Industry Trend Analysis
Sensor market is expected to experience significant growth in coming years between 2014 and 2022. The market is expected to reach $190.95 billion by 2022 at a growing CAGR of 9.14%. Increasing application in automotive application, collision prevention, healthcare monitoring and oil platforms will enhance the growth of sensor market in the upcoming years. In addition, growing application of sensors in military and surveillance, transportation and logistics will also boost the market. Moreover, increasing trends of internet of things (IoT), using sensors in smartphones and medical devices will also enhance the market growth. For instance, in 2016, Lufthansa started using IoT based strategy to develop an entirely new business mining data from their maintenance, repair and overhaul (MRO) operations and providing it to their customers. This incidence ensures steady market growth over the forecast period. Furthermore, technological advancements in consumer electronic products will further render ample opportunities for the growth of the market. But, high cost of replacement and dearth of privacy factors will impede the growth of the market over the forecast period. In addition, extra cost incurred by manufacturers for embodying sensors in devices will also restrain the market growth. Thus, considering the drivers and challenges, the growth of the market is expected to be steady in the upcoming years.
Product Type Outlook and Trend Analysis
Sensors are complex devices that are used to detect and respond to number of inputs from physical environment. The specific input can be light and temperature which are frequently converted into human readable electrical signals which are readily displayed at sensor screen. For instance, mercury based thermometers is used to measure temperature by expansion and contraction of mercury which can be read through calibrated glass tubes. Sensors are pervasive and embedded in our bodies, automobiles, medical devices, airplanes and other range of applications. Sensors are of two types: active and passive sensors. Active sensors require external source of voltage that is used to provide output signals whereas in passive sensors output power is entirely supplied by the measured signal. Sensors are used in wide range of application ranging from simple touch screen elevator buttons to highly sophisticated sensors used in robots. Sensors are highly sensitive to measure property and do not get influenced by other property encountered in its application or measurement.
Regional Outlook and Trend Analysis
North America held a significant share of the sensor market in 2014 due to the technological advancement and increasing application of sensor in various electronic devices. The Asia-Pacific market has not experienced any substantial growth due to lack of large scale use of sensors in various fields but can experience favorable growth in coming years owing to increasing application in the region.
Competitive Outlook and Trend Analysis
The key players operating in the global sensor market emphasize on product development in order to introduce improved diabetes management systems and capture a larger share of the market. Some of the major players in this market are, STMicroelectronics, Qualcomm Technologies, Siemens Healthcare Diagnostics, Custom Sensors and Technologies Inc., Analog Devices Inc., Delphi Automotive PLC, Infineon Technologies AG, Omron Corp, Vishay Intertechnology Inc. and Wilcoxon Research Inc.
The key opportunity for the players operating in sensor market lies in the development of various types of sensors and also increasing its application in various fields. Apart from that, technological advancements and high investments in R&D will further broaden the opportunities of the key players to grow significantly over the forecast period. In addition, promotional activities related to product information and benefits in various fields, will further increase demand of this market, creating a lucrative opportunities for growth, for the key players of this market.
Sensor Market Segmentation:
Accelerometer and Speed Sensors
Proximity Sensors and Displacement Sensors
Motion and Position Sensor
IT and Telecommunication
Aerospace and Defense
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?