The global chemical sensor market reached US$ 27,289.37 million in 2020 and is expected to reach US$ XX million by 2028, growing at a CAGR of 7.2% during the forecast period.
The chemical sensor is a type of analyzer that responds to a specific analyte selectively and reversibly and converts input chemical quantities into an analytically electrical signal, ranging from the concentration of a specific sample component to comprehensive composition analysis.
Chemical sensors are in great demand in motor vehicle sensors, chemical processing industry, food & beverage processing industry, industrial safety & emission, emissions monitoring, industrial safety systems, water & wastewater, environmental monitoring, automotive emissions testing, defense and homeland security. The product is also used in fertility treatment, portable glucose monitors, cancer detection, renal failure diagnosis, drug and alcohol abuse diagnostics and blood sugar testing strips.
The product's unprecedented growth is due to increasing demand for real-time information to determine the presence, concentration and quantity of an analyte across various end-use industries such as motor vehicles, medical and processing industries.
Electrochemical gas sensors holds the major market share based on type for global chemical sensors market and shared market of US$ 9,314.15 million in 2020, growing at a CAGR of 7.4% during 2021-2028.
Magnetic & Electric Fields holds the topmost position as the largest measuring value segment in the global chemical sensors market. The segment had built revenue of US$ 6,862.98 million in 2020.
Based on application, Environmental Pollution dominates the market in 2020 for global chemical sensors market due to increasing environmental monitoring concerns with increasing industrial safety & emissions, water & wastewater and automotive emissions testing. As a result, the segment is projected to grow at a CAGR of 6.8% during the 2021-2028 period.
Market Dynamics
Drivers
- Growing demand for compact, portable and accurate diagnostic chemical sensor
- Raising adoption from automotive and healthcare sector
- Increasing environmental concerns drive the market growth
Restraints
- Stringent performance requirements and user prejudice against technology challenge market growth
- Complexity and cost hinder the market growth
Raising adoption from automotive and healthcare sector
Today, various intelligent sensors are present in modern vehicles to collect a lot of data helpful for their management. Among these, chemical sensors are used to increase vehicle performance, safety and passenger comfort. Moreover, the sensors are improving quality and smartness and are more specific and robust than their older versions.
The car business's investment in chemical and gas sensors is driven by the utilization of oxygen sensors for stoichiometric control of motor activity. According to industry analysis, the global automotive market is expected to reach USD 3,799.89 billion by 2030, from the recorded value of USD 2,754.8 billion in 2019 with a CAGR of 3%.
During the past few years, measurement and sensor technology are mainly devoted to engine performance improvements and higher energy efficiency. So, the application of oxygen sensors primarily for stoichiometric control of the engine operation has driven the demand for chemical sensors in the automotive industry for decades.
Growing concerns about environmental pollution and rising government initiatives to control emissions are now boosting the demand for new chemical sensors in the automotive field.
According to the EPA, motor vehicles collectively cause 75% of carbon monoxide pollution in the U.S. The Environmental Defense Fund predicts that on-road vehicles cause one-third of the air pollution that originates smog in the U.S., and transportation causes 27% of greenhouse gas emissions. The U.S. has 30% of the world's automobiles, yet it contributes about half of its emissions from cars.
Growing demand for monitoring gaseous components in air, traffic zones, and chemical processes develops in modern society for optimization, safety and protection purposes.
Automotive traffic is a key source of exhaust gases. Solid electrolyte sensors meet future demands concerning the response behavior, long-term stability and price connected with the application in onboard exhaust measurement. According to industrial analysis, African countries imported the highest number of used vehicles (40%) in the period studied (2015-2018), followed by Eastern Europe (24%), Asia-Pacific (15%), Middle East (12%) and Latin America (9%).
The healthcare sector is a notable market for chemical sensors due to the increasing demand for compact, portable and accurate diagnostic sensing systems. In addition, nanotechnology has dramatically changed the functional characteristics of chemical sensors and is expected to drive the market.
The exponential rise in demand for the next generation of clinical diagnostic, monitoring and measuring sensors for wearable and implantable applications has created new commercial market opportunities with explosive growth potential.
Low-cost materials and advances in microfabrication and nano techniques within the manufacturing process significantly raise the commercialization of chemical and biological sensors for healthcare applications.
For instance, Gentex's innovative nanofiber technology can detect various chemicals, including drugs, VOCs, toxic industrial chemicals, explosives, amines, and more
Geographical Analysis
The Middle East & Africa chemical sensor market reached US$ 1,631.90 Million in 2020 and is projected to reach US$ XX Million by 2028, growing with a CAGR of 7.5% from 2021 to 2028
In 2019, around 31.9% of the oil produced globally came from the Middle East, the highest percentage of oil production worldwide. Saudi Arabia's oil sector accounts for 17% of all proven petroleum reserves on the planet
From 35 billion metric tons in 1990 to 40 billion metric tons in 2019, Saudi Arabia's oil reserves have expanded significantly. In 2018, the country's oil industry accounted for over half of its GDP, Saudi Riyals 987 billion, and about 70% of its export revenue. Saudi Arabia has the second-largest oil reserves in the world
The tremendous growth in Saudi Arabia's oil sector is due to being close to the Earth's surface; petroleum in Saudi Arabia is often easier and cheaper to extract than in other countries across the world. The improved oil and gas industry is responsible for creating lucrative opportunities for chemical sensors in the MEA region
Sensing technologies have been widely implemented in the oil and gas sector to monitor various processes in petroleum production, including exploration, Enhanced Oil Recovery (EOR), well completion, well drilling, pigging, fracking, and refining well as decommissioning
Furthermore, various advanced sensing techniques are developed to satisfy the sensing requirements under high-pressure-high-temperature (HPHT) environments in oil and gas applications, which are expected to further accelerate the market of chemical sensors in the forecast period
In the Middle East and Africa, the growing demand for early and accurate disease detection is directly driving the growth of clinical laboratory services. According to the National Center for Biotechnology Information (NCBI), the rate of cancer-related maternal death was 1.23 per 100,000 live births. Thus, the increasing demand for next-generation clinical diagnostic, measuring and monitoring sensors for implantable and wearable devices have created exponential development potential opportunities
Furthermore, to provide illness awareness in Middle East and Africa, The WHO has established several global public health days and mobilizing supportive action from local authorities & communities to worldwide platforms leading to create tremendous opportunities for chemical sensors in the region
The Middle East and Africa automotive industries are improving with the regular adoption of the latest technology. For instance, Turkey was the largest car producer in the Middle East and Africa area in 2019, with 1.46 million vehicles produced. During this time, total vehicle output in the region reached approximately 3.4 million units
The rising numbers are responsible for increasing the atmospheric carbon content leading to increasing automotive emission testing in the region. The emission is generally carried out using a simple, affordable and accurate chemical sensor, and increasing environmental testing has increased the market share for chemical sensors in recent times
About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at DataM Intelligence
Email: [email protected]
Tel: +1 877 441 4866
Website: www.datamintelligence.com