the
demand for chemical sensor market. Moreover, Asia-Pacific region is projected
to be fastest growing chemical sensor market
by witnessing a CAGR of 10.2% during the forecast period.
Swift
advancement in technology
Rising integration of chemicals sensors into
electronic products such as electronic nose along with increasing demand for
innovative products which can detect numerous things such as temperature, odor
and others are believed to boost the demand for chemical sensors. Moreover,
growing adoption of technologically advanced devices by various sectors such as
oil and gas is also boosting the demand for chemical sensors. These factors are
envisioned to bolster the growth of chemical sensor market.
Growing adoption of chemical
sensor devices
Rapid urbanization coupled with positive GDP growth
of the developed and developing nations such as U.S., China and others are
positively impacting the growth of various sectors for instance automotive
industry which is likely to intensify the growth of chemical sensor market.
Furthermore, rise in global energy usage along with increasing pollution across
the globe has led to a serious focus on advanced monitoring technologies for
environmental protection which is likely to flourish the growth of chemical
sensor market.
On the contrary, high cost associated with chemical
sensor equipped devices is expected to dampen the growth of chemical sensor
market around the globe.
The
report titled “Chemical Sensors Market: Global Demand Analysis &
Opportunity Outlook 2024” delivers
detailed overview of the global chemical
sensor market in terms of market segmentation by type, by end user type
and by region.
Further,
for the in-depth analysis, the report encompasses the industry growth drivers,
restraints, supply and demand risk, market attractiveness, BPS analysis and
Porter’s five force model.
This
report also provides the existing competitive scenario of some of the key
players of the global chemical sensor market
which includes company profiling of ABB Group,
Delphi Automotive PLC., Alpha MOS, The Bosch Group, Emerson Electric, Denso
Corporation, Halma plc., Siemens AG, F. Hoffmann-La Roche Ltd and Yokogawa
Electric Corporation. The profiling enfolds key information of the
companies which encompasses business overview, products and services, key
financials and recent news and developments. On the whole, the report depicts
detailed overview of the global chemical
sensor market that will help industry consultants, equipment
manufacturers, existing players searching for expansion opportunities, new
players searching possibilities and other stakeholders to align their market
centric strategies according to the ongoing and expected trends in the future.
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research, kindly visit: https://www.researchnester.com/reports/chemical-sensors-market-global-demand-analysis-opportunity-outlook-2024/381
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Info:
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Daniel
U.S.
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