Chemical Sensors Market Trends

Growth Drivers

• Worldwide Boost in Environmental Monitoring - Environmental monitoring is a method for measuring climatic conditions and trends. The primary goal of environmental monitoring is to manage and reduce the adverse impact of an organization's activities, either to ensure compliance with applicable laws and regulations or to reduce risk of harmful effects on the natural environment and protect human health. In such scenario, chemical sensors play a vital role to measure and detect the effect of such activities. Environmental monitoring is able to monitor air quality, water quality, soil quality and so on. As per the World Health Organization Data, nearly all of the world's population (99%) breaths air that is unhealthy and exceeds WHO air quality standards. At this time, a record number of nearly 6000 cities in 117 nations are keeping track of the air quality.
• Growth in Automotive Industry - For instance, the automotive industry is expected to generate approximately USD 1.6 trillion in revenue by the end of 2030, representing a 32% increase over the prior year.
• Global Upsurge in Government Initiatives to Control the Emission – According to a report of United Nations, more than 70 countries, including the world's biggest polluters - China, the United States, and the European Union - have scheduled a net-zero target, accounting for approximately 76% of global emissions.
• Surge in New Product Launch – For instance, Honor released the Honor Band 6 smart fitness band in China in 2020. The device has a wide variety of features including battery life of up to 14 days and is said to deliver 2 days of juice after only 5 minutes of charging. The Honor Band 6 features 24-hour heart rate monitoring as well as support for sleep tracking, blood oxygen monitoring, ovulation and menstrual tracking, among many other things.
• Global Escalation in Research and Development Investment - The Unesco Institute for Statistics reports that, with an average annual growth rate of 4.7% over the past ten years, global R&D expenditure has expanded significantly. (2010-2020). Globally, from 1.61% in 2010 to 1.93% in 2020, the percentage of global GDP invested on research and development has climbed rapidly.

Challenges

• Lack of Awareness about Chemical Sensors
• Less Adoption of Chemical Sensors
• Fluctuating Cost of Chemical Sensors

The chemical sensors market is segmented and analyzed for demand and supply by end-user into industrial, automotive, medical, defense & military, oil & gas, environmental monitoring, and others. Out of these, the medical segment is projected to significantly grow over the forecast period on the back of growing number of cancer, and diabetes patients, and dynamically increasing implementation of chemical sensors in a variety of medical devices, including wearables, cancer detection devices, pulse oximetry, blood sugar testing strips, and implanted devices for patients. For instance, microfluidic technology allows for fluid manipulation on a micron scale ranging from 1 to 1,000 m, equivalent to the size of a single cell. The microfluidic platform has emerged as an effective tool for performing complicated, costly, time-consuming, and harder laboratory techniques on a microchip. Microfluidics technology, since of its micron-scale size, is able to perform complex operations rapidly and with a low reagent level. As a result of its high capacity, time-saving features, and precision, it is an extremely effective platform for cancer diagnosis. These devices are in higher demand than traditionally sized devices due to less energy and time waste and increased flexibility.