Sensors Market Projected to be Resilient (CAGR) of 13.2% for the period of 2018-2023

The global market for sensors should grow from $152.2 billion in 2018 to $283.4 billion by 2023 at a compound annual growth rate (CAGR) of 13.2% for the period of 2018-2023.

Report Scope:

The scope of the report includes, a general outlook of the sensor industry, with the scope limited to reports published by BCC Research during the year 2017 and 2018. 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 used are based on manufacturers’ total revenues. Projected and forecasted revenue values are in constant U.S. dollars, unadjusted for inflation. The scope is limited to the recent studies published by BCC Research and is thus not exhaustive.

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Report Includes:

– 53 data tables
– An overview of global outlook and sensors market analysis
– Detailed description of conventional sensors such as pressure, temperature, level, flow and position sensors and description of their potential applications
– Information on radar and radar sensors and description of their properties and advantages
– Identification of segments with high growth potential and discussion of future prospects
– Examination of key trends related to types, applications and regional factors that shape and influence the overall sensors industry
– Insights into government initiatives for smart industrialization in developing economies
– Profiles of major players in the industry including Ametek Inc., Delphi Corp., Hitachi Automotive Systems, Panasonic Electric Works and Philips Photonics

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Summary

Sensors have become indispensable in many industries because they provide vital information about parameters that include temperature, position, chemistry, pressure, force and load, and flow and level, and thus affect products, processes and systems. As technological advances in electronic control systems increase the efficiency of sensors, users are calling for advances in sensor accuracy, reliability, response time, robustness, miniaturization and communication capability. The sensor industry is robust and 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-a process that is very attractive for large-volume applications using mass production processes. This technology is particularly important in the sensor market since silicon has been shown as 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 a role in networks and communications.

Magnetic field sensors will play a role 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 because of 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 such as chemical plants and due to increased use in medical applications.

Small companies account for the majority of companies within the sensor manufacturing business. Most companies pursue a focused strategy, but competitive and technological pressures are leading to consolidation and increasing concentration. However, the semiconductor industry is attempting to recapture its intensive capital investment by developing sensor solutions to address large-scale highvolume consumer-related applications. This will allow specialized industrial sensor manufacturers time to develop strategies for dealing with the competition. There are also opportunities for new entrants into the business, especially in MEMS. Further, companies with valuable intellectual property and strong customer bases make attractive acquisition candidates.

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