Press Releases

North American Market for Sensors to Reach $87.8 Billion by 2023

November 26, 2018

WELLESLEY, Mass., Nov.26, 2018 – Due to the ongoing boom in smart mobile communication technologies and tablet PCs, the North American market for sensors is approaching an all-time high, according to a new report from BCC Research.

In 2018, the North American market for sensors was worth $47.1 billion. BCC Research estimates that it will reach a value of $87.8 billion by 2023, indicating a compound annual growth rate (CAGR) of 13.0%, according to Sensors: Technologies and North American Markets.

Prominent industry players operating in the North American region include: ATI Industrial Automation, Banner Engineering Corp., BEI Sensors, Binsfeld Engineering Inc., Conax Technologies, Cooper Instruments & Systems, Delphi Corp., Denso Corp. (DNZOF), Draeger Safety Inc., Electro-Sensors Inc. (ELSE), GE Measurement & Control, George Fischer Corp., Honeywell Sensing & Controls, Johnson Controls Inc. (JCI), Motion Sensors Inc., NXP USA Inc., OMRON Scientific Technologies Inc., Sensant Corp., Texas Instruments Inc. (TXN) and many others are mentioned in the report. 

Research Highlights

  • The automotive sector dominates the North American market for sensor technologies, accounting for 23.1% of the overall market in 2017. This market segment is expected to grow at the highest CAGR of 14.3% to reach around $21.3 billion by 2023.
  • A surge in demand for proximity and positioning sensors is expected to be supported by the rebound in both automobile production and industrial machinery shipments. In addition, newer safety features in motor vehicles such as collision detection, tire pressure monitoring systems (TPMS) and electronic stability systems will provide a host of new growth opportunities.
  • The North American region has seen rapid development in smart technologies such as smart cities, home automation, autonomous vehicles, IoT applications, industrial automation and smart processing technologies.

“Sensors are important elements for the majority of technology products being built today, and their application areas cover products from simple switches and temperature-sensing devices in the most basic of home appliances to sophisticated manufacturing equipment and factory automation systems,” the report notes. “Microtechnology has revolutionized the electronics industry, and miniaturization has now become a standard part of any system.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Sensors: Technologies and North American Markets( IAS140A )
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