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Global Optical Chemical Sensors Market to Reach $5.8 Billion by 2027
In the changed post COVID-19 business landscape, the global market for Optical Chemical Sensors estimated at US$2.1 Billion in the year 2020, is projected to reach a revised size of US$5.8 Billion by 2027, growing at a CAGR of 15.9% over the analysis period 2020-2027. Fiber Optic Sensors, one of the segments analyzed in the report, is projected to record a 16.8% CAGR and reach US$2.7 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Infrared Sensors segment is readjusted to a revised 15.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $572.2 Million, While China is Forecast to Grow at 21.2% CAGR
The Optical Chemical Sensors market in the U.S. is estimated at US$572.2 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.3 Billion by the year 2027 trailing a CAGR of 21.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.1% and 13.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.8% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$853.8 Million by the year 2027.



Photoionization Sensors Segment to Record 15.7% CAGR
In the global Photoionization Sensors segment, USA, Canada, Japan, China and Europe will drive the 15.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$283.5 Million in the year 2020 will reach a projected size of US$749.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 17.3% CAGR through the analysis period.