Global Sensor market is further classified on the basis of region as follows:
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.
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.
Few of the top players that are available in the sensor market are;