Highly advanced, accurate, and efficient sensors will create significant growth opportunities spread to most existing and emerging end-user industries.
New analysis from Frost & Sullivan (sensors.frost.com), Global Sensor Outlook, finds that the market earned revenues at an average of six to eight percent compound annual growth rate (CAGR) and estimates this growth will exhibit an upswing by 2013.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the outlook for the global sensor market, then send an email to David Escalante, Corporate Communications, at david.escalante[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
"Increased investment and research in sensor technology is expected to lead to the development of highly accurate and reliable sensors with diagnostic capabilities," notes Frost & Sullivan Team Leader Dr. Rajender Thusu. "In addition to innovative research and technology developments, a large spectrum of emerging end-user opportunities is further driving the market for sensors."
Market participants are developing sensors with advanced performance capabilities for a host of applications. A heightened focus remains on using an amalgam of sensor technologies to increase portability in devices. Easy-to-use sensors with built-in memory chips to store data are able to churn out prompt analysis and take corrective measures, especially in the process control arena.
A number of technological alliances and partnerships are dictated by the need to deploy sensors in all conceivable applications. Significant investments have been made in the research of micro-technology, wireless sensor capability, chip sensor technology, cell-on chip, and others to support the increasing demand for sensor capabilities. Intelligence of the sensor remains a determining factor for its use.
Notwithstanding their growing use, sensors have to comply with important regulatory provisions. Sensors are required to meet Division I Class I parameter provisions in critical applications such as oil and gas, petrochemicals as well as nuclear power plants. Similar regulatory controls exist for all classes of sensor-based medical devices.
"Furthermore, the need for high R&D investment has restricted the entry of new participants, thereby restraining the overall growth of the market," says Dr. Thusu. "Price competition has also intensified as a result of similar products being widely available."
Reducing technology overlaps by increasing the rate of technology transfer from technology labs to commercial production has become imperative for success in the fast-growing sensors market. Companies should equally focus on developing testing and monitoring techniques that require the least amount of time and provide a very high level of accuracy that prevents any external interference.
Global Sensor Outlook is part of the Sensors and Instrumentation Growth Partnership Service program, which also includes research in the following markets: World Smart Sensors Market, World Biosensors Market, World Position and Displacement Sensors Markets, World Market for Sensors Opportunities in Medical Applications, World Plug and Semi-conductor Based Sensors Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.
Global Sensor Outlook / N316