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Internet of Things and Smart Cities Movement Powering Expansion
WELLESLEY, Mass., June 18, 2018 (GLOBE NEWSWIRE) -- 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.
- The market will be led in both size and growth by IoT, bio and image sensors, which expect a CAGR through 2023 of 17.6% and an estimated value of $99.25 billion.
- By technology, the industry will be led by growth in RADAR sensors, which anticipate at CAGR through 2023 of 19%, though image sensors will lead by size, with a 2023 estimated value of $33.99 billion.
- Growth will come worldwide, though expansion will be quickest in the Asia-Pacific region, which expects a CAGR through 2023 of 14.7%. The North American market will continue to be the largest, with a 2023 value estimated at $86.8 billion.
“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.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
CONTACT: Editors/reporters requesting analyst interviews should contact Eric Surber at [email protected]