A new market research study has recently been published by Transparency Market Research and made available on the company’s website. The research study, titled “Smart/Intelligent Sensors Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019,” offers a comprehensive analysis of the market, focusing on the growth prospects and opportunities. As per the research study, in 2012, the global smart/intelligent sensors market was worth US$9 bn and is projected to reach a value of US$21.60 bn by the end of 2019. The market is expected to register a healthy 12.20% CAGR between 2013 and 2019. The product segmentation, challenges, key geographical segments, and vendor analysis of the global market for smart/intelligent sensors also form a part of the research study.
Smart/intelligent sensors have been gaining traction in the last few years, owing to their diversely functional properties. The growing applications of these sensors is yet another key factor driving the global market. In addition, the current trend of surveillance and security and the increased adoption of sensors in the healthcare sector are further projected to augment the growth of the market. The development of smart cities and large projects harnessing power from several non-conventional sources of energy are some of the major opportunities for the key players operating in the next few years.
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By geography, the global market for smart/intelligent sensors has been categorized into Asia Pacific, North America, Europe, and Rest of the World. In 2012, Europe dominated the market, accounting for a 34% share in the global market for smart/intelligent sensors. The rapid growth of this region can be attributed to the growing healthcare standards and improving infrastructure here. The fast-paced growth of smart/intelligent sensors has encouraged several prominent automobile manufacturers, including Renault, Audi, and BMW, to establish their base in this region, driving the growth of the market.
Europe is followed by North America, which is projected to exhibit rapid growth owing to frequent replacements of electronic devices and the increasing demand for advanced features. In addition, the growing demand for advanced medical equipment to enhance the overall healthcare facilities is projected to augment the growth of the market in North America in the next few years. Furthermore, the increasing use of smart/intelligent sensors in diverse applications such as industrial, infrastructure, and avionics is anticipated to contribute substantially towards the growth of the market.
By product type, the global market for smart/intelligent sensors has been classified into touch sensors, image sensors, smart temperature sensors, smart pressure sensors, and smart position. On the basis of application, the global market has been categorized into automotive, avionics, medical, industrial, food and beverage, infrastructure, and others. The research study provides size, share, and statistics, and forecast for each segment to give a clear picture of the global market for smart/intelligent sensors.