Global market for sensors to reach $116.1 billion by 2019
May 17, 2013 by Manufacturing AUTOMATION
The global market for sensors has recovered from the economic downturn and is expected to grow by 7.9 per cent per year to reach $116.1 billion by 2019, according to a new study.
The study, Global Markets and Technologies for Sensors, by BCC Research found that after the downturn in 2009, the global market for sensors recovered from 2010 to 2012. The market was valued at nearly $68.2 billion in 2012 and 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 per cent.
Growth within the segment made up of biosensors and chemical sensors is expected to be the highest, with a CAGR of 9.7 per cent projected from 2014 through 2019, followed by the image, flow and level sensors segment, with a CAGR of 8.4 per cent. 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. 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.
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.