Chemical sensors market is estimated to witness high growth, owing to increasing demand from healthcare sector and rising adoption in industrial applications
Chemical sensors market is estimated to be valued at US$ 24.18 Bn in 2024, exhibiting a CAGR of 7% over the forecast period 2024-2031. Furthermore, increasing demand for chemical sensors from healthcare sector for rapid diagnosis and environmental monitoring can drive the market growth.
Market Dynamics:
Global chemical sensors market growth is driven by growing demand from healthcare sector and rising adoption in industrial applications. Healthcare sector is increasingly adopting chemical sensors for rapid disease diagnosis and monitoring health parameters. This boosts demand for chemical sensors that can detect biomarkers and metabolites in samples. Furthermore, growing environmental monitoring applications can also drive the market growth. Various industries use chemical sensors for detecting harmful and inflammable gases to ensure workplace safety. Stringent regulations regarding emission monitoring boosts the installation of chemical sensors across industries. Advances in nanotechnology and microfabrication have facilitated the development of highly sensitive and accurate chemical sensors. However, high operational costs associated with chemical sensors can hamper the market growth during the forecast period. Ongoing R&D towards developing cost-effective sensors can offer lucrative opportunities.
Growing Demand from the Oil and Gas Industry Can Drive Chemical Sensors Market
The oil and gas industry widely uses chemical sensors for applications such as leak detection, ambient gas monitoring, and process gas analysis. Chemical sensors monitor the presence of hazardous gases such as methane, hydrogen sulfide, and volatile organic compounds (VOCs) to prevent explosions and maintain a safe work environment. Growing demand for oil and gas production globally boosts the need for improved safety measures and enhanced monitoring capabilities. This boosts demand for sophisticated chemical sensors that can precisely detect toxic and combustible gases.
Increasing Investments in Smart City Projects Boosts Adoption of Chemical Sensors
Many governments around the world are investing heavily in smart city projects to improve public safety, transportation efficiency, and environmental monitoring. Smart city technologies such as integrated sensor networks play a vital role in achieving these goals. Chemical sensors find widespread applications in smart cities, including air quality monitoring, industrial emissions monitoring, leak detection in underground gas and water pipelines. The rapid increase in smart city projects globally boosts demand for networked chemical sensing solutions.
Availability of Low-Cost Alternatives is Limiting Adoption of Chemical Sensors
High initial costs of chemical sensors limit its adoption across many industries and applications. Low-cost semiconductor sensors such as metal-oxide and electrochemical sensors provide basic detection capabilities at a much lower price point as compared to sophisticated chemical sensors. Some end users prefer inexpensive alternatives even if these offer lower accuracy, selectivity, and reliability for non-critical applications where human safety is not a major concern.
Lack of Standardized Testing Protocols Hampers Market Growth
Lack of standardized protocols for bench-mark testing and comparing the performance of different chemical sensor technologies can hamper the market growth. The testing standards vary widely among industries and geographies. This makes it challenging for end users to reliably compare technical specifications and select appropriate sensor solutions. It also discourages the development of innovative chemistries and designs across the industry.
Growing Healthcare Applications Present Lucrative Opportunities
Rising need for advanced patient monitoring both in hospitals as well as home settings can boost demand for chemical sensors. Areas such as infection detection, disease diagnosis, therapeutic drug monitoring, and breath analysis offer growth opportunities. Miniaturized, wearable chemical sensing devices could play a pivotal role in remote health monitoring and revolutionizing healthcare management protocols. Sensor vendors are engineering novel bioanalyse assays for seamless integration with portable medical devices and e-health platforms.
Rising Popularity of Internet of Chemical Things
The convergence of chemical sensing with IoT/cloud technologies can provide new application domains and use cases known as the "Internet of Chemical Things" (IoChem). Connected sensor nodes can monitor chemical environments remotely and provide real-time analysis at a massive scale. Sectors like environmental monitoring, supply chain/logistics, predictive maintenance, military surveillance can leverage IoChem for enhanced decision making. Chemical sensor players are innovating platform-centric solutions optimizing their technologies for the burgeoning IoChem ecosystem.
Link: https://www.coherentmarketinsights.com/market-insight/chemical-sensors-market-592
Key Developments:
- In August 2002, Honeywell International Inc., a global conglomerate, announced that its Automation and Control Solutions (ACS) business unit had signed an agreement to acquire Invensys Sensor Systems, a leading supplier of sensors and controls used in various industries, for US$ 415 million in cash. The acquisition was intended to strengthen Honeywell's product offerings in high-growth medical and automotive on-board segments, and allow the company to better deliver advanced technologies and solutions to its customers worldwide. Invensys Sensor Systems, with its strong technology and quality-driven culture, became part of Honeywell's Automation and Control Products unit after the transaction was completed.
- In September 2022, ABB, a Switzerland-based global technology leader, announced a strategic partnership with Samotics, a Netherlands-based provider of electrical signature analysis (ESA) technology. As part of the agreement, ABB will acquire a 10% stake in Samotics. The partnership aims to expand ABB's condition monitoring services by integrating Samotics' AI-driven platform into ABB's digital portfolio alongside its existing ABB Ability Condition Monitoring solution for powertrains. Samotics' ESA technology complements ABB's sensor-based system by enabling monitoring of machines in harsh and submerged environments without the need for field-mounted sensors.
- In August 2022, Smiths Detection Inc., a global leader in threat detection and security technology, partnered with Block MEMS, LLC, a provider of advanced quantum cascade laser-based products, to develop a Proximate Chemical Agent Detector (PCAD) for the U.S. Department of Defense
Key Players:
ABB Ltd, AirTest Technologies Inc., Alpha MOS, Delphi Automotive PLC, Denso Corporation, Emerson Electric Co., General Electric Co., Halma plc., Honeywell International Inc., MSA Safety Incorporated, Pepperl+Fuchs Group, Siemens AG, Smiths Detection Group Ltd, Thermo Fisher Scientific Inc., Yokogawa Electric Corporation
