Rising Concerns Regarding Environmental Safety and Homeland Security to Boost Deployment of Chemical Sensors
The rising demand for chemical sensors is primarily dictated by the soaring consumption of chemicals in industries such as agriculture, automotive, food and beverages, and medical. In recent years, the increasing gas exploration and extraction activities worldwide have also resulted in an upswing in the uptake of different types of chemical sensors. Various industries are adopting these sensors as a measure to monitor and regulate hazardous chemicals in the environment.
Poor Life Expectancy to Negatively Influence Sales of Chemical Sensors
Several government initiatives worldwide are assisting the growth of the global market by promoting the use of chemical sensors to ensure environmental safety and for defense and homeland security. Moreover, the increasing funding for research and development activities in this field is likely to augur well for the growth of the global chemical sensors market.
On the flip side, the poor life expectancy of chemical sensors is restraining the growth of the market. These sensors are highly vulnerable to varying temperatures, humidity, air pressure, and other environmental constraints. Continuous exposure to hazardous chemicals and gases damages the quality of these sensors. Despite the strong demand and high sales of chemical sensors, their fluctuating prices adversely affects the overall revenue generation of the market.
Soaring Production of Vehicles to Propel Growth of North America
North America will continue to be the leading regional market until 2024, accounting for 36.4% of the overall market revenue. The growth of this region can be attributed to the increasing research and development activities in the field of sensors, rapidly growing production of vehicles, and the pressure of maintaining a check on pollution levels. The Asia Pacific market is likely to flourish owing to the increasing deployment of chemical sensors in sectors such as food and beverages, industrial applications, and oil and gas.
On the basis of end users, the medical industry will continue to account for the dominant share of the revenue pie. Rapid technological advancements in the medical sector are likely to propel the demand for chemical sensors.