WELLESLEY, Massachusetts, July 23, 2014 /PRNewswire/ --
BCC Research (www.bccresearch.com) 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.
GLOBAL MARKETS AND TECHNOLOGIES FOR SENSORS provides an overview of the global markets for sensors in various applications, including biosensors, chemical sensors, image sensors, flow sensors, and level sensors. It includes analyses of global market trends, with data from 2013, projections of CAGRs through 2020, and profiles of companies important in the industry.
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About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years, we have helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key competitors. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Our clients include the top companies in industries around the world as well as universities, business schools, start-ups, consulting firms and investment companies. BCC Research is a unit of Eli Research LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email email@example.com.
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Contact: Steven Cumming
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