Chemical Sensors Market: Global Industry Analysis and Forecast (2023-2029)

Chemical Sensors Market size was valued at US$ 24.66 Bn. in 2022 and the total Chemical Sensors revenue is expected to grow at 7.4% from 2023 to 2029, reaching nearly US$ 40.66 Bn.
Chemical Sensors Market Overview:
A chemical sensor is a device that monitors and identifies chemical properties in an analyte (the technical word for the examined chemical substance) and transforms the perceived chemical data into electrical data. Chemical sensors have a wide range of applications, including healthcare, industrial, biotechnology, and household detection methods (i.e. carbon monoxide detectors). The report explores the Chemical Sensors market's segments (Product Type, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2022. The report investigates the Chemical Sensors market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Chemical Sensors market's contemporary competitive scenario.To know about the Research Methodology:-Request Free Sample Report
Chemical Sensors Market Dynamics:
The ongoing transitions within the global chemical industry are anticipated to be a major driver of market growth.

The chemical industry has always been at the forefront of developing new or better materials to fulfill societal demands. Historically, this has manifested as the delivery of items with the appropriate physical or chemical qualities. Currently, the emphasis is on providing products and materials with fewer environmental effects, such as (but not restricted to) reduced CO2 emissions. Chemicals would play a critical role in getting the economic system to net-zero emissions as sectors migrate away from coal and toward renewable sources. Today, the chemicals sector is a major source of Scopes 1 and 2 emissions and is key to the issue of plastic pollution. Additionally, the sector utilizes a lot of fossil fuels including natural gas, petroleum products, and, eventually, coal. These environmental issues already have an impact on how the public perceives chemical businesses. Moreover, prominent pharmaceutical companies have established sustainability goals for their portfolios. All the above-mentioned factors are anticipated to create demand for the chemical sensors in the forecast period.

The various disadvantages associated with chemical sensors are expected to be a major restraint in the market growth.

Electrochemical sensors have the following drawbacks:

• Short or limited temperature range - Because they are heat sensitive, the sensors are usually internally temperature adjusted. It is preferable to keep the sample temperature as consistent as feasible.
• Minimal shelf life - The shelf life of an electrochemical sensor ranges from six months to one year, based on the chemical to be detected and the conditions in which it is used.
• Cross-sensitivity to other chemicals - While this might be advantageous, it can also be detrimental. Other gases can cause interference with some sensors. It is critical to understand which gases may interact with sensors to avoid misleading results.
• The more the exposure to the target gas, the lesser the life span—usually one to three years is indicated. Moisture and extreme heat might cause the electrolyte in the sensors to dry up. Proximity to target or cross-sensitivity gases exhausts the electrolyte as well.

The potential industrial applications of optical chemical sensors are anticipated to be the key opportunity in the market.

Electronic gadgets, for example, may ignite combustible or explosive substances or generate electromagnetic interference, therefore sensors must not disrupt the industrial process itself. All-optical sensors satisfy several of these requirements since they do not transmit electric signals and are thus neither vulnerable to nor create external interference; they are frequently built of durable materials and are highly quick. As a result, they are suitable for usage in hazardous, flammable, and explosive conditions, and have high sensitivity and a compact design. Their design could be quite small, particularly if evanescent wave Nanophotonic devices are utilized. Their sensitivity is exceptionally great, allowing them to identify single molecules. They can detect minute quantities of a variety of substances, are compatible with current control systems, and may be utilized for multianalyte identification.
Chemical Sensors Market Segment Analysis:
By Application, the medical industry segment is expected to grow at a CAGR of 6.7% in the forecast period. Because of the rising demand for speedy, small, precise, and portable medical sensing systems, the healthcare, and pharmaceutical industry is a key industry for chemical sensors. Additionally, nanotechnology has significantly altered the operational parameters of chemical sensing and is garnering market traction. There have been advancements in the domain of in vitro diagnostic instruments, with a few items set to be released in the near future. Chemical nanosensors can also be used for point-of-care testing.

The growing need for next-generation professional diagnostic, monitoring and tracking sensors for implanted and wearable electronics has generated possibilities with tremendous growth potential. Lower raw material prices, as well as the introduction of nano and microfabrication methods into the industrial system, have resulted in a significant increase in the adoption of chemical sensors for healthcare systems.

Furthermore, as the number of diabetic patients grows, government entities in many countries are investing in the development of better diagnostic procedures. In August 2017, the Japanese Ministry of Health, Labor, and Welfare approved nationwide coverage for a glucose monitoring system. More than a million Japanese citizens aged six and above with diabetes were expected to benefit from the new method. This accelerated the use of chemical sensors in the Japanese healthcare industry.
Chemical Sensors Market Regional Insights:
Due to changes witnessed and transformations instilled in end-use industries such as autonomous vehicle utilization internationally, Europe and North America (the US in particular) are likely to exhibit significant market growth. The increased use of turbochargers and gasoline infusion by automotive manufacturers is likely to boost global demand for electrochemical sensors in Europe and North America. Additionally, high-cost sensors combined with rising ammonia and nitrogen oxide sensor needs are anticipated to balance business growth in this area throughout the forecast period.

The APAC region is expected to have rapid growth, as evidenced by the region's strong automobile and medical industries. The cumulative knowledge of health concerns, as well as the expanding population and number of vehicles in nations like India and China, are expected to drive business growth in APAC throughout the forecast period.

The objective of the report is to present a comprehensive analysis of the Chemical Sensors market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Chemical Sensors market dynamics, and structure by analyzing the market segments and projecting the Chemical Sensors market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Chemical Sensors market make the report investor’s guide.
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Chemical Sensors Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 24.66 Bn.


Forecast Period 2023 to 2029 CAGR:
7.4%
Market Size in 2029:
US $ 40.66 Bn.


 Segments Covered:
by Product Type
• Electrochemical
• Optical
• Pallister/Catalytic Bead
• Other


by Application
• Industrial
• Medical
• Environmental Monitoring
• Defense and Homeland Security
• Other



Chemical Sensors Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Chemical Sensors Market Key Players
• AirTest Technologies Inc.
• Smiths Detection Inc.
• General Electric Co.
• Hans Turck GmbH & Co. KG
• Honeywell International Inc.
• MSA Safety Incorporated
• Pepperl+Fuchs Group
• SenseAir AB
• SICK AG
• Siemens AG
• ABB Ltd
• Spectris PLC
• Halma PLC
• Denso Corporation
• Owlstone Inc.

Frequently Asked Questions:

1. Which region has the largest share in Global Chemical Sensors Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Chemical Sensors Market?
Ans: The Global Chemical Sensors Market is growing at a CAGR of 7.4% during forecasting period 2023-2029.

3. What is scope of the Global Chemical Sensors Market report?
Ans: Global Chemical Sensors Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Chemical Sensors Market?
Ans: The important key players in the Global Chemical Sensors Market are – AirTest Technologies Inc., Smiths Detection Inc., General Electric Co., Hans Turck GmbH & Co. KG, Honeywell International Inc., MSA Safety Incorporated, Pepperl+Fuchs Group, SenseAir AB, SICK AG, Siemens AG, ABB Ltd, Spectris PLC, Halma PLC, Denso Corporation, Owlstone Inc.

5. What is the study period of this Market?
Ans: The Global Chemical Sensors Market is studied from 2022 to 2029.