Expanding Applications in the Medical & Environmental Sectors to Drive the Global Chemical Sensors Market, According to a New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) March 10, 2015 -- Follow us on LinkedIn – Chemical sensors have emerged into an essential part of our technology driven society, serving diverse end-use application areas. Chemical sensors have already proven their worth in analyzing chemical composition of a sample, be it liquid or gaseous form, in a reliable and flexible manner. Use of chemical sensors has evolved over the years and currently represents the largest product market in the global sensors market, by value. Advances in medical diagnostic procedures will continue to drive new opportunities for chemical sensors. Growth in the market will be driven by the growing use of biosensors in blood glucose test strips.
Blood glucose biosensors, which account for a significant share of the medical biosensors market, portray an unparalleled success story. Encouraged by the success witnessed in blood glucose testing applications, the industry is contemplating large-scale introduction of biosensors for a number of other medical diagnostic tests, including strep, drug and alcohol abuse, fertility, renal failure, cholesterol monitoring, cancer, urinary-tract infections, cardiac risk monitoring and detection of biological contaminants. Biosensors market also stands to benefit from the rapidly aging population and the subsequent rise in demand for point-of-care testing & monitoring solutions. Other factors spurring growth include the need for timely diagnosis and treatment, increased spending in the healthcare sector, preference for alternate sites of healthcare, and high prevalence of chronic diseases.
The automotive sector offers robust growth opportunities for a range of sensor technologies. The need for sensors is supported by the integration of sophisticated capabilities and features in vehicles against a backdrop of growing consumer demand for enhanced comfort and convenience features. Government emission regulations and manufacturer efforts to gain product differentiation are also presenting a strong need for automotive chemical sensors. Electronics (including chemical and physical sensors) constitutes nearly 30% of the total cost of the vehicle. Sensors are utilized in almost every vehicle part, such as steering, powertrain, safety, and vehicle diagnostics and monitoring. While up to 40 sensors are employed in a typical economy segment car, the electronic content in a luxury model is high, with number of sensors integrated being more than 100 and expected to grow further.
Development of inexpensive, miniaturized, mass-manufactured and portable chemical sensors capable of operating in extreme conditions and remote environment will also help drive growth in the market. Developments focused on enhancing precision, and improving portability and ease of use will create new opportunities for chemical sensors not only in high growth end-use markets such as medical and industrial segments, but also in markets characterized by maturity such as industrial safety, and detection of flue gas emissions.
As stated by the new market research report on Chemical Sensors, the United States represents the largest regional market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a projected CAGR of 10.2% over the analysis period. The huge industrial base in Asia-Pacific, particularly in low cost Asian countries like China, India, Vietnam, Thailand, Korea and Malaysia, will help boost demand in the region. The presence of a large well-established automotive industry in China and India will benefit demand in the industrial sector.
Major players in the market include Alphasense Ltd., City Technology Ltd., Delphi Corporation, Emerson Process Management, Figaro Engineering Inc., Mine Safety Appliances Company, NGK Spark Plug Company Ltd., Nova Biomedical Corp., Ocean Optics Inc., RAE Systems Inc., Smiths Detection, Teledyne Monitor Labs Inc., and Thermo Fisher Scientific Inc.
The research report titled “Chemical Sensors: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of industry segments, trends, growth drivers, restraints, market share, size and demand projections and forecasts. Major geographic regions covered include the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Product segments analyzed in the global market report include Biosensors and Others (including Electrochemical Sensors, Optical Sensors, Semiconductor Sensors, and Pellistor/Catalytic Bead Sensors among others). In addition, the report analyzes the US market by End-Use Application Areas including Medical, Industrial, Environmental Monitoring, and Others. The report also offers coverage on mergers, acquisitions, product launches and other strategic industry activities of major global and regional players.
For more details about this comprehensive market research report, please Click Here
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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