Sensor Market is one of the fastest growing markets across the globe. Rise in innovative technology to optimize the utilization of resources with precise output leads to adopt the sensor installed equipment to obtain better quality. The growth of modern technologies in the field of automotive, electronics & IT technology would further fuel the market of sensors across the globe. In addition to that, high gain on consumer experience, innovative ideas to transform the usage of a particular device or equipment has allowed companies to invest with a great confidence in the research and development programs in sectors like, manufacturing, transport, electronics etc.
Further, an expanded demand for sensors is projected to arise in near future. The demand for sensors in smart railways is projected register a CAGR of 19% during 2015-2021. Further, due to vast application of sensors & 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.
Market size & forecast
Expanding at a CAGR of 9.2%, the Global Sensor Market is expected to cross USD 140 Billion by 2021. Further, use of sensors in smart railways in developing economies like India, China, Brazil, South Korea etc. would enable a huge demand for the existing and new players in the market. In North America, U.S. market is projected to grow at a CAGR of 6% in the forecast period of 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 the respective country.
On the back of factors like better GDP figures, expanded government budgets for public sector, hiked personal disposable income etc. Asia-Pacific region is projected to be the second largest contributor to global sensor market. A greater demand due to presence of emerging nations like China, India and requirements in sensing technologies in various industries, presence of huge IT sector would propel the global sensor market in the forecast period of 2016-2021.
Global Sensor market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Growth in automation industry to manufacture goods in qualitative & quantitative manner to meet the needs of the consumers would leads to use of advanced technology equipped with sensors to obtain efficient output. This in result would grow the global sensor market in the forecast period of 2016-2021. Further, spiked demand for different types of logical controllers with installed sensors used to perform different tasks according to the requirements would escalate the sensor market across the globe. Use of latest sensors to manufacture compatible and handy electronic devices equipped to perform various tasks is projected to open new avenues for the sensor market in future. In addition to that, expanded market of electronic devices would directly help the sensor market to reach new s in near future.
Furthermore, development in driverless automotive & modification in existing vehicles (rain wiping sensors, parking sensors, etc.) is projected to bolster the demand of sensors across the globe, thus helping the overall global sensor market to see a bright demand during the forecast period of 2016-2021. The communication industry can’t be ignored when speaking about the broad acceptance of sensors. The modification in communication systems through satellite networking would is considered as one of the key factors that has helped and continue to help sensors market in near future. Going forward, addition of biometric devices for security purposes in various industries surely has allowed small and big players to jump into the market. Huge initial investment and installation cost, un-deniable need of R&D for market players, expected continuous fall in the average price of sensors due to economies of scale etc. are few reasons that are expected to dampen the global sensors market in near future. Further, presence of strict governmental regulations for quality of sensors & safety of consumers would be a huge restraint for the global sensor market.
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Scope and Context
Overview of the Parent Market
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
Recent News & Developments
September 15, 2016: The advancement of biometric fingerprinting technology takes a step ahead after the discovery of flexible finger printing technology using silicon material. It enables the task forces to lock or unlock the confidential files & devices using this technology.
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