Printed and Flexible Sensors Market Growth Accelerating
DRAPER, Utah, Nov. 28, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB:FLXT) today discussed a recent market research report that details strong expected growth rates in flexible printed and flexible sensor markets.
The compound annual growth rate (CAGR) of printed and flexible sensors is expected to be 22.1% over the next ten years, nearly double the growth percentage over the past ten years. Printed and flexible sensors are creating new markets using their unique advantages of flexibility, small size and functionality. By reducing mechanical bulk, Flexpoint's single layer sensor offers cost savings over many conventional sensors, as well as competitors in the flexible sensor industry. These cost savings, made possible by Bend Sensor® technology, have attracted interest from leading companies. This report also details current and emerging markets, providing detailed ten-year forecasts for biomedical, temperature, gas, strain, pressure, imaging and other types of sensors.
Printed and flexible sensors represent the latest in the development of devices that extend and augment primary human senses, and provide novel insight into those dimensions of sensation we wish to identify, quantify, qualify and explore. It is a technology that is only just emerging to meet underserved demand in fast growing markets. These sensors are rarely standalone devices, but rather integral parts of the "New Electronics", or "Smart Technology" revolution that will enhance our safety, comfort, health, and convenience, while making our products and systems more efficient, smarter, more dependable and more accurate.
Printed and flexible sensors offer distinct advantages over non-printed sensors with their incredible versatility and cost savings. Sensors can meet the demand for everything from thin, disposable applications, to products that require low-profile, contoured designs, as well as larger applications that require sensors to function over a large area. Flexible thin film technology can be combined with a variety of substrates and tailored to meet the unique demands of diverse applications. They are making complex healthcare examinations faster and cheaper to perform, adding intelligence to packaging, toys, industrial processes and much more. They will create new markets, going where conventional sensors cannot go.
Another report suggests Global demand for light vehicle OEM automotive sensors will advance 11.8 percent annually through 2014. North America will be the fastest growing region, far outpacing the Asia/Pacific and other regions based on a rebounding US market and higher per-vehicle sensor revenues.
"We are pleased that the media and analysts are arriving at the same conclusion we already knew. While the markets have taken some time to develop as electronics and electrical components advanced to the stage where much of the functionality and advantages of flexible, thinking sensors could be properly utilized, the future for our industry and our market niches has never looked brighter. We are confident that we will be able to achieve sizeable growth as the marketplace continues to expand," stated Flexpoint CEO Clark Mower.
Flexpoint Sensor Systems (OTCBB:FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a groundbreaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor's single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 17 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
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