Variant
Market Research forecasted that the global chemical sensors market is
forecasted to reach $23,114 million by 2024 from $15,079 million in 2016;
growing at a CAGR of 8.6% from 2016 to 2024. There are the several driving
factors of the market such as need for accurate diagnosis in healthcare, rising
use of chemical sensors for environmental monitoring, and growing demand for
semiconductor chemical sensors and dissolved gas sensors. However, declining
automobile emission testing may restrain the growth of the market. Furthermore,
low-cost, portable and wearable chemical sensors are the major opportunities of
the market.
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Key
segments of the global chemical sensors market are, end-use and geography. Optical
sensor, catalytic bead, electrochemical and others are the key sub segments of
the type segment. Optical sensor sub segment is expected to dominate the
segment with fastest CAGR during the forecast period 2016-2024. Moreover,
application segment has been segmented into medical, environmental monitoring,
oil & gas, industrial, automotive and others.
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North
America, Europe, Asia-Pacific and rest of the world are the major geographical
sub segment of the global chemical sensors market. In 2016, North America
region accounted for the highest market share of 36%, followed by Asia-Pacific
with 27.7%. Additionally, Asia-Pacific is predicted to grow at the highest CAGR
during 2016-2024, driven by rapid adoption of advanced technologies and
expanding automotive & healthcare sector.
The
market players have been adopting several strategies to increase their product
portfolio and geographical presence. The key market players in the chemical
sensors market are ABB Group, BASF SE, General Electric,
Honeywell International Inc., Emerson Electric Company, Siemens AG, Bosch GmbH,
Thermo Fisher Scientific, Delphi Automotive Plc, and Abbott Laboratories, among
others.
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