Chemical Sensor Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.51 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Chemical Sensor Market Analysis
The chemical sensor market is expected to grow by registering a CAGR of 7.51% during the forecast period. Chemical sensors are in high demand because pollution is getting worse and there are more uses for them in the healthcare industry.
- The adoption of chemical sensors is attributed to the increasing applications of these sensors in analyzing the chemical composition of different samples. The low cost and portable nature of chemical sensors, such as higher-order orthogonal sensors, are significant trends in the global market and are expected to fuel the growth of the market studied.
- The primary benefit of chemical sensors is their resistance to challenging environmental factors (such as electromagnetic interference, high temperatures, and high pH levels) and their ability to operate without an electrical connection to the sample. These characteristics have led to the creation of many fibre-optic chemical sensors for analytical purposes in the clinical, environmental, and industrial domains.
- In addition to environmental issues, the market is integrating the use of chemical sensors for analytes in the chemical industrial process. Sensors are being used as cutting-edge equipment in the healthcare, research labs, and defense industries, driving the market.
- Optical sensors rely on variations in optical analysis (light intensity or wavelength) due to analyte-transducer interaction. The interaction causes changes in the ambient light levels. To determine whether an analyte was present, the physical quantity of light was measured and transformed into electrical signals.
- Also, traditional sensors are less accurate at measuring low-concentration chemicals in the oil and gas industries because they are hard to maintain, need shelter rooms with air conditioning, need to be recalibrated often, and can be affected by other chemicals.
- Even though sales of chemical sensors will be high and demand will remain steady, the growth of the global market is expected to be slowed by their fluctuating prices.
- The COVID-19 epidemic significantly impacted the worldwide market for chemical sensors. Lockdowns were implemented by governments all over the world as a preventative measure. Due to this, all businesses in the automobile industry were temporarily suspended. There was a lack of the raw materials and components needed for manufacturing automobiles as a result of disrupted supply chain operations. This limited the demand for the production of chemical sensors, which have numerous uses in the automobile industry. As a result, the pandemic saw moderate expansion in the global chemical sensor market.
Chemical Sensor Market Trends
This section covers the major market trends shaping the Chemical Sensor Market according to our research experts:
Medical Industry to Hold the Major Share
- Due to the rising demand for quick, small, precise, and portable diagnostic sensing equipment, the healthcare and biomedical sectors are a significant market for chemical sensors. Additionally, nanotechnology is becoming increasingly popular on the market and has significantly altered how chemical sensors operate. In vitro sensors for diagnostics have advanced, and a few items are about to be released in the near future. Chemical nanosensors also provide point-of-care diagnostics.
- The prevalence of diseases is anticipated to rise sharply as the population ages and becomes more susceptible to illness. Because of this, there is a need for chemical sensors, which are used in many clinical settings to do things like measure blood glucose or blood gasses.
- Opportunities with exponential growth potential have been established due to the growing need for the next generation of clinical diagnostic, measuring, and monitoring sensors in implanted and wearable devices. Due to cheaper raw materials and the use of nano- and microfabrication techniques in the industrial manufacturing process, the number of chemical sensors used in healthcare that are sold to the public has grown by a lot.
- Moreover, with the increasing rates of patients suffering from diabetes, government bodies in various countries are investing in developing effective diagnostic techniques, which is stimulating the adoption of chemical sensors in the healthcare sector.
- Cancer, diabetes, and neurological illnesses have all been successfully diagnosed using electrochemical sensors. These sensors are simple to use at home or at a doctor's office. Future advancements in electrochemical sensors could make them significant analytical tools for process analysis in healthcare facilities.
Asia-Pacific is Expected to Grow Significantly
- The concerning pollution levels in China, India, and other Asia-Pacific countries are driving the demand for chemical sensors. Low prices, flexible applications, and speedy technological implementations are fueling the need for chemical sensors in the Asia-Pacific market.
- Throughout the forecast period, growth is anticipated in the Asia Pacific area. Asia-Pacific nations frequently make investments in the oil and gas industry. New plants are being built to address the energy needs of countries like India, Bangladesh, Taiwan, and others. Chemical sensors are needed in the oil and gas industry to detect leaks and monitor confined spaces, among other things; thus, the building of new plants will raise demand for them. As a result, the Asia Pacific region is anticipated to experience growth in the worldwide chemical sensor market over the forecast period.
- The chemical sensors market forecast appears promising, owing to the increasing usage of chemical sensors in industrial safety operations and environmental monitoring programs. In addition, the defense industry urgently needs the development of sensors for early warning and protection of military troops against potential chemical and biological (C/B) attacks. Asia's military superpowers keep spending a lot on their military, which is part of a larger trend of growing defense spending around the world.
- The market is driven by rising investments in new oil and gas plants. The fast development of the oil sector in recent years has made accurate monitoring of environmental toxins a top priority. Energy demand has increased by 60% in the 10 ASEAN (Association of Southeast Asian Nations) nations over the previous 15 years. By 2040, the region's energy demand is anticipated to increase by two-thirds (source: IEA). Since electrochemical sensors can accurately identify a specific type of gas and even the smallest leak, many oil and gas corporations promote their use.
- Moreover, the greatest multifunctional research platform for nanotechnology is being constructed in China. In Suzhou, Jiangsu Province, the Vacuum Interconnected Nano-X Research Facility combines cutting-edge capabilities for material growth, device fabrication, and testing in a single ultra-high vacuum environment. The market for nano chemical sensors in defense and security is anticipated to support market expansion in the near future.
