ALBANY, New York, June 21, 2019 /PRNewswire/ -- A new Transparency Market Research (TMR) study notes that the global chemical sensors market to be highly fragmented. The top five players accounted for only 19.8% of the overall market share in 2015. These industry leaders, namely Siemens AG, ABB Group, Bosch Group, Honeywell International, Inc., and Emerson Electric, Co. are seen focusing on new product developments, innovative technological growth through extensively executing new technology, and increasing manufacturing capacity for maintaining their leadership position in the chemical sensors market on the geographical side.
New technological developments are anticipated to boost the penetration of chemical sensors market and offer better alternatives throughout the end-user industry. Manufacturers are expected to implement cost-effective, portable, and contract-based sensors which offer better integration of measuring systems. Recently, in February 2018, KAIST (Korea Institute of Science and Technology) created chemical nano-sensors that quickly evaluate the elements of breath exhaled to identify trace molecules connected with certain illnesses. Such developments are expected to augur well for vendors in the global chemical sensors market.
As projected by TMR analysts, the global chemical sensors market is projected to rise at a 5.0% CAGR over the forecast period 2016 to 2024. The research study pegs a value of US$16.3 bn for 2015 on the world chemical sensor market. It is predicted that the industry will reach US$24.8 bn by 2024-end.
North America is currently the largest contributor to the worldwide economy from a geographical standpoint in the global chemical sensors market. The region accounted for 38.2% of the market in 2015, and the area is anticipated to display a CAGR of 4.4% over the forecast era. Asia Pacific is projected to experience a comparable decrease of approximately 2 percent in the worldwide share by this period, with promising of CAGR 5.9 percent between 2016 and 2024 in the global chemical sensors market.
The petroleum and gas sector is currently the leading consumer of chemical sensors as the sector uses best methods to monitor and control risky substances in both inner and external environments. The market opportunities for chemical sensors in the oil and gas industry are projected to increase to CAGR 4.5% over the period of projection of the report.
New Application Techniques to Drive Chemical Sensors Market
Due to the important increase in chemical sensors usage across sectors such as automotive, medical, petroleum and gas, food and drinks and agriculture the market for chemical sensors has risen substantially in recent years. The increased demand for the next generation of clinical diagnostics, measuring and tracking sensors for implantable and wearable appliances established possibilities that present an exponential potential for development. Lower raw material expenses and the advent of nanotechniques and microfabrication technology have resulted to significant increases in the global chemical sensors market for healthcare applications.
Novel Product Development to Emerge as a Key Market Trend
The Netherlands-based commercial aviation system manufacturer Aerialtronics and the prominent supplier of gas and radiation detection devices, RAE Systems BeNeLux, have announced a technology partnership for the identification of unseen toxins in the atmosphere for practitioners in May 2017. In the course of the work, Altura Zenith ATX8 UAS will be integrated into the MultiRAE Pro and MiniRAE 3000 RAE Systems monitors. The future hazmat (dangerous material) hazards in a number of volatile settings can efficiently be assessed from a secure distance by first responders and site managers.
The introduction and launch of such new concepts are likely to fuel the global chemical sensors market in coming years. In addition, the intensification of public efforts to control environmental releases of poisonous chemicals and pollutants is a key factor promoting the use and remediation of sophisticated chemical sensors, fuelling the global chemical sensors market.
This information is comprised in the new report by TMR, titled "Chemical Sensors Market (Type - Optical Sensor, Electrochemical, and Catalytic Bead; by End User - Oil and Gas, Automotive, Medical, Environmental Monitoring, and Industrial) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024."
Global Chemical Sensors Market has been segmented as:
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