DUBLIN--(BUSINESS WIRE)--The "Optical Chemical Sensor Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The optical chemical sensor market was valued at USD 1.54 billion in 2018 and is expected to reach a value of USD 4.06 billion by 2024, registering a CAGR of 17.57%, during the forecast period 2019-2024.
- Optical chemical sensors perform the detection of specific chemicals that cannot be detected by other technologies present in the market. They are comparatively easy to miniaturize, they are sensitive, and can operate in water, air, corrosive liquids, organic solvents, and soil.
- Optical chemical sensors have replaced the traditional and conventional electronic sensors due to various advantages over them, such as selectivity, immunity to electromagnetic interference, and safety while working with flammable and explosive compounds. They are also inexpensive, non-destructive, and have many capabilities.
- These advantages over the traditional sensors have driven the attention of the sensor manufacturers to the optical chemical sensors. Moreover, enterprises, such as Siemens have included these sensors in their product offerings, providing the manufacturers with tremendous potential.
- However, despite a number of advantages, optical sensors also have some disadvantages, such as ambient light, which can interfere with their operation. Also, their long-term stability is limited due to indicator leaching or photobleaching.
Major Market Trends
Medical Sector to Witness High Growth
- The rising demand for the next generation of clinical diagnostics, measuring and monitoring sensors for applications in implantable and wearable devices have created huge opportunities with exponential growth potential for the market.
- Chemical sensing array and higher order orthogonal sensors are significant trends in the global market. Particularly in bio-sensing, advancements in micro fluids, and imaging technology are the primary driving factors of optical chemical sensors market.
- With less raw material usage and the emergence of nano and microfabrication techniques within the industrial manufacturing process have led to a substantial increase in the commercialization of optical chemical sensors for healthcare applications and is expected to stay steady during the forecast period.
- With the increasing R&D expenditure by industry players in the medical technology, it is expected to drive the market for optical medical sensors forward.
North America Occupies a Significant Share in the Market
- Owing to the rising healthcare expenditure and the increasing incidence of diseases in this region, the United States is expected to contribute significantly to the optical chemical sensors and biosensors market. This is owing to the miniaturization, the carbon-nanotube-based optical sensor can detect a specific protein found on the membrane of chronic myeloid leukemia cells.
- Additionally, optical chemical (gas) sensors provide a good alternative over the conventional conductometric gas sensors. They are found to be highly sensitive with a very fast response towards a wide concentration range (0.5 to 100 ppm) of CO gas at room temperature and hence creates the way for the commercial application of an efficient optical CO gas sensor.
- Moreover, the US government has introduced mandatory regulations to compel the adoption of CO gas leak detector in every house. The awareness campaign about the harmful effects of poisonous carbon monoxide (CO) through the national fire protection association (NFPA) and the US Consumer Product Safety Commission (CPSC) is further driving the growth of the market.
The optical chemical sensor market is highly competitive owing to the presence of many small and large players in the market operating their business. The market appears to be moderately concentrated and the key strategies adopted by the major players in the market are product innovation and mergers and acquisition. Some of the major players in the market are Honeywell International, Emerson Electric Company, ABB, Robert Bosch.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Development of Miniaturized & Portable Electrochemical Sensors with Wireless Capability
4.4 Market Restraints
4.4.1 Relatively Lower Economic Growth Compared to Other Countries in Latin America
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 TECHNOLOGY SNAPSHOT
5.1 Infrared Sensors
5.2 Fiber-optic Sensors
5.3 Photoionisation Sensors
5.4 Other Optical Chemical Sensor Types
6 MARKET SEGMENTATION
6.1 By End-user Industry
6.1.3 Environmental Monitoring
6.1.4 Defense & Homeland Security
6.1.5 Other End-user Industries
6.2.1 North America
6.2.4 Latin America
6.2.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Siemens AG
7.1.2 General Electric Co.
7.1.3 Honeywell International Inc.
7.1.4 Emerson Electric Company
7.1.5 ABB Ltd.
7.1.6 Teledyne Technologies Incorporated
7.1.7 Halma PLC
7.1.8 Alpha MOS S.A.
7.1.9 Robert Bosch GmbH
7.1.10 Intelligent Optical Systems Inc.
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/8w1e4r