Press release
Nanosensors Market to Show Dramatic 80.7% CAGR from 2015-2021 due to High Demand from Homeland Security and Military Industries
By product type, the global market for nanosensors has been segmented into: optical nanosensors, electrochemical nanosensors and electromagnetic nanosensors. By application, the global market for nanosensors has been segmented into: automotive and aerospace, homeland defense and military, biomedical and healthcare among others. The others segment includes energy monitoring, industrial control and robotics among others.
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In 2014, by product type, electrochemical nanosensors accounted for the largest market share globally. Increase in investments in research and development of carbon nanotube (CNT) used in nanosensors are the opportunities in the growth of CNT based electrochemical nanosensors. The application of nanosensors in biomedical and healthcare sector held the largest market share in 2014 and is expected to remain the market leader throughout the forecast period. Early detection and diagnosis of diseases followed by rapid response rate is one of the important factors driving the global biomedical and healthcare nanosensors market.
Growing demand of nanosensors in homeland security and military is one of the important factors driving the global nanosensors market. With huge amount of investments being made in research and development activities and the advent of advanced new generation nanosensors equipments which helps in detection of toxic gases such as anthrax is also expected to have a positive impact on the nano sensors market. In military and homeland security, nano sensors are also used for detection of biotoxins and radiations. Thus, nanotechnology has enabled the manufacturers to develop advanced warfield gear such as self repairing tents and lighter vehicles which in turn is driving the global nanosensors market. In addition,cost effective manufacturing due to compactness of nanosensors is also having a positive impact on nanosensors market globally.
Nanofabricated sensors aims at reducing plant production costs as these are mounted on wireless packages that eliminate cabling and wiring costs. This in turn is driving the global nanosensors market. Difficulty in mass production of nanosensors is restraining the growth of global nanosensors market. However, growth in emerging markets of Asia Pacific region, focus on food management industry and nanosensors applications in robotics and in the Internet of Things (IoT) are some of the major opportunities for the global nanosensors market. Introduction of Wireless sensor networks (WSN) in terms of sensing capabilities are the opportunities for the market to grow during the forecast period.
North America held the largest market for the nanosensors market in terms revenue in 2014 and is projected to stay as the market leader over the forecast period. Technological innovations followed by continuous investments in research and development by key nanosensor manufacturers such as Samsung Electronics Co. Ltd., Honeywell International Inc. and Texas Instruments Inc among others to meet the changing consumer preferences are the main factors driving the North America nanosensors market. Europe is the second largest market for nanosensors in terms of revenue. France is the largest market for nanosensors in Europe. Technological innovations in signal processing and microelectronic technologies are the main factors driving the Europe nanosensors market.
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This report also provides an understanding of revenue (USD million) of nanosensors market. The study also provides forecast from 2015-2021 and highlights current and future market trends.
By geography, the market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America. This report helps distributors, suppliers and manufacturers to formulate strategies based on understanding of the trends in this market.
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