Sensors Market: Future Innovation Strategies, Growth & Profit Analysis, Forecast by 2024

The global market for sensors should grow from $173.4 billion in 2019 to reach $323.3 billion by 2024 at a compound annual growth rate (CAGR) of 13.3% for the period of 2019-2024.

Report Scope:

The scope of the report includes a detailed study of global and regional markets for various types of sensors and their applications, including explanations of variations in industry growth by region. This report covers only conventional sensors, such as pressure, temperature, level, flow and position sensors, and excludes unconventional sensors, such as pointing sensors used in touch screens and touch-pads, barcode readers and radio frequency identification (RFID) readers, remote readout and intelligent power meters, gas and water meters, and remote readout heat meters. Estimated values are based on manufacturers’ total revenues. Projected and forecasted revenue values are in constant U.S. dollars unadjusted for inflation.

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Report Includes:

– 117 data tables and 10 additional tables
– A detailed overview and industry analysis of the global markets for sensors within the industry
– Analyses of global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
– Country specific data and analysis for U.S., Canada, Mexico, Germany, France, Italy, Russia, China, India, Japan, Brazil, South Africa and Middle Eastern Countries
– Detailed study of sensor growth in terms of accuracy, reliability, response time, robustness, miniaturization, communications capability and efficiency
– Identification of factors influencing the global sensors market such as drivers, restraints; and assessment of current and future trends
– Explanation of technology and innovations behind sensor development and production
– Comparative study of charge-coupled device (CCD) and complementary metal-oxide-semiconductor (CMOS) image sensor technologies and discussion of their applications areas
– Information on touchless and pseudo-touchless biosensors
– Company profiles of major players in the market, including Accel AB, Alps Electric Co., Ltd., American Electronic Components, Inc., American Sensor Technologies, Inc., Ametek, Inc., and Continental AG

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Summary

From 1990 onward, there were numerous reports of “attack-of-angle” sensors (i.e., sensors that resemble weather vanes) being damaged by bird strikes, ground equipment and jet way collisions. In 2008, an A320 demonstration flight crashed on the French coast, killing all seven on board. Moisture inside two of the plane’s three angle-of-attack vanes froze. This relatively high incidence number makes it more than justifiable to question Boeing’s decision to enable the sensors on the Max model to become empowered beyond merely warning pilots of potential stalls and to instead automatically force a plane’s nose down.

This question of empowerment of where a sensor sits in terms of the decision tree becomes all the more jarring if the likelihood of autonomous vehicle proliferation is considered. When it comes to public safety, lessons learned from one application must quickly be imparted to all related use cases. Sensors have become indispensable in many industries because they provide vital information concerning parameters that include temperature, position, chemistry, pressure, force and load, and flow and level, thus affecting products, processes and systems. As technological advances in electronic control systems increase sensor efficiency, users are calling for advances in sensor accuracy, reliability,
response time, robustness, miniaturization and communication capability. The sensor industry is robust, and it is expected to experience sound growth during the five-year forecast period.

Advances in micromachining have made it possible to produce micron-sized devices on a silicon wafer, an attractive process for large-volume applications using mass production processes. This technology is particularly important in the sensor market, as silicon has been shown to be a very good material for use in sensors.

In the near future, the manufacturing costs and power consumption of wireless sensors will decrease, and wireless sensors will be fully integrated into wireless networks, replacing hardwired configurations. A broad spectrum of wireless communications hardware and software is already available, and the communication industry is the largest consumer of this technology, primarily in mobile phones and base stations. Fiber-optic sensors will also play roles in networks and communications.

Magnetic field sensors will play roles in magnetic storage media and customer terminals.

Photodetectors for local area networks (LANs) will also see growth in regional, municipal and longdistance network applications. Nanotechnology, which involves manipulating and harnessing chemical reactions and molecular processes of living cells in designs aimed at specific technological functions, will experience strong growth within the sensor market, especially for chemical detection.

Among the industrial sensor segments, pressure, force and load, and level sensors will experience strong growth. Image sensors will experience the highest growth due to their increased use in smartphones and many other portable devices. Biosensors and chemical sensors will also experience growth in the wake of terrorist threats to key industrial facilities (e.g., chemical plants) and due to increased use in medical applications.

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