According to a new market report published by Lucintel, the future of the global sensor market looks promising with opportunities in the industrial, healthcare, consumer electronics, automotive, and aerospace/defense industries. The global sensor market is expected to reach an estimated $188.4 billion by 2022 with a CAGR of 9.2% from 2017 to 2022. The major drivers for this market are the growth of internet of things (IoT), increasing need of automation in various industries, and miniaturization of sensors.
In this market, temperature, pressure, image, position, bio, flow, level, motion, radar, and chemical sensors are used in various end use industries such as industrial, healthcare, automotive, and more. Lucintel forecasts that chemical sensor is expected to remain the largest segment due to its increasing usage in industrial sector for the process control and industrial safety. Radar sensor is expected to witness the highest growth in the forecast period supported by increasing demand for advanced driving assistance system (ADAS) in the automotive industry.
Within the sensor market, industrial will remain the largest end use industry due to increased demand for automation and control in various industries, including oil and gas, chemical, and food and beverages. Lucintel predicts that the healthcare application is likely to experience the highest growth in the forecast period due to the increasing demand for Electrocardiography (ECG) sensors in cardiac treatment.
North America is expected to remain the largest region during the forecast period due to growth in smart city projects, wearable devices, and increasing demand for ADAS in automotive industry. Asia Pacific is expected to witness the highest growth over the forecast period due to the increasing demand for automotive and consumer electronics products in China and India.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing sensor content in automotive for safety and power efficiency and advancement in the gas sensor. Sony Corporation, STMicroelectronics, Analog Devices, Inc., ABB Ltd, Texas Instruments, Robert Bosch Gmbh, and Infineon Technologies AG are among the major sensor suppliers.
This 165-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link http://www.lucintel.com/toc/global-sensor-market-2017-2022.aspx or helpdesk@lucintel.com.