Research report published by Proficient Market Research “Chemical Detection Technology Market, By Technology (Infrared Spectroscopy, Raman Spectroscopy, Atomic Spectroscopy, and Other); By End-use (Defense, Civil, Commercial, and Industrial); Market- Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028”, states that the global chemical detection technology market is expected to increase at a CAGR of 6.7% during the forecast period from 2021 to 2028.
The main factor driving the growth of the chemical detection technology market is rising security concern all around the world. Rising number of people travelling globally and safety issues at the airports are pouring development of the chemical detection technology market. Additionally, technological developments coupled with mounting research and development activities are the factors driving the chemical detection technology market. Moreover, surge in the demand from industrial and defense sector is also helping the chemical detection technology market to growth at fast rate. However, large capital investment along with high operational as well as maintenance costs are the factors hampering growth rate of the chemical detection technology market.
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The global chemical detection technology market is categorized on the basis of technology namely, infrared spectroscopy, Raman spectroscopy, atomic spectroscopy, and other. Among this technology, infrared spectroscopy has the maximum share in the market. Infrared spectroscopy is one of the most vital and common spectroscopic technology used by chemists for structural clarification and compound identification. It is used to detect the different chemical functional groups existing in the sample. Globally forensic labs are using infra-red spectroscopy technology for forensic examination such as in recognizing polymer degradation. Along with this, the chemical detection technology market is also categorized based end-use, that include defense, civil, commercial, and industrial. Among this end-use, industrial have the maximum share in the market. Increasing chemical industries along with the growth in safety issues as well as concerns coupled with security measures to avoid any mishappening has led to the generation of ample development opportunities for the chemical detection technology market. Therefore, the industrial segment will also show highest growth rate in the forecast period.
On the basis of region, categorization of chemical detection technology market includes North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America holds the largest share of the chemical detection technology market. This is due to the presence of major players operating in the chemical detection technology market. Additionally, large adoption of chemical detection technology in various end-use segment. Asia Pacific region is expected to see the fastest development during the forecast period from 2021 to 2028.
COVID-19 has affected every aspect of life globally and hence most of the business have been halted and hampered. Due to the COVID-19 pandemic government of various countries enforced lockdown. Many businesses are temporarily shut down to curb the spread of infection. Thereby, ongoing COVID-19 pandemic has negatively impacted the global chemical detection technology market due to the shortage of raw materials and lack of transportation has hampered the market at large. However, as the services are resuming the market will mark its position like that before COVID-19 pandemic.
Various major players working in the chemical detection technology market include S.E. International, Inc., ROM Technologies, Inc., ChemImage Corporation., Bruker Detection Corporation, Honeywell International Inc., Environics Oy., Thermo Fisher Scientific Inc., Smiths Detection Group Ltd., Agilent Technologies, Inc., and Federal Resources Supply Company among others. Most of the companies from the chemical detection technology market are highly concentrating on partnership as well as collaboration along with product development to grow their market share in the global chemical detection technology market.
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Recent News and Development:
In February, 2021: ChemImage Corporation launched unique new feature for VeroVision mail screener
In July, 2020: ChemImage Corporation announced launch of filter technology
In June, 2020: Smiths Detection Group Ltd. entered into agreement to acquire PathSensors to enlarge its biological-detection competence
In August, 2019: Environics Oy. introduced new handheld chemical detector