Published on : Dec 06, 2016
ALBANY, NY, Dec 06, 2016: According to the research study, the global chemical sensors market is expected to register a healthy 10.15% CAGR between 2016 and 2021.
The growing demand for new and innovative chemical sensors from automotive and healthcare industries and the rising application base are some of the primary factors estimated to fuel the growth of the overall market in the forecast period. In addition, the rising demand from food and beverage processing, chemical processing, defense and environmental sectors is likely to accelerate the market’s growth in the next few years. The introduction of favorable government initiatives in order to control emissions and cut down on carbon footprint is indirectly projected to contribute towards the development of the global market.
On the basis of product type, the global chemical sensors market has been categorized into biochemical sensors, optical chemical sensors, electrochemical sensors, and others. Among these, the electrochemical sensors segment is projected to grow at a swift pace and lead the global chemical sensors market in the near future. However, the biochemical sensors segment is estimated to witness robust growth in the coming years, due to the rising population, increasing prevalence of diabetes, and the growing demand for monitoring and point-of-care tools.
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On the basis of geography, the global chemical sensors market has been categorized into Asia Pacific, North America, Europe, and the Rest of the World. As per the study, Asia Pacific is estimated to lead the global chemical sensors market and hold a key share throughout the forecast period. The increasing pace of vehicle production, the rising number of manufacturing units in emerging economies, and the improving healthcare infrastructure are some of the key factors anticipated to encourage the growth of the chemical sensors market in Asia Pacific.
Some of the leading players operating in the chemical sensors market worldwide are Siemens AG, HORIBA, Ltd., Nova Biomedical Corporation, Alpha MOS, RAE Systems, Smith’s Group plc., Emerson Electric Co., Thermo Fisher Scientific Inc., Figaro Engineering Inc., and Teledyne Technologies Incorporated. The growing focus of these players on new product development and other innovations are anticipated to encourage market growth throughout the forecast period. The company profiles, contact information, product portfolio, financial overview, SWOT analysis, and latest developments have been discussed at length.
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