According to a report by Transparency Market Research (TMR), the global chemical sensors market for is expected to expand with a steady  CAGR of 5.0% from 2016 to 2024, to attain the value of US$24.8 bn by 2024 from US$16.3 bn in 2015. Based on the end-use industry, the segment of the medical industry is dominating the market due to the adoption of new technologies for the treatment of numerous diseases.

Based on the type of products, the optical sensors segment is witnessing the highest growth owing to the increasing usage of the sensors in the numerous industries. Region-wise, North America is dominating the market owing to the high growth of the automobile industry and research activities in the region.  

Increasing adoption of chemical sensors in numerous end-use industries such as medical, motor vehicles, and processing industries is fuelling demand for chemical sensors. This is a key factor driving the growth of the market. These sensors have extensive applications in the oxygen plants, food & beverage, motor vehicles sensors, processing industry, industrial safety & emission, chemical processing industry, industrial safety systems, environmental monitoring, water & wastewater, emissions monitoring, automotive emissions testing, defense, and homeland security.

Increasing demand for chemical sensors for the aforementioned applications is boosting demand for the chemical sensors market.

The demand for chemical sensors is likely to gain momentum over the next couple of years owing to the rising environmental concerns and the growing need for monitoring different population levels and also for defense and homeland security purposes. The global market for chemical sensors is also likely to be benefitted by the rising initiatives being undertaken by governments in order to control emission levels and cut down carbon footprint.

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The main objective of chemical sensors in the oil and gas industry is to avert risks pertaining to environment degradation and human health. The rising applications of chemical sensors is being incessantly driven by product innovation. The market growth of chemical sensors is likely to be complemented by the production of light vehicle along with the rising cost of universal exhaust gas oxygen.

Uplifted performance of chemical sensors owing to technological advancements along with high demand due to less price is further expected to push the sales of chemical sensors in the near future.