June 18, 2018
WELLESLEY, Mass., June 18, 2018–Growth of the Internet of Things (IoT), smart cities, smart buildings, and the industrial internet of things is helping to boost the global sensors market, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 13.2% through 2022, when it could be valued at $283.4 billion, according to the report Sensors: Technologies and Markets to 2023.
Major players in the market include AB Electronik, Banner Engineering, Casco Products, Delphi Automotive, E2V Technologies, Figaro Engineering, GE Measurement & Control, Hamlin Electronics, IDEX, Jewell Instruments, Kavilco, Littlefuse, Magna International, Neoptix, Ocean Optics, Panasonic Electric Works, RAE Systems, Sensant, Takata and Valeo.
“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,” said report author Srinivasa Rajaram, BCC Research analyst. “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.”
Chief Market Challenges Include Pricing Pressure, Product Logistics
The primarily challenge confronting the industry, the report notes, is the need to deliver high-performance, low-cost products. Manufacturers must not only differentiate their products in a crowded field but also market them at competitive prices. Further, producers must set up an effective supply chain management system, as delivery time is a key factor inhibiting growth.
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Sensors: Technologies and Markets to 2023( IAS006J )
Publish Date: Jun 2018
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