Market Size of United States Chemical Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US Chemical Sensors Market Analysis
The United States chemical sensor market registered a CAGR of 6.2% during the period of 2021-2026 (hereafter, referred to as the forecast period). Moreover, electronic devices are expected to be impacted significantly by the COVID-19 outbreak, as China is one of the major suppliers of raw materials and finished products. The industry is on the brink of facing a reduction in production, disruption in the supply chain, and price fluctuations. The sales of prominent electronic companies are expected to be affected in the future.
- Chemical sensors have evolved technically with the advent of MEMS and nanotechnology. It has been found that with the reduction in size, novel electrical, mechanical, chemical, and catalytic, optical properties can be introduced.
- Various types of detecting elements, such as carbon nanotubes, zinc oxide nanowires, or palladium nanoparticles, have already been used in nanotechnology-based chemical sensors.
- The applications of chemical sensors have witnessed a rise in the medical sector. These sensors are used for the diagnostics of gaseous issues, such as the concentration of chemicals in human bodies. The MEMS sensors have a massive impact on the development of biotechnology, offering researchers the ability to search for and influence chemical and biological compounds in the body and its various complex subsystems. This has led to multiple ways of identifying and preventing illnesses conditions.
- The United States accounts for a significant share. According to the United States Census Bureau, the number of people aged 65 years and above is anticipated to augment from 52 million in 2018 to 95 million by 2060. The share of people of the older age group share is expected to rise from 16% to 23%. Hence, the country is prone to diseases, such as cancer, respiratory diseases, and diabetes.
- Thus, due to rising healthcare expenditure and increasing incidence of diseases, the United States is expected to contribute to the chemical sensors market significantly. Additionally, the government of the United States has introduced mandatory regulations to compel the adoption of CO gas leak detectors in every home.
