LONDON, March 22, 2016 /PRNewswire/ -- This BCC Research report identifies the segments of the microsensor market with the greatest commercial potential in the near term to mid-term (2015 to 2020), and includes projections for future demand in these segments.
Use this report to:
Gain information on the commercial potential of various microsensor technologies and applications
Identify segments of the microsensor market, including Microelectromechanical Systems (MEMS), biosensors and nanosensors, and those with the greatest commercial potential in the near term to middle term (2015 to 2020)
Evaluate the challenges that must be overcome for each segment of the microsensor market to realize its potential
Receive information on various patents in the industry
The global market for microsensors reached nearly $9.9 billion in 2014 and totaled almost $10.9 billion in 2015. The market should reach more than $18.9 billion in 2020, a compound annual growth rate (CAGR) of 11.7% between 2015 and 2020.
MEMS sensors account for the bulk of the microsensor market and as a segment is projected to increase from $6.4 billion in 2015 to $9.6 billionby 2020, a CAGR of 8.6% through the forecast period.
Biochips is the fastest growing segment of this market, totaling $4.0 billion in 2015 and $8.7 billion by 2020, with a CAGR of 16.5% for the period of 2015-2020.
This report is an update of an earlier BCC Research report published in 2013.
Microelectromechanical systems (MEMS), biochips, and nanosensors (referred to collectively in this report as microsensors) make up one of the fastest-growing technology areas, with sales of nearly $8.9 billion in 2014 that are expected to grow at a compound annual growth rate (CAGR) of 11.7% between 2015 and 2020.
Microsensors have proven to be a key enabling technology for developments in sectors such as transportation, telecommunications and health care, but the range of microsensors' applications covers nearly every sector. The most significant advantage of microsensors is their ability to communicate easily with semiconductor chips. Other
advantages include microsensors' compact size, reduced power consumption, lower cost and increased reliability. The growth in the use of microsensors has also led to the creation of supporting industries in areas such as design software, design services, specialty fabrication equipment and fabrication facilities.
BCC Research has surveyed individual segments of the microsensor industry previously—for example, in its recent studies of the global market for MEMS, automotive sensors, medical device sensors and environmental sensors. BCC Research initiated the present study to bring together these related markets as well as to update
the findings and conclusions of the earlier reports.
The range of microsensor products and applications has grown rapidly in the past few years, but it is important to avoid "hyping" their prospects. Although some types of microsensors (airbag accelerometers, for example) have had great commercial success, other types (such as most types of nanosensors) have enjoyed less success. Still other technologies remain at the discovery and developmental stages, and their eventual commercialization will require the commitment of substantial resources, with long payback periods and substantial financial risk.
To the extent that hype results in exaggerated investor expectation, it can divert investment from microsensor technologies that have real commercial potential. In the worst case, disappointed expectations can lead to a drying up of investment funds, similar to the one that occurred in the dot-com sector after 2000. This report takes a hard look at the market for microsensors and tries to provide a road map for the technologies and applications that are likely to enjoy the greatest commercial success in the years through 2020.
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