Chemical Sensor Industry Overview
The Chemical Sensor Market is highly competitive due to the rise in chemical sensor companies across the world. The manufacturing cost of the sensor is low, which is drawing the attention of new players in the market. Innovations pertaining to artificial intelligence (AI) are the new unexplored space for the chemical sensor market. Some of the key players in the market are Smiths Detection Inc., General Electric Co., Hans Turck GmbH & Co. KG, Honeywell International Inc., and MSA Safety. These players are constantly innovating and upgrading their product offerings to cater to increasing market demand.
In August 2022, Honeywell International Inc. and Invensys plc announced that Honeywell Automation and Control Solutions (ACS) had signed an agreement to acquire Invensys Sensor Systems for USD 415.0 million in cash. Invensys Sensor Systems, a leading supplier of sensors and controls used in the medical, office automation, aerospace, HVAC, automotive, and consumer appliance industries, will become part of the Automation and Control Products unit of ACS.
In September 2022, ABB announced that it is acquiring a 10% stake in Samotics, the Dutch electrical signature analysis (ESA) technology provider, and has entered into a long-term strategic partnership with the company to offer enhanced condition monitoring services. The technology from Samotics works well with the ABB Ability Condition Monitoring service for powertrains, which is a sensor-based solution that analyzes the health and performance of rotating equipment.
Chemical Sensor Market Leaders
-
Smiths Detection Inc.
-
General Electric Co.
-
MSA Safety Incorporated
-
Pepperl+Fuchs Group
-
Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
Chemical Sensor Market News
- August 2022: Smiths Detection Inc., a global leader in threat detection and security technology, along with Block MEMS, LLC (Block), has been selected by the Defense Threat Reduction Agency (DTRA) and the Joint Program Executive Office for Chemical, Biological, Radiological, and Nuclear Defense to develop a proximate chemical agent detector (PCAD) capable of non-contact detection of solid and liquid threats. PCAD will provide a stand-off (non-contact) chemical agent detector that will be able to identify and classify solid and liquid hazards on various surfaces.
- January 2021: Honeywell introduced an Optical Caliper Measurement Sensor designed to optimize Lithium Ion Battery (LIB) production. The new sensor provides an effective solution for measuring the true thickness of electrode material during coating as well as at the pressing station during LIB manufacturing. Accurate thickness measurement is a key criterion for optimal battery performance.
Chemical Sensor Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes
4.4 Assessment of COVID-19 impact on the industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Developments in Miniaturised and Portable Electrochemical Sensors
5.1.2 Increased Adoption from Automotive and Healthcare Sector
5.2 Market Challenges
5.2.1 The fluctuating price of chemical sensors despite extensive sales
5.2.2 Stringent Performance Requirements for Advanced Sensor Application
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.1 Electrochemical
6.1.2 Optical
6.1.3 Pellister/Catalytic Bead
6.1.4 Other Types
6.2 By End-user Application
6.2.1 Industrial
6.2.2 Healthcare
6.2.3 Environmental Monitoring
6.2.4 Defense
6.2.5 Oil and Gas Industry
6.2.6 Homeland Security
6.3 By Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Smiths Detection Inc.
7.1.2 General Electric Co.
7.1.3 Honeywell International Inc.
7.1.4 MSA Safety Incorporated
7.1.5 Pepperl+Fuchs Group
7.1.6 AirTest Technologies Inc.
7.1.7 Siemens AG
7.1.8 ABB Ltd
7.1.9 Halma plc.,
7.1.10 Delphi Automotive PLC.
7.1.11 Alpha MOS
7.1.12 Yokogawa Electric Corporation.
7.1.13 Denso Corporation
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Chemical Sensor Industry Segmentation
Chemical sensors are devices that transform chemical information into an analytically useful signal. These devices are used in sensing and detecting parameters across various industries, such as medical diagnosis and treatment, the oil and gas sector, the precision engineering industry, etc.
The Chemical Sensor market is segmented by Product Type (Electrochemical, Optical, and Pellistor/Catalytic Bead), End-user Application (Industrial, Healthcare, Oil and Gas Industry, Environmental Monitoring, and Defense and Homeland Security), and Geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Product Type | |
| Electrochemical | |
| Optical | |
| Pellister/Catalytic Bead | |
| Other Types |
| By End-user Application | |
| Industrial | |
| Healthcare | |
| Environmental Monitoring | |
| Defense | |
| Oil and Gas Industry | |
| Homeland Security |
| By Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Chemical Sensor Market Research FAQs
What is the current Chemical Sensor Market size?
The Chemical Sensor Market is projected to register a CAGR of 7.51% during the forecast period (2024-2029)
Who are the key players in Chemical Sensor Market?
Smiths Detection Inc., General Electric Co., MSA Safety Incorporated, Pepperl+Fuchs Group and Honeywell International Inc. are the major companies operating in the Chemical Sensor Market.
Which is the fastest growing region in Chemical Sensor Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Chemical Sensor Market?
In 2024, the North America accounts for the largest market share in Chemical Sensor Market.
What years does this Chemical Sensor Market cover?
The report covers the Chemical Sensor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Chemical Sensor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Chemical Sensor Industry Report
Statistics for the 2024 Chemical Sensor market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Chemical Sensor analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Chemical Sensor Market Report Snapshots
