Press release
Sensor Market Expected to Reach $140 Billion, Globally by 2021- Research Nester
Growth of modern technologies in the field of automotive, electronics & IT technology would further fuel the market of sensors across the globe. In addition to that, high gain on consumer experience, innovative ideas to transform the usage of a particular device or equipment has allowed companies to invest with a great confidence in the research and development programs in sectors like, manufacturing, transport, electronics etc.
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.
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