BCC Research reveals in its new report, GLOBAL MARKETS AND TECHNOLOGIES FOR SENSORS, the global market for sensors and related technologies is expected to grow to nearly $154.4 billion by 2020, with a five-year compound annual growth rate (CAGR) of 10.1%. The image, flow, and level sensors segment is moving at a significant 11.7% CAGR.
Sensors have become indispensable to many key industries, as they provide vital information across a wide range of parameters, including temperature, position, chemical, pressure, force and load, flow and level, and can affect products, processes, and systems. The image, flow, and level sensors category dominates the overall market and is expected to reach nearly $50.2 billion by 2020. Image sensors will experience the highest growth in this segment because of their increased use in smartphones and other portable devices.
Meanwhile, the biosensor and chemical sensors category is the second-largest and fastest segment of this market and is expected to grow to $32.8 billion in 2020, with a CAGR of 11.5%. Growth in this segment is being spurred by increased use for medical purposes, as well as the rising number of threats of terrorist attacks at a number of key industrial facilities, such as chemical plants.
"Small companies account for the majority of companies within the sensor manufacturing business," says BCC Research information technology analyst Srinivasa Rajaram. "Most pursue a focused strategy, but competitive and technological pressures are leading to consolidation and increasing concentration. However, the semiconductor industry is attempting to recapture its intensive capital investment by developing sensor solutions to address large-scale, high-volume consumer-related applications."
Technological advances in electronic control systems, decreasing cost expectations, miniaturization, and improved communication capabilities will drive remarkable growth across all segments of the sensors market for the foreseeable future.
