World Sensor Market to Post 9.2% CAGR to 2022, Expects Lucintel in Its Topical Report Available at MarketPublishers.com12 Jan 2018 • by Natalie Aster
LONDON – The world sensor market’s future seems to be bright with opportunities lying in the industrial, consumer electronics, healthcare, automotive, and aerospace & defense industry verticals. The market is poised to gather speed in the offing registering a CAGR of 9.2% to amount to USD 188.4 billion by 2022-end. The progress of IoT, soaring requirement of automation in different industries, and miniaturization of sensors are amid the major factors propelling the sector’s growth.
Emerging trends that have a direct effect on the dynamics of the sensor market comprise a surging amount of sensors used in automotive systems for safety and energy efficiency along with the development of the gas industry.
By type, the chemical sensor is set to remain the leading segment owing to its increasing use in industrial applications for the process control and work safety. Radar sensors will likely see the fastest growth in the offing due to increasing demand for advanced driving assistance system (ADAS) in the automobile sector.
The industrial end-user sector takes the lead in the market on the back of a hike in the demand for automation and control in different industries, such as oil & gas, chemical, and food and drinks. Meantime, the healthcare application is poised to see the fastest growth in the offing.
North America is predicted to remain the dominant region in the years to come owing to expanding smart city projects, growth in wearable devices, and soaring demand for ADAS in automotive sector.
Analog Devices, Inc., Sony Corporation, Robert Bosch Gmbh, STMicroelectronics, ABB Ltd, Texas Instruments, and Infineon Technologies AG, amid others, are the dominant suppliers of sensors.
Topical research publication “Growth Opportunities in the Global Sensor Market” elaborated by Lucintel presents a deep assessment of the marketplace on a global scale.
The report provides market size estimations in value and volume shipment terms plus forecast figures through to 2022, for the entire market as well as by type, end-user industry, and region-wise. An analysis of market trends and forecast by segments and regions are included, too. The study offers an analysis on growth opportunities in various applications and regions of sensor in the world sensor market, sheds light on the drivers and challenges of the market, covers key business risks and threats to the sector. The report sheds light on M&As, new product developments, competitive scenario of the world sensor market, the top players, gives an overview of competitive products and processes, etc.
More topical market research reports by Lucintel are available at the publisher’s page at MarketPublishers.com.