Market Highlights

The global chemical sensors market is expected to grow from USD 22.35 billion in 2018 to USD 30.47 billion by 2023, at a CAGR of 5.54% during the forecast period. Technological advancements resulting in enhanced chemical sensors performance coupled with the high demand for portable, low-cost chemical sensors are the key drivers for market growth. The global chemical sensors market has been segmented based on particulate type, technology, and vertical.

The global Chemical Sensors Market is expected to grow from USD 22.35 billion in 2017 to USD 30.47 billion by 2023, at a CAGR of 5.54%, during the forecast period.

Based on particulate type, the global chemical sensors market has been classified as solid, liquid, and gas. The solid segment is expected to dominate the market.

The technology segments of the global chemical sensors market are electromechanical, biochemical, electrical, thermometric, and others. The biochemical segment is expected to be the largest, while the electromechanical segment is projected to register the highest CAGR during the forecast period.

On the basis of application, the global chemical sensors market has been divided into healthcare and life sciences, oil & gas, energy and power, industrial, automotive, military and defense, agriculture, and others.

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Key Players

The key players profiled in the global chemical sensors market research report are Abbott Laboratories (US), Emerson Electric Co. (US), Denso Corporation (Japan), Nova Biochemical Corp. (US), Thermo Fisher Scientific Inc. (US), AMETEK, Inc. (US), Alpha MOS (France), Freescale Semiconductor, Inc. (US), Halma PLC (UK), and F. Hoffmann-La Roche AG (Switzerland).

Market Segmentation

The worldwide market for chemical sensors can be classified depending on the particular type, technology, and vertical.

In terms of the particulate type, the market is considered for solid, liquid, and gas.

With respect to the technology, the market caters to electromechanical, biochemical, electrical, thermometric, and others. The electromechanical sensors segment could attain the highest CAGR in the next few years due to the quick development in microelectronics and micro-fabrication technologies that make extensive use of miniaturized chemical sensors.

Technology-wise, the market includes electromechanical, biochemical, electrical, thermometric, and others.

As per the vertical, the market can be narrowed down to healthcare and life sciences, oil & gas, energy and power, industrial, automotive, military and defense, agriculture, and others. The healthcare and life sciences segment could demonstrate the highest CAGR during the appraisal period with technological advancements in clinical measuring, monitoring, and diagnostic sensors that are used in implantable and wearable devices.

Regional Aspect

Considering the geographical analysis of the chemical sensors market, North America, Asia Pacific, Europe, and the rest of the world (RoW) are the key regions.

North America is estimated to be the highest gaining market for chemical sensors from 2018 to 2023. The market growth is in response to the rising adoption of direct gasoline injection as well as turbocharged engines within the automotive industry. In addition, the high concentration of industry participants in the region as well as the availability of accomplished technical expertise benefits the market.

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The Asia Pacific chemical sensors market could exhibit the fastest growth on account of the expanding healthcare and life sciences as well as automotive industries. Mounting awareness with regard to health issues combined with expanding population favors the market. The surge in the number of vehicles in countries like India and China also boost the growth of the chemical sensors market.

Europe’s market growth banks on the changes within the end-use industries like the motor vehicle industry. To illustrate, rising use of direct gasoline injection and turbocharged engines among the vehicle manufacturers in the region. This takes place to satisfy the federal corporate fuel economy requirements, which is expected to mandate high cost UEGO sensors in the region.

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