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Growing Demand from the US and Europe Predicted to Drive the Global Sensors Market Through 2020, Says Technavio
[May 27, 2016]

Growing Demand from the US and Europe Predicted to Drive the Global Sensors Market Through 2020, Says Technavio


Technavio research analysts are forecasting positive growth for many segments of the global sensors market over the next four years as several related markets, including temperature sensors, ultrasonic sensors, and optical sensors, will likely witness an increase in revenues.

Extensive applications of temperature control sensors in the food and beverage and oil and gas industries exhibit a positive impact on the market. Lately, the temperature sensor industry has witnessed high demand from the food and beverage sector for maintenance of food quality starting from the production stage going up to storage. As most consumables need to be kept at specific temperatures to maintain their freshness and quality, a minor variation in temperature can lead to poor quality and contamination, thus making the food unfit for consumption.

In the oil and gas industry, temperature sensors are fitted into oil drills to read temperatures when machines drill deep inside the earth. As there is a possibility of the machine getting overheated due to high temperatures, these temperature sensors will prevent machines from reaching danger levels. Thanks to these developments, the temperature sensor segment will likely grow at a CAGR of more than 4% until 2020.

The ultrasonic sensors segment has emerged as a key revenue contributing segment of the global sensor market. The ability of these sensors to aid in prenatal examinations and to help in the development of driverless cars will result in its adoption across various end-user industries until 2020. Technavio's market research study predicts the global ultrasonic sensor market to grow at a CAGR of around 14% during this period.

Technavio analysts have predicted factors such as increasing adoption of wearable technolog to help optical sensor vendors grow over the predicted period. Wearable technology is primarily used to monitor daily activities and access smartphone functionalities. This category includes smart watches, smart fabrics, and heart rate monitors that are integrated with optical sensors to monitor daily physical activities. This technology is expected to gain significant momentum and help the global optical sensor market grow at a CAGR of nearly 10% until 2020.



"The Americas will emerge as the largest market for sensors during the forecast period. However, since the market is geographically diversified, developed nations like the US, Germany, and the UK are expected to generate the maximum market revenue over the next four years. Many countries in the APAC region, such as China and India are also investing heavily in ultrasonic sensing technologies due to growing urbanization and industrialization. As a result, many vendors are now focusing on developing economies to enhance their sales and market potential," said Sunil Kumar Singh, one of Technavio's lead analysts for hardware and semiconductor research.

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Some of the key vendors for the global sensors market by industries include Honeywell International, Microchip Technology, and NXP Semiconductors (News - Alert) for temperature sensors; Pepperl+Fuchs, Rockwell Automation, and Siemens for ultrasonic sensors; and Omron, Robert Bosch, and Rockwell Automation for optical sensors.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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