A new market report presented by Transparency Market Research states that the global nanosensors market is highly competitive in nature with a huge number of companies operating across the globe. The key players in the market are emphasizing on the development of new products, which is likely to support the growth of the market throughout the forecast period. In addition to this, the increasing number of research and development activities and innovations in this field are anticipated to enhance the development of the global nanosensors market in the next few years. Moreover, the rising number of strategic partnerships and collaborations, which is estimated to encourage the growth and strengthen the competitive scenario of the overall market throughout the forecast period. Some of the leading players engaged in the nanosensors market across the globe are Texas Instruments Inc., OMRON Corporation, Honeywell International, Inc., Lockheed Martin Corporation, Analog devices Inc., Oxonica, and Samsung Electronics Co.
In 2014, the global market for nanosensors was worth US$26.9 mn and is projected to reach US$1,500.9 mn by the end of the year 2021. The market is expected to register an enormous 80.70% CAGR between 2015 and 2021, states a new report by TMR. In the last few years, North America led the global nanosensors market and is anticipated to register a strong 81.20% CAGR between 2015 and 2021. The high growth of this region can be attributed to the increasing investments in the research and development activities.
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Rise in Demand from Military Segment to Propel Nanosensors Market in Near Future
The global market for nanosensors is growing at a rapid rate in the next few years. A tremendous rise in the demand for nanosensors from the military and home security is projected to encourage the growth of the global nanosensors market throughout the forecast period. The rising focus of the key players on innovations and technological advancements is likely to support the development of the overall market in the near future. The consumers are focusing on designing compact and cost-effective manufacturing of nanosensors, which is estimated to boost the growth of the global nanosensors market in the next few years.
In addition to this, the developing economies hold potential growth opportunities; owing to which, the market players are targeting them, thus enhancing the growth of the nanosensors market across the globe. Moreover, the rising adoption of the Internet of Things and robotics is estimated to generate strong growth prospects for the market players in the next few years.
Growing Demand for Food and Beverages to Support Nanosensors Market
The global nanosensors market is likely to face several challenges, which is predicted to restrict the growth of the global nanosensors market throughout the forecast period. The rising concerns related to the large-scale production of nanosensors is anticipated to hamper the growth of the market in the coming few years. Nonetheless, the rising demand for nanosensors for food management is projected to supplement the growth of the overall market in the next few years.