The demand for chemical sensors is growing at a rapid pace across in the oil and gas, chemical, marine, water and wastewater, medical, and environmental monitoring industries. Chemical sensors are electronic devices that are used to convert the chemical property of a particle into electronic data. The simple design and relatively good analytical and measurement range of the chemical sensors drive the market growth.
With the growing pollution and environmental-related norms, the chemical sensors play a crucial role in understanding the pollutant levels in the environment. The emergence of stringent government norms for air and water quality management bolsters the market growth. Additionally, they are widely used in research laboratories and healthcare operations for nano and micro technology processes. The evolution of the smart IoT sensors for different applications and improved specifications accelerate the market growth.
| Report Metric | Details |
|---|---|
| Base Year | 2022 |
| Study Period | 2017–2029 |
| Forecast Period | 2023-2031 |
| CAGR | 2% |
| Market Size | 4500 |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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Rapid industrialization, particularly in the emerging markets, has resulted in higher amounts of industrial wastes into water bodies. The escalating growth in the industry’s wastewaters has dragooned the governments to impose stricter regulations regarding the discharge of effluents in the water bodies. The chemical sensors operate in extreme weather conditions and are compatible with a wide variety of sensors, further stimulating the market growth. The below-mentioned info-graph depicts the estimated annual share of global water consumption for industrial use for the year 2017.
As per the above chart, South America accounts for more than 65% of the water consumption for industrial use, followed by Europe with 55% for the year 2017. The rising need for industrial water is presenting growth opportunities for the players in the chemical sensors markets. Monitoring of groundwater or surface water allows the industrialists to determine the treatment level required to attain the specific water quality. The accurate results and greater speed of the chemical sensors drive the market growth.
Increasing complexity in the manufacturing processes has surged the need for advanced technologies to ease operations and lower the costs. In line with this, the key players are channelizing efforts to develop sensors suitable for the latest technology. The advent of the Internet of Things (IoT) is having a positive effect on the manufacturing of chemical sensors. The IoT integrated chemical sensors developed by the key players can easily monitor the liquid chemicals and be customized as per the applications.
The demand for advanced chemical sensors is rising as they provide lightning-fast replacements and no maintenance costs. In addition, they have lower ownership costs and help in lowering the environmental footprint as the hardware is reusable. The advanced chemical sensors enable the technicians to monitor the chemistry levels of the liquids through mobile or other portable electronic devices. These sensor devices are extensively used in testing molecular-levels in foods, gases, and fuels, among others. Today, these miniature chemical sensors are finding applications in home automation systems for temperature and weather monitoring of the climate and storm warnings.
Europe dominates the chemical sensors market as the region is backed by the presence of robust food and beverage sector and key market players. Companies are investing in the installations of chemical sensors to ensure food safety and comply with the regulations. The wine manufacturers continuously strive to improve the taste and control of pH levels for better consumer experience. Chemical sensors are gaining popularity in the winemaking processes, which allows the manufacturers to enhance the taste, color, and smell of the wine. The below-mentioned info-graph depicts the number of significant vineyards in Spain and France for the period 2014–2018.
As per the above statistics, there were around 968 vineyards in Spain in 2017, which reached 969 in 2018. Spain accounted for 13% of the total global wine production in 2018, as per the statistics recorded by the International Organisation of Vine and Wine (OIV). The gradual rise in the number of vineyards in the European region is prompting higher wine production, further accelerating the demand for chemical sensors.
Asia-Pacific is predicted to have a steady growth in the chemical sensors market on account of rapid industrialization and rising healthcare and automotive sectors. The emergence of biological sensors for healthcare applications drives market growth. China and India are the frontrunners in the Asian chemical sensors market owing to the rapid growth in the healthcare sector. Data recorded by the National Health Commission presents that China’s online healthcare market was valued at USD 4.6 billion in 2017, higher by 45% from the previous year. Industry experts predict the market to reach USD 10 billion by 2020. The burgeoning healthcare sector is expected to set a promising future for the chemical sensors market in the coming years.
Moreover, the development of regulations in India regarding the use of sensors in the chemical industry is propelling the regional growth. Government of China has implemented multiple policies to address the growing emissions in the nation, thus promoting higher installations of chemical sensors across industries.
The below-mentioned info-graph depicts the estimated market potential for the regions during the forecast period 2017-2029.
The electrochemical sensors segment is expected to witness the fastest growth in the chemical sensors market as they are widely used to detect the toxic elements and gases in the environment, clinical labs, pharmaceutical, and food and beverage industries. There is a huge demand for electrochemical sensors as they offer several advantages such as linear response range, greater stability, and improved results. Most of the analytical instruments used for the above-mentioned applications demand advanced chemical sensing technologies.
In recent times, biosensors have gained significant traction on account of increasing diabetes population, coupled with rising awareness of home monitoring and testing instruments. However, biosensors are largely deployed in the food and beverage industries to measure the alcohol levels, acids, and carbohydrates for quality processes. With the changing consumer preferences and increasing purchasing power, the food and beverage industries are adopting advanced solutions to provide higher quality products.
