After the downturn in 2009, the global market for sensors recovered from 2010 to 2012 to nearly $68.2 billion.
After the downturn in 2009, the global market for sensors recovered from 2010 to 2012 to nearly $68.2 billion, according to a new report from BCC Research.
BCC said the market is expected to increase to $79.5 billion in 2014, reaching $116.1 billion by 2019, at a compound annual growth rate (CAGR) of 7.9%.
Growth within the segment made up of biosensors and chemical sensors is expected to be the highest, with a CAGR of 9.7% projected from 2014 through 2019, followed by the image, flow and level sensors segment, with a CAGR of 8.4% forecast over the same five-year period.
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, according to BCC. 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 also will help increase market growth.
As sensors form the core of most electronic, industrial and consumer products, the volatility of the end-use industries has a direct bearing on the market for sensors. The sharp downturn in the global economy during the global economic crisis of 2009 and resultant pricing pressures significantly affected the overall business environment. The volatility of the end-user industry and tight credit conditions stalled the growth of the global sensor market. In 2011 and 2012, most industries began recovering, thus also improving the prospects of the sensor industry. Technological refinements in terms of improved efficiency and performance will reemerge to drive growth in the marketplace.
RELATED: The Top 10 mistakes made when applying ultrasonic level sensors
The proliferation of advanced electronic control systems has provided sensor users ongoing advances in sensor accuracy, reliability, response time, robustness, miniaturization, communications capability, and efficiencies. This has fueled research and development in the sensor industry, which in turn creates opportunities for technological advancements that open up new applications for sensors.
Market factors that influence sensor technology and product-related developments include cost, competitive differentiation, resistance to change, standards evolution and government regulations. Over the past few years, a number of developments both in the academic and corporate sector have facilitated low-cost sensor solutions. Reduced operating costs, enhanced performance, and a high return on investment all drive technology development, especially in industries such as oil and gas.
Based on recent developments in technology, technological and price barriers will be removed over the next few years, creating new applications for sensors in a wide range of industrial sectors. The trend being adopted by the sensor industry in general is smaller, faster and cheaper solutions. Sensors that are important in the current industrial markets include temperature, pressure, force and load, level, microelectromechanical systems, and nanotechnology.
Global Markets and Technologies for Sensors (IAS006E) studies and highlights the role of sensors in various applications, explains the technology and innovation behind sensor development and production, and gives a market overview, analyzing major market trends both in terms of region and application sector. In addition, the report studies in detail the 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 involved. The market for various emerging technologies in sensors as well as the new products manufactured using these technologies are reviewed in the report.
The report also analyzes the various applications of sensors in detail and the markets of such applications, with special emphasis on the new products being developed and the markets for these products. Along with the development of new products, research and development is taking the sensor technology to new heights, and a close look into such technologies has been made in the report.