The top five players in the global chemical sensors market accounted for a share of 19.8% in 2015. The market leaders, namely, Emerson Electric, Co., Honeywell International, Inc., ABB Group, Siemens AG, and The Bosch Group are all expected to continue their dominance in the near future with the development and launch of new products. “Companies are also projected to focus on the implementation of new technologies through innovation achieved through research and development to stay ahead of the competition,” states the lead author of this research report. The research report by Transparency Market Research states that the opportunity in the global chemical sensors market is expected to be worth US$24.8 bn by 2024 as compared US$16.3 bn in 2015. The market is projected to expand at a CAGR of 5.0% from 2016 to 2024.
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Intensive Research and Development Keeps North America at Forefront
In terms of geography, North America is expected to lead the global market as it is posed to acquire a share of 36.4% in terms of revenue in the global market by the end of 2024. The significant growth of this market will be attributable to the intensive research and development activities amidst growing concerns about environmental pollution. Meanwhile, the oil and gas industry is projected to be the key end user in the global chemical sensors market as the industry on the whole is in a constant effort to control and monitor hazardous chemicals in the environment. Analysts estimate that the oil and gas segment will progress at a CAGR of 4.5% during the forecast period.
Consumption of Chemicals across Industries Ensures Growth
The demand for chemical sensors is expected to surge in the coming years as consumption of chemicals surges in industries such as medical, agricultural, food and beverages, and automotive. The ongoing oil and gas exploration and extraction activities have also sped up the uptake of various types of chemical sensors in recent years. Several industries are adopting these sensors in order to identify the level of hazardous chemicals in present in the environment and determine their impact through logical analysis. The growing initiatives by governments to ensure environmental safety is also expected to drive the global market in the coming years.
The spike in the revenue of the global chemical sensors market is also attributable to rising concerns over homeland security. Owing to this reason, chemical sensors are being used by the defense forces for detecting harmful gases, explosives, and other chemicals that could be used as a part of chemical warfare. The increasing investments in research and development activities are also likely to benefit the overall market in the near future. Furthermore, the initiatives taken by the governments and private organizations to bring CO2 emissions and curb the national footprints is also projected to work in the favor of the global chemical sensors market.
Shorter Life Span of Chemical Sensors Dissuades Buyers
The only factor restraining the growth of the overall market is the poor life expectancy of the chemical sensors. The sensors are known to get easily damaged due to varying temperatures, air pressure, humidity, and other environmental contaminants. Persistent exposure to harmful chemicals and gases deteriorates the quality of these sensors. The fluctuating prices of chemical sensors despite the steady demand and extensive sales is also projected to hamper the growth of the global market in the near future.