Global Chemical Sensors Market is estimated to reach $23 billion by 2024; growing at a CAGR of 5.5% from 2016 to 2024. A chemical sensor is a device that transforms chemical information into an analytically electrical signal.
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Global Chemical Sensors Chemical Sensors MarketMarket Report, published by Variant Market Research, forecast that the global market was valued at $15billion in 2016 and is expected to reach $23billion by 2024; growing at a CAGR of 5.5% from 2016 to 2024. In geographical segments, Asia Pacific and RoW are expected to grow at a CAGR of 6.4% and 5.8%, respectively, during the forecast period 2016 – 2024.
Report: Chemical Sensors Marketwww.variantmarketresearch.com/report-categories/semiconductor-electronics/chemical-sensors-market
Growing adoption of chemical sensors in the industrial sector, growing integration of sophisticated abilities & features of chemical sensors, and development of miniaturized & portable chemical sensors are some of the major aspects to drive the global chemical sensors market. However, decline in automobile emissions testing owing to the falling number of vehicles that need to be tested over the tailpipe is the major hindrance for the market.
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Moreover, extensive use of biosensors in the medical sector, and demand for dissolved gas sensors in the aquaculture industry are expected to generate profitable opportunities for the market in the forecast timeframe.
Type and end-user are the two-primary classification considered in the global chemical sensors market. Classification by type comprise of optical sensor, electrochemical, catalytic bead and others.
By end-user, the market is further categorized as medical, automobile, oil & gas, environment monitoring, industrial, and others. Under application segment, environmental monitoring is likely to dominate the market with fastest CAGR throughout the forecast period 2016 – 2024, driven by high energy usage and unsolicited release of pollutants which has led to increased focus on advanced monitoring technologies for environmental protection, remediation and restoration.
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major geographical segments considered in the global chemical sensors market. North America and Asia-Pacific generated the largest revenue accounting for 36% and 27.7% respectively in the year 2016.
In terms of growth, Asia Pacific is likely to lead the market with fastest CAGR over the forecast period, driven by the implementation of advanced technologies and mounting automotive and healthcare sector.
The key market players in chemical sensors market include BASF SE, Honeywell International Inc., Siemens AG, General Electric, Delphi Automotive Plc, Abbott Laboratories, Emerson Electric Company, Bosch GmbH, Thermo Fisher Scientific, and AAB Group, among others.
Scope of Chemical Sensors Market
- Catalytic Bead
- Optical Sensor
- Oil & Gas
- Environment Monitoring
- North America
- South Korea
- South America
- Middle East
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