Global sales of trace chemical detectors closed in on around US$ 2 billion in 2018. According to a recent intelligence outlook presented by Future Market Insights (FMI), widening applicability of trace chemical detectors across multiple industries including chemical, petrochemical, defense, aerospace, healthcare, and research will drive the revenue growth of trace chemical detector market at an estimated CAGR of over 7% during 2019-2027.
Frequent Use of Trace Chemical Detectors for Security, Healthcare, & Research Applications Boosting Demand
Several types of chemical hazards need to be checked at different places of high importance to provide protection against potentially dangerous situations, in terms of security. Trace chemical detectors are used to check the various dangerous parameters of chemical traces at various locations such as airports, subways, and various governmental institutions.
In light of rising criticality of implementing high-end security systems at organizational, municipal, and public levels, the demand for advanced technology security solutions has been on the rise over the recent years. This according to FMI’s analysis, will remain an important factor assisting the revenue growth of trace chemical detector market in the near future.
A wide range of drugs, medicinal components, and healthcare products need to be tested based on different chemical compositions to cater to stringent regulatory norms associated with the testing of pharmaceutical products and chemicals. The report opines that the adoption rate of trace chemical detector will see a considerable upsurge in upcoming years, particularly in the healthcare industry. Trace chemical detectors are also used in the research industry to test various components.
For More Detailed Insights on Trace Chemical Detector Demand-Supply Analysis
Sustained usage of trace chemical detectors by chemical manufacturing plant operators for quality inspection applications at various stages of manufacturing is cited as another strong factor driving demand for trace chemical detectors.
Trace Chemical Detector Manufacturers Emphasizing Technological Advances for Extended Features & Applicability
Growing availability of technologically advanced trace chemical detectors has been shaping market performance, recently. Technological advances leading to superior products such as precise identification & measurement control devices, narcotics detection system, and hazardous chemical warning systems, will continue to enhance user-friendly and application-specific features of existing trace chemical detector models.
In addition, the availability of a variety of trace chemical detectors is also significantly driving the trace chemical detector market. Newly introduced features, such as programmable sensors, audio-visual alarm, and remote monitoring are also boosting the demand for trace chemical detectors. Rapid growth in the pharmaceutical and chemical industries and the existence of prominent market players in the North America and Europe regions are also among the key factors propelling the demand for trace chemical detectors.
Some of the key manufacturers competing in the global trace chemical detector market include Ametek (Ortec), Autoclear, LLC, Westminster International Ltd, Horiba, Bruker, JFE Techno-Research Corporation, Morphix Technologies, Hitachi High-Tech Analytical Science, and Smiths Detection Inc. According to FMI’s analysis, ABB and Siemens AG are among the prominent manufacturers of trace chemical detectors.
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Future Market Insights (FMI) is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace, with confidence and clarity. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure that our clients prepare for the evolving needs of their consumers.