Albany, NY -- (SBWIRE) -- 04/18/2017 -- The rapid advancements in the healthcare sector, automotive sector, and various other industrial sectors is the very basis for the increasing uptake of chemical sensors. Chemical sensors are used for identifying and transforming information pertaining to chemicals into analytical signals.
The demand for these sensors is also being augmented due to the growing environmental concerns and the need to monitor various types and levels of pollutions and for homeland security and defense purposes. Transparency Market Research states that the global chemical sensors market was valued at US$16.3 bn in 2015 and is anticipated to reach US$24.8 bn by 2024. Analysts predict that the global market will expand at a CAGR of 5.0% from 2016 to 2024.
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The increasing government initiatives to control the emission and in order to cut down the national carbon footprint is also expected to have a positive influence on the demand for chemical sensors. Detection of hazardous gases and chemicals to avert risks to human health and deterioration of the environment is primary objective chemical sensors in the oil and gas sector.
The various types of chemical sensors available in the global market are the catalytic bead, electrochemical, and optical sensors. The demand for chemical and gas sensors in the automotive industry is being driven by application of oxygen sensors for stoichiometric control of the engine operation.
The growing applications of chemical sensors are being driven by product innovation. Thus, there has been a considerable rise in the usage of chemical sensors in industries such as agriculture, textile, food and beverages, and smart packaging.
However, analysts state that the automotive and the oil and gas industry are the expected to be the leading end users in the global market in terms of both volume and value. The industrial segment is expected to follow suit during the forecast period as well. The usage of smart sensing technology in the agriculture and food and beverages industries is also paving the way of growing application of chemical sensors in the near future.
Of all the end users in the global chemical sensors market, the medical industry continues to hold a lion's share in the overall market. The analysts project that the optical sensors will show a continued growth pattern due to its increasing application in the health care and medicine industry. Remarkable technological advancements in the medical sector are expected to fuel the demand for chemical sensors across the globe.
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In terms of geography, the global chemical sensors market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is leading the global market and is expected to hold its position, followed by Asia Pacific.
The demand for chemical sensors in North America will be dictated by the soaring production of vehicles, increasing research activities, development of new products, and the pressure of reducing pollution levels in the near future. Additionally, the increasing application of chemical sensors in sectors such as oil and gas, food and beverages, and industrial application is anticipated to fuel Asia Pacific market.