Global Chemical Sensors Market Growth at CAGR of 5.73%, 2017-2021

The global chemical sensors market to grow at a CAGR of 5.73% during the period 2017-2021.

The report covers the present scenario and the growth prospects of the global chemical sensors market for 2017-2021. To calculate the market size, the report considers revenue generated by the biosensors and gas sensors. The report also includes a discussion of the key vendors operating in this market.

One trend in the market is growing popularity of biosensors and sensor fusion technologies. Increasing road fatalities during the night hours are being prioritized by governments. As per a 2015 report from National Highway Traffic Safety Administration (NHTSA), the fatality rate stood three times higher in the night (6 PM to 5:59 AM). In addition, the report also mentions that the number of drunk drivers involved in fatal crashes in 2014 was four times higher at night than during the day.

According to the report, one driver in the market is need for compliance to avoid gas disasters. As the industrial sector uses harmful gases in different processes, the chances of gas leakage are high. A gas leakage can lead to massive disaster. In December 1984, leakage of methyl isocyanate in Bhopal was one of the worst industrial tragedies in India that exposed 500,000 people to this harmful gas. In July 1988, an explosion and resulting oil and gas fire in Piper Alpha oil production platform in the North Sea, UK, killed 167 people. In July 2005, Mumbai High North oil field located in the Arabian Sea, Mumbai, India, caught fire, which took away the lives of 22 people.

Further, the report states that one challenge in the market is decline in popularity of electrochemical gas detectors. The electrochemical detector is losing its market share due to its short life span. In electrochemical gas detectors, gas sensors are exposed to the gas, unlike infrared (IR) and ultrasonic gas detectors. This leads to corrosion of sensors and short life span of gas detectors. On an average, the life span of an electrochemical gas detector is one to three years, but high exposure to gases reduces its life span, leading to its time-to-time replacement. This also leads to additional cost incurred by the industry. This hinders the growth of the chemical sensors market.

Key vendors

Key Topics Covered:

PART 01: Executive summary

PART 02: Scope of the report

PART 03: Research Methodology

PART 04: Introduction

PART 05: Market landscape

PART 06: Market segmentation by type

PART 07: Geographical segmentation

PART 08: Decision framework

PART 09: Drivers and challenges

PART 10: Market trends

PART 11: Vendor landscape

PART 12: Appendix

For more information about this report visit https://www.researchandmarkets.com/research/n8q8xv/global_chemical

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