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