The global sensor market has been segmented by end-user industries into industrial automation, biomedical & healthcare, consumer electronics, building automation, automotive, aerospace & defense and others. Among these segments, the industrial automation segment is anticipated to dominate the global sensor market owing to its rising usage in various industries for automation and control such as healthcare, food, oil & gas along with numerous others. Further, due to vast application of sensors and growing demand for the modification of technologies in almost every sector, a spur has been created in almost every smart device market. Further, in the era of technological advancements to operate tasks through remote technology would fuel the sensor market globally.
The global market for sensors is expected to reach at valuation of USD 140 Billion by the end of 2021, expanding at a compound annual growth rate of 9.2% over the forecast period. Further, an expanded demand for sensors is projected to arise in near future. The demand for sensors in smart railways is projected to register a CAGR of 19% during 2015-2021 owing to the usage of sensors in smart railways in developing economies like India, China, Brazil, South Korea etc. and is further anticipated to drive the growth of global sensors market.In regional segment, the United States market is projected to grow at a CAGR of 6% over the period 2016-2021 followed by Canada. The rising demand of touch sensors & image sensors due to advancement of electronic devices in U.S. is expected to dominate the overall sensor market in North America region. Factors such as hiked personal disposable income, expanded government budgets for public sector and better GDP figures is projected to make Asia-Pacific the second largest contributor to global sensor market. Further, the requirements of sensing technologies in various industries of emerging nations like China and India is likely to propel the demand for global sensors in upcoming years.
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Growing Demand for Sensors in Automation Industry
Spiked demand for different types of logical controllers with installed sensors to perform different tasks as per the requirement is expected to escalate the sensor market across the globe. Further, the growth in automation industry to manufacture goods in qualitative & quantitative manner to meet the needs of the consumers would lead to use of advanced technology equipped with sensors to obtain an efficient output. These factors are expected to benefit the expansion of global sensors market. Furthermore, development in automotive & modification in existing vehicles (rain wiping sensors, parking sensors, etc.) is projected to bolster the demand of sensors across the globe.However, factors such as initial investment and installation cost combined with stringent government regulations for quality and safety of consumers are likely to inhibit the growth of the global sensors market in the near future.The report titled “Global Sensor Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global sensors market in terms of market segmentation by technology, by type and by region.Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global sensors market which includes company profiling of Analog Devices Inc., ABB Limited, Micron Technology, ST Microelectronics, Sony Corporation, Robert Bosch GmbH, ABB Ltd., Texas Instruments, Infineon Technologies AG and ST Microelectronics.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global sensors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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