Nanosensors Market to Reach $1.32 Bn, Globally, by 2026 at 11.0% CAGR, Says Allied Market Research
Rise in government support and funding, advent of self-powered nanotech device, and surge in adoption of nanosensors in medical diagnosis are expected to propel the growth of the global nanosensors market
21 Nov, 2019, 09:10 ET
PORTLAND, Oregon, Nov. 21, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Nanosensors Market by Type (Optical, Chemical, Physical, Biosensor, and Others) and Application (Electronics, Energy, Chemical Manufacturing, Aerospace & Defense, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2026". According to the report, the global nanosensors industry was pegged at $536.6 million in 2018 and is projected to reach $1.32 billion by 2026, registering a CAGR of 11.0% from 2019 to 2026.
Prime determinants for growing market
Rise in adoption of nanosensors in medical diagnosis and emerging technological advancements in nanotech devices have boosted the growth of the global nanosensors market. However, the issues regarding deployment of nanosensors in extreme weather conditions and high cost of the technology hamper the market. On the contrary, rise in government support and funding and emergence of self-powered nanotech devices are expected to create lucrative opportunities in the near future.
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Biosensor segment to dominate the market
The biosensor segment held the largest share in 2018, accounting more than one-fourth of the global nanosensors market, owing to rise in adoption of automation in the healthcare industry, which deploys biosensors for medical diagnosis and medical imaging. However, the optical nanosensor segment is projected to register the fastest CAGR of 12.9% during the forecast period, owing to precision and wide area of application of an optical nanosensor, especially in electronics devices and systems.
Aerospace & defense segment to portray fastest growth by 2026
The aerospace & defense segment is expected to manifest the fastest CAGR of 17.2% during the study period, owing to rapid use of nanosensors in the aerospace and defense vertical to increase efficiency in various automated systems such as aircraft design. However, the electronics segment dominated the global nanosensors market in 2018, contributing around one-third of the market.
North America holds lion's share
The global nanosensors market across North America held the largest share in 2018, contributing nearly one-third of the market, owing to rise in adoption of nanosensor technologies and surge in number of research labs and centers coupled with increased financial funding by government. However, the market across Asia-Pacific region is anticipated to register the fastest CAGR of 13.1% during the forecast period, owing to rapid technological advancements related to automotive and healthcare vertical due to government initiatives such as investment in R&D.
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Major market players
- Agilent Technologies, Inc.
- Applied Nanotech
- Analog Devices, Inc.
- Honeywell International Inc.
- Bruker Corporation
- Kleindiek Nanotechnik GmbH
- Biosensors International Group, Ltd.
- Lockheed Martin Corp.
- Omron Corp.
- Texas Instruments
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