Global Sensors Market to See 13.2 % Annual Growth Through 2023

Industry Boosted by Automobile Automation and Industrialization in Developing Economies

May 16, 2019

WELLESLEY, Mass., May 16, 2019–The advent of smart mobile communication and a boom in demand for automated vehicles functions are some of the factors driving growth of the global sensors market, according to a report by BCC Research.

The market expects to see a compound annual growth rate (CAGR) of 13.2% through 2023, when it could be worth $283.4 billion, according to the report Sensors Markets: A Global Outlook.

Major players in the market include AB Electronik, Ametek (AME), BorgWerner BERU (BWA), Continental (CON), Exergen, GE Measurement & Control, Interface (TILE), and MEMSIC (MEMS).

Research Highlights

  • Leading end users by growth include medical and machinery manufacturing, each with a CAGR through 2023 of 14.0%, followed by automobiles at 13.4% and consumer electronics at 13.3%.
  • Biosensors lead the market by size, with a 2018 value of $17.1 billion, followed by image sensors at $16.7 billion and IoT sensors at $10.4 billion.
  • The Asia-Pacific region leads the image sensors market by growth, with a CAGR though 2023 of 17.7%, followed by Europe at 14.1% and North America at 13.9%.

“Sensors have become indispensable in many industries because they provide vital information about parameters that include temperature, position, chemistry, pressure, force and load, and flow and level, and thus affect products, processes and systems,” the report’s authors note. “As technological advances in electronic control systems increase the efficiency of sensors, users are calling for advances in sensor accuracy, reliability, response time, robustness, miniaturization and communication capability. The sensor industry is robust and is expected to experience sound growth during the five-year forecast period.”

Sensors Move into the Sporting Domain

Of all the markets where monitors are making inroads, some of the most surprising are in sports, the report adds. Sensors are now being embedded in golf clubs to send data to a smart phone about the orbit of a swing, speed of the club head, and rotation of the shaft. Meanwhile, sensors are also being implanted in running shoes for performance tracking. The sensors can give real-time feedback on running performance for training and technique modification to prevent injuries. Analyses can show balance and heel-toe strike differentials.

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Sensors Markets: A Global Outlook( IAS147A )
Publish Date: Apr 2019    

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