Rising applications of the optical, chemical sensors across various industry verticals drives the optical, chemical sensors market.
Globally, the optical and chemical sensors market is expected to grow at a CAGR of over 18.5% during the forecast period from 2019 to 2027, starting from US$1.3 Bn in 2018. The rising applications of optical and chemical sensors across various industry verticals are driving the growth of the optical and chemical sensors market worldwide. Optical chemical sensors are gaining in demand in the fields of medical and environmental monitoring owing to their ability to record chemical classes continuously.
The negative impact caused by the carbon footprint on the environment is one of the key factors driving the growth of the optical and chemical sensors market. These chemical, optical sensors are specifically designed to detect the chemicals that can be detected by using other detection technologies.
In addition, developing clinical diagnoses has led to the high adoption of optical and chemical sensors in the medical sector. Thus, this is contributing to the growth of the market for optical and chemical sensors. On the other hand, the disadvantages, including geometrical flexibility and resistance to electrical noise, are expected to hamper the growth of the optical and chemical sensor market. Moreover, the ongoing technological advancements and the growing investments in sensor research and development activities are projected to serve various growth opportunities in the optical and chemical sensors market.
Market Synopsis
Growing use of infrared sensors in several chemical and industrial applications to continue dominating the market
The global optical chemical sensors market is segmented into sensor technology and applications. By sensor technology, infrared sensors hold the largest share of the optical-chemical sensor market. The high adoption of infrared sensors in several chemical and industrial applications is driving the growth of infrared sensors in the optical and chemical sensors market. Additionally, fiber-optic sensors are expected to be the fastest-growing segment during the forecast period.
On the basis of applications, the market is bifurcated into medical applications, industrial applications, environmental monitoring, and other applications. Among these applications, medical and industrial applications hold a considerable market share in the optical and chemical sensors market. The ongoing technological advancements in the biomedical field are estimated to offer various growth opportunities in this market.
Asia Pacific to Register the Fastest Growth
The report on the global optical sensors market covers North America, Europe, Asia-Pacific, and other regions. Among these regions, North America holds the largest market share in the optical and chemical sensors market. Rapidly growing technological innovations in the medical field are the key driving factors in the North American optical chemical sensors market.
The developed healthcare infrastructure and the growing use of optical and chemical sensors in the detection of several diseases are promoting the growth of the optical and chemical sensors market in this region. In addition, the Asia Pacific is the fastest-growing region in the optical sensors market owing to the rapidly growing industrialization, growing awareness about the benefits of optical chemical sensors over other traditional sensors, and growing use of these sensors in medical imaging applications.
Some of the prominent players operating in the Optical Chemical Sensors Market include ABB Ltd., Siemens AG, General Electric Co., Robert Bosch GmbH, Intelligent Optical Systems Inc., Emerson Electric Company, Honeywell International Inc., Halma PLC, Teledyne Technologies Incorporated, Alpha MOS SA, and others.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The Optical Chemical Sensors Market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global optical and chemical sensors market based on sensor technology, application, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the market size of the optical and chemical sensors market in 2018, and what is the forecast up to 2027?
Which is the largest regional market for the radar sensor segment?
What are the major trends followed in the optical and chemical sensors market across different regions?
Who are the key optical and chemical sensor companies leading the market?
What are the key strategies adopted by the leading optical and chemical sensor companies in the market?
Unique data points of this report
Statistics on electric vehicle penetration and spending worldwide
Recent trends across different regions in terms of adoption of the optical, chemical sensors market for various applications
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Question:
The market for Optical Chemical Sensors Market is expected to reach USD$ 1.3 Bn in 2027.
The Optical Chemical Sensors Market is expected to see significant CAGR growth over the coming years, at 18.5%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Robert Bosch GmbH, Intelligent Optical Systems Inc., Emerson Electric Company, Honeywell International Inc .are some of the major players in the global market.
