LONDON, March 27, 2017 /PRNewswire/ --
Use this report to:
- Analyzes the various applications of sensors and the markets for such applications.
- Review the markets for various emerging technologies in sensors and new products utilizing these technologies.
- Learn about the new developments taking place in the sensor industry with respect to continuous improvements in environmental performance.
- The global market for sensors reached $110.4 billion and $123.5 billion in 2015 and 2016, respectively. This market is expected to increase from nearly $138.8 billion in 2017 to nearly $240.3 billion in 2022 at a compound annual growth rate (CAGR) of 11.8% for 2017-2022.
- Image and chemical sensors market is expected to grow from nearly $34.7 billion in 2017 to $65.9 billion at a CAGR of 13.7% from 2017 through 2022.
- Biosensor and fingerprint sensors market is expected to grow from $29.1 billion in 2017 to nearly $55.5 billion in 2022 at a CAGR of 13.8% from 2017 through 2022.
Internet of things (IoT), industrial internet of things, smart cities and smart buildings are the buzzwords in today's technological jargon. These terms have one thing in common—they use sensors. These concepts are dependent on sensors, and the fusion of different sensors is necessary to attain desired outcomes. Thus, sensors have become a major area for future development of various aspects of daily life.
A sensor is a type of transducer and provides various types of output, typically using electrical or optical signals. Sensors are used in everyday objects such as touch-sensitive elevator buttons and lamps that dim or brighten by touching the base in addition to numerous other applications. The use of sensors has expanded beyond the traditional fields of temperature, pressure and flow measurement.
Moreover, analog sensors such as potentiometers and force-sensing resistors are still widely used in applications that include manufacturing equipment, machinery, airplanes and aerospace applications, cars, medicine and robotics. Technological progress and the use of micromachining and microelectromechanical systems (MEMS) technology in microsensors is allowing the manufacture of an increasing number of sensors on a microscopic scale. In most cases, microsensors can reach significantly higher speeds and sensitivity compared with macroscopic sensors.
Sensors convert physical phenomena into quantities measurable by data acquisition systems and are thus an important part of many measurement and automation applications. Sensors are being used in an increasing number of industries, and applications are being continually opened in new fields. Today's production technologies, modern vehicles, innovative medical devices, smart power supply systems and building technologies are inconceivable without sensors. Advanced electronic control systems provide users of sensors with ongoing advances in sensor accuracy, reliability, response time, robustness, miniaturization, communications capability and efficiency. The quality of sensors continues to improve as they become more specific and robust. They are able to impart more information yet are becoming less expensive because of improved production methods.
Currently, sensors are found in most areas of daily life. The need for sensors is increasing dramatically due the ongoing boom in smart mobile communication technologies and tablet PCs. Many companies are researching novel types of sensors for these applications. Mobile phones with face recognition are already on the market. Mobile phones with integrated spectrometers to measure food freshness are no longer inconceivable even though they still seem rather futuristic.
STUDY GOALS AND OBJECTIVES
This report highlights the role of sensors in various applications, explains the technology and innovations behind sensor development and production and provides a market overview, analyzing major market trends by both region and application. In addition, the report details new developments taking place in the sensor industry with respect to continuous improvements in environmental performance. The report analyzes the market for various types of sensors as well as for the technologies they employ. The report reviews the markets for various emerging technologies in sensors and new products utilizing these technologies.
The report also analyzes the various applications of sensors and the markets for such applications, with a special emphasis on new products being developed and the markets for these products. Along with the development of new products, the report also takes a close look at research and development that is taking sensor technologies to new heights.
REASONS FOR DOING THE STUDY
For a company to succeed in a competitive market, product opportunities must be identified from the viewpoint of its strengths. This necessitates an understanding of the size and growth rate of opportunities and the competitive atmosphere in which the company operates. This report is the ideal medium to understand the exciting and growing opportunities related to sensors and their applications and will help prospective manufacturers, distributors and users understand and take advantage of this growing field.
- This report is intended to help:
- Marketing managers identify newer market opportunities and develop targeted promotional plans for sensors and related products.
- Research and development professionals stay on top of competitors' initiatives and explore demand for sensors and develop products for new applications.
- Advertising agencies working with clients in the sensor industry understand products and develop messages and images that will influence consumers to purchase sensor products.
- Business development executives understand the dynamics of the market and identify possible new markets.
- Information and research center librarians provide market researchers and brand and product managers with the information they need to do their jobs more effectively.
SCOPE AND FORMAT
The report has been prepared in a clear, easily understandable format with tables and figures. The scope of the report includes a detailed study of global and regional markets for various types of sensors and their applications, including an explanation of variations in industry growth by region.
This report covers only conventional sensors such as pressure, temperature, level, flow and position sensors and excludes unconventional sensors such as pointing sensors used in touch screens and touch-pads, barcode readers and radio frequency identification (RFID) readers, remote readout and intelligent power meters, gas and water meters, and remote readout heat meters).
Both primary and secondary research methodologies were used in preparing this report. Initially, a comprehensive and exhaustive search of the literature on sensors was conducted. These sources include sensor journals and related books, trade literature, marketing literature, other product/promotional literature, annual reports, security analyst reports and other publications. The methodology used to estimate and forecast the sensor market begins with capturing data on revenue from vendors through secondary research from various sources. This bottom-up procedure used revenue of key market players to estimate the global sensors market.
After arriving at the overall market size, the total market was split into several segments and sub-segments, which were verified through research with primary sources, including conducting telephone interviews and corresponding by email with marketing executives, product sales engineers, international sales managers, application engineers and other personnel of sensor companies. Other sources included sensor magazines, academic research and communication with technology suppliers, technical experts and consulting companies. A patent search and subsequent analysis were also conducted.
All revenue estimates in this report were taken from figures at the manufacturer level and are in constant U.S. dollars, unadjusted for inflation.
The primary information sources include communication with manufacturers and suppliers of sensors and associated products around the world, raw material suppliers for the manufacture of these products, major users of these products, research organizations, governmental agencies, trade associations and various equipment suppliers. Secondary information sources include databases, trade literature, specialized journals and government statistics.
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