PUBLISHER: The Business Research Company | PRODUCT CODE: 1391089
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391089
“Chemical Sensors Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on chemical sensors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for chemical sensors? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The chemical sensors market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A chemical sensor is a device designed to identify and analyze chemical properties in an analyte, which is the substance or material being investigated, and subsequently converts this chemical data into electronic information.
The primary types of chemical sensors include electrochemical, optical, pallister, or catalytic bead, and others. Electrochemical sensors incorporate a chemically selective layer with an electrochemical transducer to offer real-time information about the composition of a solution. Various detection methods encompass gas sensors, pH sensors, humidity sensors, and biosensors, available in particulate forms such as solid, liquid, and gas. These sensors find applications in diverse sectors such as oil and gas, automotive, medical, environmental monitoring, industrial, and others.
The chemical sensors market research report is one of a series of new reports from The Business Research Company that provides chemical sensors market statistics, including chemical sensors industry global market size, regional shares, competitors with a chemical sensors market share, detailed chemical sensors market segments, market trends and opportunities, and any further data you may need to thrive in the chemical sensors industry. This chemical sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The chemical sensors market size has grown strongly in recent years. It will grow from $31.6 billion in 2023 to $34.19 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The expansion observed in the historical period can be attributed to factors such as industrial growth, a rise in global chemical trade, increased activity in chemical manufacturing, adherence to regulatory compliance, and a heightened demand for supply chain efficiency.
The chemical sensors market size is expected to see strong growth in the next few years. It will grow to $48.68 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The anticipated growth in the forecast period can be attributed to the increasing utilization of sustainable chemicals, the burgeoning presence of e-commerce and digital platforms, a rising adoption of green chemistry practices, global supply chain resilience, and an increasing demand for specialty and custom chemicals. Key trends expected in the forecast period encompass innovation in the chemical industry, partnerships among key players, the adoption of Internet of Things (IoT) technologies, product innovations, and advancements in wearable chemical sensors.
The chemical sensors market is anticipated to witness growth, driven by the increasing adoption of chemical sensors in the automotive industry. With automobile traffic being a major source of exhaust gases, chemical sensors and measurement technology play a crucial role in enhancing engine performance, improving energy efficiency, and reducing pollutant emissions. Gentex Corporation, a US-based high technology electronics company, introduced nanofiber sensing technology in January 2021, capable of detecting a wide range of chemicals. This technology finds applications in various industries, including automotive and aerospace. Gentex Corporation is actively collaborating with an autonomous vehicle manufacturer to develop a groundbreaking smoke detector designed to identify smoke and vape within the vehicle environment. This innovation reflects the growing integration of chemical sensors in the automotive sector, driving the overall growth of the chemical sensors market.
The growth of the chemical sensor market is further fueled by the increasing prevalence of various types of cancer. Chemical sensors are designed to detect specific biomarkers associated with different types of cancer, enabling accurate and non-invasive screening and monitoring of cancer-related molecules. The American Cancer Society reported in January 2022 that the anticipated number of cancer deaths and new cancer cases in the US for 2022 is significant. With a focus on various types of cancer, chemical sensors contribute to advancements in early detection and monitoring, playing a pivotal role in the healthcare sector.
An emerging trend in the chemical sensors market is the integration of Artificial Intelligence (AI). AI is being increasingly employed in chemical sensors to identify and quantify the complex mix of chemicals in the environment. The collaboration between chemical sensors and AI allows for precise identification and categorization of target gases, demonstrating high selectivity and sensitivity. In November 2022, King Abdullah University of Science and Technology (KAUST) developed an AI-based chemical sensor capable of identifying specific gases in the air with impressive precision. This technology has applications in medical diagnostics and the detection of hazardous industrial gas leakages. The incorporation of AI algorithms enhances the capabilities of chemical sensors, providing specialized and accurate gas categorization models for a wide range of applications. This trend showcases the ongoing innovation and potential growth in the chemical sensors market.
Major players in the chemical distribution market are actively introducing new products, with a focus on innovative solutions such as hydrogen pressure sensors. These sensors are designed to measure the pressure of hydrogen gas, catering to various applications. In September 2023, Baker Hughes, a prominent US-based energy technology company, launched Druck hydrogen-rated pressure sensors. Engineered for prolonged stability and resilience in challenging conditions, these sensors find utility in diverse applications such as gas turbines, hydrogen production through electrolysis, and hydrogen filling stations. The incorporation of advanced barrier coating technology ensures the durability of these hydrogen pressure sensors in demanding environments over extended periods. The technology safeguards the sensor element from the adverse impacts of hydrogen, guaranteeing customers an exceptional minimum operational life of five years across a broad pressure spectrum. This innovative product not only endures challenging hydrogen conditions but also offers heightened precision and reliability, providing customers with a valuable tool in their operations.
In a strategic move, AMETEK Inc., a US-based designer and manufacturer of electronic instruments, acquired Alphasense in December 2021 for an undisclosed amount. This acquisition aligns with AMETEK's focus on sensor-centric operations and strengthens its presence in the promising environmental health and safety market. Alphasense, now part of AMETEK's Electronic Instruments Group (EIG), is recognized for its expertise in providing gas and particulate sensors. The integration of Alphasense into AMETEK enhances the company's position in advanced analytical, testing, and measurement instrumentation, reflecting its commitment to innovation and growth in the sensor technology sector. This strategic acquisition is poised to contribute to AMETEK's overall capabilities in serving diverse industries with cutting-edge sensor solutions.
Major companies operating in the chemical sensors market include Honeywell International Inc., Siemens AG, Halma PLC, Denso Corporation, Emerson Electric Co., General Electric Company, Intelligent Optical Systems Inc., SICK AG, Alpha MOS SA, Robert Bosch GmbH, Hans Turck GmbH & Co. KG, Owlstone Medical Ltd., SPEC Sensors LLC, Nemoto & Co. Ltd., SenseAir AB, Freescale Semiconductor Inc., JLM Innovation GmbH, ABB Group, BorgWarner Inc., Smiths Detection Inc., MSA Safety Incorporated, Pepperl+Fuchs Group, AirTest Technologies Inc., Yokogawa Electric Corporation, BorgWarner Inc., Thermo Fisher Scientific Inc., Bayer AG, Pendar Technologies Inc., Intellisense Systems Inc., Lyten Inc., Physical Sciences Inc., GlaxoSmithKline PLC, Aerodyne Research Inc., Sensirion AG, City Technology Ltd., Figaro Engineering Inc.
North America was the largest region in the chemical sensors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the chemical sensors report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the chemical sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The chemical sensors market consists of sales of optical sensors, electrochemical, catalytic beads, and other chemical sensors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.