WELLESLEY, Massachusetts, March 1, 2016 /PRNewswire/ --
Applications of sensors are increasing in all sectors, and new fields of application are emerging. BCC Research reveals in its new report that technological advances are improving sensor accuracy, reliability, response time, miniaturization and communication capability, all of which should lead robust industry growth over the next five years.
The global market for sensors should reach $113.2 billion and $190.6 billion in 2016 and 2021, respectively, reflecting a five-year compound annual growth rate (CAGR) of 11%. Fingerprint sensors, the fastest-growing segment, should demonstrate a five-year (2016-2021) CAGR of 14.6%. Image sensors should lead all segments with an anticipated value of $27.7 billion in 2021, at a five-year CAGR of 14.5%.
Sensors are used to 'sense' a physical change in some characteristic that changes in response to some excitation, for example heat or force, and convert that into an electrical signal, while measurement instruments obtain and compare the physical quantities of objects and events. The term sensor in this report describes any component that generates a usable electrical signal from a measured physical parameter.
As the manufacturing costs and power consumption of wireless sensors continues to decrease, wireless sensors are becoming more fully integrated into wireless networks, replacing hardwired configurations. A broad spectrum of wireless communications hardware and software is already available with the communication industry as 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 long distance network applications. Nanotechnology, which involves manipulating and harnessing chemical reactions and molecular processes of living cells in a design aimed at a specific technological function, 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 the strongest 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 possible terrorist threats to a number of key industrial facilities such as chemical plants, and due to its increased use for medical purposes.
"Market demand for sensors will be fueled by increases in motor vehicle and machinery production, growth in shipment of process equipment, government regulations such as requiring all new light vehicles to be equipped with electronic stability control and tire pressure monitoring systems, and growth in process manufacturers' shipments," said BCC Research analyst, Srinivasa Rajaram.
He added, "Development of new applications for technologies such as microelectromechanical systems (MEMS), optoelectronics and photoelectronics will help grow the sensor market. The maturity of many sensor markets and improved fabrication techniques has led to increased sensing abilities at lower costs, and this will also help increase market growth."
Global Markets and Technologies for Sensors (IAS006G) examines sensors in various applications, including biosensors, chemical sensors, image sensors, flow sensors, and level sensors. The report analyzes their applications and industry growth in certain regions. Analyses of global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 are provided.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC.
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SOURCE BCC Research LLC