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Electrochemical Sensor Market - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 4897095
  • Report
  • January 2020
  • Region: Global
  • 131 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Ametek Inc.
  • Delphian Corporation
  • Figaro USA Inc.
  • General Electric Company
  • Honeywell Analytics
  • Mine Safety Appliances
  • MORE
Market Overview

The Electrochemical Sensor Market was valued at USD 6.19 billion in 2019 and is expected to reach USD 11.83 billion by 2025, at a CAGR of 11.4% over the forecast period 2020 - 2025. The emergence of nanotechnology-based sensors will drive the market in the forecast period.
  • The market has been buoyed by the advent of MEMS technology, miniaturization of gas detection circuitry and the development of solid-state sensors that has increased the popularity of sensor modules to detect gases.
  • Increasing focus on the safety of hazardous locations, due to the rise in the number of explosions occurred in the extreme environment of the manufacturing and chemical industries, because of the presence of toxic and combustible gases, has prompted an increased focus on explosion prevention through implicit monitoring across the hazardous zones of these end-user industries to achieve a safer working environment.
  • Further, the government regulations such as COSHH and OSHA regulations among others, toward on offshore oil and gas exploration and production as well as storage activities imposes strict limits on the exposure to carbon monoxide and other toxic gases and fumes. This has been a significant driver for adoption of electrochemical technology based gas sensors.
  • However, operational issues related to size, energy consumption, and sensitivity could be a major challenge for the market.
Scope of the Report

Electrochemical sensors are unique due to their ability to monitor toxic and non-toxic gases with the ability to withstand high humidity and temperature. These are majorly used in industrial environments where the monitoring of hydrogen sulfide, carbon monoxide, and other industrial gases is a critical safety requirement.

Key Market Trends

Application in Medical Sector to Contribute Significantly in the Market Growth
  • The market in this segment has been augmented by the demand for modern methods for diagnosis and the advances in microfabrication methodology that have led to the development of sensitive, selective and effective electrochemical sensors for clinical analysis. Billions of dollars are spending on research & development to improve in medical technology.
  • The proliferation of bio-sensors employing electrochemical sensing technology has been gaining traction owing to strong demand for point of care applications, such as self -monitoring blood glucose meter.
  • Also, molecular point-of-care (POC) diagnostics use electrochemical sensors which helped in improving the sensitivity and specificity of existing near-patient and rapid tests and expand the diagnostic capabilities at points of care such as hospital critical care units, physician offices and outpatient clinics across the world.
  • Further, advancements in precise printing and processing technology and next-generation medical and diagnostic electrochemical biosensor product designs, in developing implantable glucose sensors for treating diabetes, have been developed for intravascular and subcutaneous applications.
North America to Account for a Significant Market Share
  • North America is one of the largest markets for advanced electronic devices and control, globally. This significant market share is a result of large-scale domestic manufacturing, government initiative toward disruptive technologies, and technological innovation in information technology.
  • North America is one of the largest markets for advanced research industries, globally. The huge demand in the region is mainly due to growing R&D activities in biomedical, automotive, building automation, and other verticals.
  • The market in the region will further benefit from the continued growth of light vehicle production, coupled with advancements towards fuel efficiency and performance with the usage of advanced, high-cost universal exhaust gas oxygen sensors (UEGO).
  • The oil and gas industry, potentially one of the most hazardous industry sectors in the United States, is also a significant adopter of electrochemical-based gas sensors. The fatality rate in the industry is seven times higher compared to all other sectors in the country.
Competitive Landscape

The key players in the market include Emerson, Thermo Fisher Scientific Inc., MSA, Honeywell Analytics, Delphian Corporation, and others. The market is fragmented since there is major competition between major players. Therefore, market concentration will be low.
  • March 2018 - Honeywell announced its first-ever professionally installed and monitored wireless combination smoke and carbon monoxide (CO) detector for residential purposes. The 5800COMBO is easy to install and helps to protect homeowners from multiple dangers through continuous central station monitoring, compared to unmonitored detectors.
Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format.
  • Report customization as per the client's requirements.
  • 3 months of analyst support.

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FEATURED COMPANIES

  • Ametek Inc.
  • Delphian Corporation
  • Figaro USA Inc.
  • General Electric Company
  • Honeywell Analytics
  • Mine Safety Appliances
  • MORE
1 INTRODUCTION
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 and Restraints
4.3 Market Drivers
4.3.1 Emergence of nanotechnology-based sensors
4.3.2 Government Rules and Regulations for Safety in Hazardous Places
4.4 Market Restraints
4.4.1 Government regulations – Long certification and approval cycles
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Potentiometric Sensors
5.1.2 Amperometric Sensors
5.1.3 Conductometric Sensors
5.2 By End-user Industry
5.2.1 Oil and Gas
5.2.2 Chemical and Petrochemicals
5.2.3 Medical
5.2.4 Automotive
5.2.5 Food & Beverage
5.2.6 Other End-user Industry
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Thermo Fisher Scientific, Inc.
6.1.2 Mine Safety Appliances
6.1.3 Emerson Process Management
6.1.4 Honeywell Analytics
6.1.5 General Electric Company
6.1.6 Delphian Corporation
6.1.7 SGX Sensortech Ltd
6.1.8 Ametek Inc.
6.1.9 Teledyne Monitor Labs, Inc.
6.1.10 Figaro USA Inc.
6.1.11 Smiths Detection

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • Thermo Fisher Scientific, Inc.
  • Mine Safety Appliances
  • Emerson Process Management
  • Honeywell Analytics
  • General Electric Company
  • Delphian Corporation
  • SGX Sensortech Ltd
  • Ametek Inc.
  • Teledyne Monitor Labs, Inc.
  • Figaro USA Inc.
  • Smiths Detection
Note: Product cover images may vary from those shown
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