The Chemical Sensors Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Chemical Sensors Global Market Report 2024, The chemical sensors market size has grown strongly in recent years. It will grow from $31.6 billion in 2023 to $34.19 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to industrial growth, increased global chemical trade, growth in chemical manufacturing, regulatory compliance, and increased demand for supply chain efficiency.
The chemical sensors market size is expected to see strong growth in the next few years. It will grow to $48.68 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing use of sustainable chemicals, growing e-commerce and digital platforms, growing adoption of green chemistry, global supply chain resilience, increasing specialty and custom chemicals. Major trends in the forecast period include chemical industry innovation, key players’ partnerships, iot adoption, product innovations, and advances in wearable chemical sensors.
The increasing use of chemical sensors in the automotive industry is expected to drive the growth of the chemical sensors market in the forecast period. Automobile traffic is the primary source of exhaust gases. The chemical sensors and measurement technology can aid in improving engine performance, increasing energy efficiency, and lowering pollutant emissions. For instance, in January 2021, Gentex Corporation, a US-based high technology electronics company, introduced nanofiber sensing technology for detecting a wide range of chemicals, ranging from explosives to volatile organic compounds, with applications in a variety of industries including automotive, aerospace, and others. The company is presently working on a variant of this technology with an autonomous vehicle manufacturer to deliver the first smoke detector developed to identify smoke and vape within the vehicle environment. Therefore, the rising use of chemical sensors in the automotive industry propels the chemical sensors market growth.
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The chemical sensors market covered in this report is segmented –
1) By Product Type: Optical, Pallister Or Catalytic Bead, Other Product Types
2) By Particulate Type: Liquid, Gas
3) By Detection Method: pH Sensors, Humidity Sensors, Bio Sensors
4) By End-User: Automotive, Medical, Environmental Monitoring, Industrial, Other End-Users
Artificial Intelligence (AI) is an emerging trend in the chemical sensors market. Artificial intelligence (AI) is increasingly being used in chemical sensors to assist in the identification and quantification of the ubiquitous mix of chemicals that comprise the environment. The ability of novel AI algorithms to seamlessly integrate with chemical sensors for material innovations and robust additive manufacturing technologies is impressive. For instance, in November 2022, King Abdullah University of Science and Technology (KAUST), a Saudi-Arabia-based private research university, engineered a artificial intelligence-based chemical sensor to identify specific gases in the air with high selectivity and sensitivity. This smart electronic chemical sensor is capable of precisely identifying the target gas among the compound mixture of chemicals found in the air and can be used in applications ranging from medical diagnostics to the detection of hazardous industrial gas leakages. Additionally, for each tested gas, specific signature markers are created using data processing and machine learning algorithms to create an accurate and specialized gas categorization model.
The chemical sensors market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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