Sensors Market - Snapshot
Sensors are devices that can detect a stimulus in its surrounding and transmit the information to the connected environment. Sensors can be used to sense varied elements including moisture, motion, and light which is why they are used in the development of intelligent solutions across industry verticals. For example, in airplanes, sensors can sense danger, and in flood management system they can detect and respond to rising flood levels. Some other uses of sensors lie in traffic lights and smart homes. Sensors have recently been introduced in precision agriculture with their adoption been steady since then.
Efforts undertaken by product manufacturers resulting in development of novel sensors is paving way for the growth of sensors market. For example, in September 2019, Ford introduced bugs at sensors to improve the experience of self-driving cars. The experiment was to see if a shield of high speed air can successfully safeguard the sensor from bugs. The experiment proved to be successful for most part. Such experiments point out use of sensors is not only common and is witnessing fast-paced development as well.
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Product development and varied applications including adoption by individuals and industrial customers are some key factors behind growth of sensors market. Keen efforts by several governments across the world to build smart cities is resulting in upward growth of sensors market. Partnership of General Electric with Nokia for development of sensors for smart cities in Canada is an example.
Partnership of Cisco Systems with Plug and Play to smarten Panyu in Guangzhou is another example. Such endeavors involve end-to-end use of sensors, from planning to development to implementing.
With the growing pervasiveness of Internet of Things replete with advancements wherein smartphones will be used to measure heart rate and smart homes react to their owner’s commands, sensors are bound to find critical use. This will solidify growth of sensors market.
Global Sensors Market: Overview
Seeing an increase in demand from all corners, sensors - devices that detect changes in environment to behave in a particular way - are set to see a high growth trajectory over the coming years. The fact that can be used to sense a variety of elements like moisture, light and motion are used to come up with intelligent solutions across industry verticals. For instance, in airplanes they can sense danger and in flood management systems, they can monitor and respond to rising water levels. Besides, they are also used in traffic lights, smart homes amd fault diagnostics. A recent introduction has been in precision agriculture and the adoption since has been steady.
Therefore, it should come as no surprise that the market for global sensors is expected to grow at an impressive CAGR (Compound Annual Growth Rate), translating to a good increase in market worth over the forecast period of 2019-2027. The varied use in different industries is propelling growth hard.
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Global Sensors Market: Notable Developments
The global sensors market is undergoing critical developments in its landscape. It is creating the future of competitive landscape as well as paving road to hrowth over the forecast period.
September 2019 – Ford launched bugs at sensors to improve experience of self-driving cars. The test was to see if a curtain of high speed air can successfully prevent bugs from impacting the sensor. It was successful to prevent most. This experiment not just shows how normalised use of sensors is but also how development is taking place.
The global sensors market is fragmented and key players in the landscape include STMicroelectronics, NXP semiconductors N.V., Infineon Technologies AG, Qualcomm Technologies, Inc., Atmel Corporation, Texas instruments Inc., Robert Bosch GmbH, Johnson Controls International PLC. In order to maintain edge, the enter strategic collaborations and product development.
Global Sensors Market: Key Trends and Drivers
The global sensors market is on a growth trajectory, credit factors such as varied applicability and full throttle growth in Internet of Things – development as well as adoption by industries across verticals and consumers.
As governments across the world endeavour to build smart cities – technologically advanced and environmentally sustainable, sensors market is seeing at upward growth. General Electric is in partnership with Nokia to develop these in Canada. Similarly, Cisco Systems partnered with Plug and Play to smarten-up Panyu in Guangzhou. So, from planning to implementing, sensors are used to make living seamless. It is mainly because precision and accuracy is fixing human errors and this is being seen as the future.
The growth of Internet of Things is all pervasive and all engulfing. Even though there is a clear lag in its true potential and what has thus been achieved, the impact is hard. As the trend to go smart – smartphones that can measure heart rate and temperature, smart homes that can listen to the owner, react to their commands and make it interesting – sensors m arket grows at a considerable pace. To add on there are smart gadgets too, some of which massively use sensors. Plus, the medical sector is also not shying away from smart technology to improve outcomes.
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Global Sensors Market: Geographical Analysis
One of the most impressive growths will be charted by the Asia Pacific region. It will primarily be a result of cities planned to be made smart, technological strides made, adoption of artificial intelligence and manufacturers in both automotive and smart homes domain enthusiastically entering the marketscape.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
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