According to a new market research report published by Acute Market Reports “Global Optical Chemical Sensors Market (Sensors Technology (Infrared Sensors, Fiber-optic Sensor, and others); Application (Medical Applications, Industrial Applications, Environmental Monitoring and Other Applications)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall optical chemical sensors market worldwide was valued at US$ 1.35 Bn in 2018 and is set to grow with a CAGR of 18.5% during the forecast period.
Browse the full report at “Optical Chemical Sensors Market”
Market Insights
From the past few decades, the chemical optical sensors are vastly being used across motor vehicles, environment monitoring, and medical applications. The rapidly growing demand for the control ventilation for cabin air in the motor vehicles is boosting the growth of the optical chemical sensors market. Additionally, the factors such as technological advancements in the bio-sensing to provide the better detection of elements and the organic chemicals are promoting the growth of the optical chemical sensors market. The growing awareness about the hazardous effect of carbon emissions on the human as well as the environment has a positive impact on the growth of optical chemical sensors market. The benefits offered by the chemical optical sensors over the other traditional sensors are anticipated to escalate the growth of the chemical sensors market.
In 2018, on the basis of technology, the global the optical chemical sensors market is bifurcated into Infrared Sensors, Fiber-optic Sensor, and others. Among these sensors infrared sensors holds a largest chunk of total market shares, the fiber optical chemical sensors are the fastest growing region in the optical sensors market. The growing adoption of spectral imaging in the biomedical is contributing to the growth of optical chemical sensors market. Furthermore, the use of optical chemical sensors in medical and environmental monitoring is further promoting the growth of optical chemical sensor market, the government initiative to reduce the carbon footprint is escalating the growth of optical chemical sensors market.
In 2018, the optical chemical sensors market is dominated by North America and followed by Europe. North America holds 38% of the total market share in the optical chemical sensors market. The rapidly growing bio-medical field and growing research and development spending on the sensors technology is majorly contributing to the growth of optical chemical sensors market in the North America region. Moreover, Asia Pacific is set to grow with the highest CAGR of over 23% during the forecast period. The growing healthcare expenditure and the industrialization are promoting the growth of the optical chemical sensors market in the Asia Pacific region.
The key players in the Optical Chemical Sensors Market ABB Ltd, Siemens AG, General Electric Co., Robert Bosch GmbH, Intelligent Optical Systems Inc, Emerson Electric Company, Honeywell International Inc., Halma PLC, Teledyne Technologies Incorporated, Alpha MOS SA, and others.
By Sensor Technology Segment (2017–2027; US$ Bn)
By Application Segment (2017–2027; US$ Bn)
By Geography Segment (2017-2027; US$ Bn)
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