The Sensor
Market will witness a
healthy growth from 2019 to 2026, a research report suggests. Growing at a CAGR
of 6.22%, the market is projected to reach US$228.08 billion by 2026. The
rising demand from some of the burgeoning industries is expected to support the
market growth along with demand from electronics, healthcare, and defense. As
predicted by analysts, high cost of implementation will negatively affect the
market’s performance from 2019 to 2026. During the forecast period, the market
will be supported by increasing applications of sensors and the advent of 5.0.
Complexities in sensor incorporation on the other hand will challenge smart
devices based organizations functioning in the global sensor market. Analysts
have split the market into type, component, technology, vertical, and region
segments based on products and services. smart devices based companies have
been profiled. Reduced life of sensors is set to affect the global market
during the forecast period 2019 to 2026.
The report also
provides the market’s performance forecasts till 2026. Analysts have studied
the strategy of smart devices based organizations to help new entrants and
established businesses. The smart devices sector itself is supported by medical
and biomedical devices as well as smart
connected devices. During the forecast period 2019 to 2026, the sensor market
is set to witness a health growth across type, component, technology, vertical,
and region segments as well as regional markets.
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Market
Segmentation
The smart devices
sector has seen growth across type, component, technology, vertical, and region
segments owing to the proliferation of industry 4.0 and increased uses of image
sensors. To study the market, analysts have further segmented type, component,
technology, vertical, and region into type on the basis of biosensors, humidity
sensors, image sensors, level sensors, motion sensors, optical sensors,
pressure sensors, proximity sensors, radar sensors, temperature sensors, touch
sensors, and other sensors. The market is further segmented into component
which is split into ADC, amplifiers, DAC, microcontrollers, transceivers, and
others. Additionally, the sensor market on the basis of vertical is segmented
into automotive, construction, food & beverage, healthcare, packaging
textile, and others. The market is further segmented into technology which is
split into MEMS, CMOS, NEMS and Others.
The segmental
analysis presented in the report provides smart devices based organizations
insights into key growth factors such as the rapid surge in hospitalization as
well as challenges such as deployment complexities the market will face from
2019 to 2026. Increasing uses of sensors in smart grids and the advent of 5.0
are some of the key factors having an influence on smart devices based
companies, suggest analysts as per the sensor market report. But the report
also identifies cost related concerns and shrinking R&D budget as major
threats companies in smart devices will face till 2026.
Regional
Overview
Smart devices based
companies in the sensor market are functioning across North America, Europe,
Asia Pacific, the Middle East, and Africa including the rest of the world.
Proliferation of industry 4.0 will be a key growth driver for regional markets.
However, concerns regarding additional cost will turn out to be a threat. For
the forecast period 2019 to 2026 each of these regional markets are studied in
the report. Starting from North America, the regional market and smart devices
based companies are spread across the United States, Canada, and Mexico. An
unorganized IT infrastructure will turn out to be a major challenge from 2019
to 2026. Parts of the European market covered in the report are regional
markets spread across the United Kingdom, France, Italy, and Germany. The
market in the region will be benefitted by emerging markets across the globe as
well as rapid urbanization, suggests the report. Similarly, the smart devices
sector’s segmental analysis for the Asia Pacific region covers India, Japan,
China, and others. For the rest of the world, the research report for the
sensor market covers the Middle East and Africa. Forecast based on the reports
findings are presented for the forecast period till 2026.
Competitive
Landscape
The global sensor
market research report brings a comprehensive study of type, component,
technology, vertical, and region market segments, regional analysis, and smart
devices based company details of key players. As the forecast period 2019 to
2026 will bring new opportunities for the market owing to consumers aiming for
more convenience and technological developments, the market is set to grow at a
compound annual growth rate of 6.22% and is predicted to reach a value of
US$228.08 billion by 2026. With SWOT analysis of smart devices based companies
and Porter’s Five Force model analysis based findings, keeping underdeveloped
infrastructure and concerns related to costs challenges in mind, companies in
the smart devices sector can change the way business is done.
Industry News
Stryker has
announced the acquisition of OrthoSensor, Inc., a privately owned company based
in Dania Beach, Florida, that was founded in 2007. OrthoSensor, Inc. is a
pioneer in the digital development of musculoskeletal treatment and complete
joint replacement sensor technology. OrthoSensor quantifies orthopaedics
through intelligent devices and data resources that allow surgeons and
hospitals to provide evidence-based therapies to all stakeholders in the
healthcare system. Stryker's digital infrastructure will be improved by the
company's developments in sensor technologies, as well as expanded data
processing and increased computing capacity.
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