Global Sensor Market is one of the fastest evolving markets worldwide. The growth in innovative technology to enhance the utilization of resources with accurate output leads to increasing demand for the sensor installed equipment. The innovation of modern technologies in the field of automotive, electronics and information technology is expected to boost the market growth of sensors across the world. The major drivers for global sensor market are the increasing growth of internet of things (IoT), rising need of automation in different industries.
Market Size and Forecast
Global Sensor market is expected to rise at a CAGR of 9.5%, and it is expected to cross USD 143 Billion by 2027. Increasing use of sensors in smart railways coupled with rising demand from countries such as India, China, Brazil, South Korea is anticipated to fuel the global sensor market over the forecast period. Based on type, the market is segmented into radar sensor, optical sensor, biosensor, touch sensor, image sensor, pressure sensor, temperature sensor and others. The touch sensor and image sensor dominate the market owing to factors such as innovative technology and large scale usage in electronics industry. Global sensor market is segmented on the basis of end use industry, which includes consumer electronics, IT & telecommunication, industrial, automotive, aerospace & defense and healthcare.
By region, global sensor market is segmented into North America, Asia-Pacific, Europe, Latin America, Middle East and Africa. In North America especially U.S. is anticipated to contribute maximum market share, followed by Canada. The is attributed to the increasing demand for devices such as touch sensors and image sensors owing to development of electronic industry in U.S. The other factors include enhanced government budgets for public sector undertakings and increasing personal disposable income. Asia-Pacific region is projected to be the second largest market followed by Europe. Asia-Pacific region is anticipated witness robust growth over the forecast period owing to the increasing demand from countries such as China, India and japan .Additionally, growing need for sensors in various industries, existence of huge IT sector are also anticipated to drive the global sensor market during the forecast period of 2017-2027.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis segmented the Global Sensor Market in the following segments:
By End Use Industry
Global Sensor market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Increasing expansion of automation industry which in turn leads to use of innovative technology equipped with sensors in order to obtain efficient and effective output. This results in the expansion of the global sensor market during the forecast period of 2017-2027. Additionally, increasing demand for different types of logical controllers which have installed sensors is also anticipated to fuel the market growth of the sensor worldwide. Moreover, the use of latest technology in sensors to manufacture electronic devices equipped to perform various tasks is anticipated to drive the sensor market over the forecast period.
Furthermore, development of the technologies such as driverless automotive & adjustment in existing vehicles which include rain wiping sensors, parking sensors, etc. is projected to encourage the demand of sensors during the forecast period of 2017-2027. The recent development in communication systems through satellite networking and emergence of biometric devices for security purposes in various industries is considered to be the major factor for the expansion of global sensor market.
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