Europe and Asia Pacific regions account the majority share of the Global sensors market and the continued rush to invest in improving the telecommunications networks in the developing countries is expected to drive strong growth in the sensors sector. In the next five years, both Latin American and Asia Pacific sensor markets are set to report strong growth.
The emerging areas of the sensors market are expected to be in the automotive, information technology and medical sectors. Image sensors, accelerometers, gyro sensors and giant magnetoresistive sensors are all becoming increasingly prevalent over recent years.
In the automotive sector, sensors are now being applied to monitor obstructions and flat tyres including sensors to minimise collision risks. In the industrial sector radar based level sensors, photoelectric proximity sensors, IR temperature and gas sensors as well as Coriolis and ultrasonic flowmeters are also expected to see an increase in their use. In addition, sensors are being applied in advanced technological sectors such as microelectromechanical sensors, biosensors and metal oxide semiconductor image sensors.
By the end of 2017 the global sensors market is expected to be valued at US$76.7 billion, with post-recession growth being sourced from developing countries such as Asia Pacific and European markets. The sensors market was hit by declining manufacturing output although re-investment in new products especially in the automotive sector is expected to result in more sensors technology being applied.
Delayed investment in manufacturing and the lengthening replacement cycle and longer lead times for investment decisions has squeezed revenues further in 2010 and 2011. However, the sensors market is expected to recover over the next five years. For instance, the automotive sector was affected badly by the economic downturn although recent new investment in product development and the advancements in technology and lowering costs are expected to benefit the sensors market. Vehicle stability control is expected to be mandatory in new vehicles going forwards and with car manufacturers investing heavily to launch electronics administered innovations, consumers are expected to benefit from additional luxuries and comfort as a direct result of sensor technology.
Chemical sensors is expected to represent the largest contributor to revenue due to the application of chemical sensors in the medical sector and rapid growth expected in the Asia-Pacific region. In addition, vendors are shifting focus from matured markets in the developed regions such as US and Western Europe towards emerging markets such as India, Indonesia, Thailand, and China, which are expected to hold huge potential for application as well as low-cost manufacturing of chemical sensors enabling long-term gains for the chemical sensor vendors.
The application of sensors in the automobile market is expected to drive strong revenue growth for the sensors industry totalling a CAGR of 8.5% during the period 2011 to 2017. Improvements in safety features of vehicles, fuel economy and emissions will encourage market growth during 2010 through 2017 period.
The market leaders in the global sensors market include Allegro MicroSystems Inc, Analog Devices, Atmel Corporation, Bosch Sensortec GmbH, Bourns Inc, City Technology Limited, Continental AG, Corrsys-Datron Sensorsysteme GmbH, CTS Corp, Custom Sensors and Technologies Inc, Denso Corporation, Eaton Corp, ELMOS Semiconductor AG, Goodrich Corporation, Honeywell International Inc, Melexis Microelectronic Integrated Systems, OmniVision Technologies Inc, Panasonic Corporation, Rockwell Collins Inc, Sensata Technologies Inc, Siemens AG, STMicroelectronics NV, Teledyne Dalsa, TRW Automotive Holdings Corp, TT electronics Plc., UTC Fire & Security, among others.
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