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Chemical Sensors Market Primary & Secondary Research, Projection, Segmentation, Trends and Forecast by 2023
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.
Chemical sensors market are electronic devices that convert a chemical property of a specific analyte into a measurable analytically useful signal. Technological advancements resulting in enhanced chemical sensor performance along with the high demand for portable, low-cost chemical sensors are the key drivers for the growth of the global chemical sensors market.
The global chemical sensors market has been segmented based on particulate type, technology, vertical, and region.
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Based on particulate type, the market has been segmented into solid, liquid, and gas. Analytes may be present in gas, liquid, or solid phase and, depending on the same, the chemical sensor type varies. Based on technology, the market has been segmented into electromechanical, biochemical, electrical, thermometric, and others. The electromechanical sensors segment is expected to register the highest CAGR during the forecast period owing to the rapid pace of development in microelectronics and micro-fabrication technologies that call for miniaturized chemical sensors.
On the basis of application, the market has been segmented into healthcare and life sciences, oil & gas, energy and power, industrial, automotive, military and defense, agriculture, and others. The healthcare and life sciences segment is estimated to register the highest CAGR during the forecast period owing to the technological advancements in clinical diagnostic, measuring, and monitoring sensors that are deployed in implantable and wearable devices.
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).
The major players focus on growth strategies such as strategic partnerships, mergers, acquisitions, and product launches to enhance their product offerings and expand their market reach. For instance, in October 2019, Leti, a research institute of CEA Tech, created a consortium of eight European research institutes and companies—REDFINCH—to develop miniaturized, portable, high-performance, cost-effective chemical sensors using a mid-infrared photonic integrated circuit. The initial target end-use industries are petrochemicals and dairy.
The prominent players in the global chemical sensors market 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), F. Hoffmann-La Roche AG (Switzerland), Analog Devices, Inc. (US), BASF SE (Germany), Siemens AG (Germany), Bosch GmbH (Germany), NGK Spark Plugs (Japan), ABB (Switzerland), and Amphenol Corporation (US).
By particulate type, the market has been segregated into solid, liquid, gas
On the basis of technology, the market has been segmented into electromechanical, biochemical, electrical, thermometric, and others.
By vertical, the market has been divided into healthcare and life sciences, oil & gas, energy and power, industrial, automotive, military and defense, agriculture, and others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The global market for chemical sensors is estimated to grow at a significant rate during the forecast period of 2019 to 2023. A geographical analysis of the chemical sensors market has been carried out for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the global chemical sensors market from 2019 to 2023 owing to the growing adoption of direct gasoline injection and turbocharged engines in the automotive industry. Furthermore, the high concentration of market players in the region and the availability of proficient technical expertise are also boosting market growth.
The market in Asia-Pacific is expected to register the fastest growth due to the growing healthcare and life sciences and automotive industries in the region. Moreover, increasing awareness regarding health issues coupled with an expanding population and growing number of vehicles in countries such as China and India are driving the growth of the global chemical sensors market.
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The current focus of key market players is developing next-generation clinical measuring, diagnostic, and monitoring chemical sensors. These players have opted for partnerships and product launches as their key organic growth strategies to further strengthen their market position. In 2019, Analog Devices, Inc unveiled a new sensor interface IC— ADuCM355 precision analog microcontroller—which incorporates potentiostat and electrochemical impedance spectroscopy (EIS) functionality in a single chip. This microcontroller enables next-generation intelligent electrochemical sensors that find application in industrial gas sensing, instrumentation, vital signs monitoring, and disease management.
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