DALLAS, TX / ACCESSWIRE / October 29, 2020 / According to a new market report published by Lucintel, the future of the global sensor market looks promising with opportunities in the industrial, healthcare, consumer electronics, automotive, and aerospace/defense industries. The sensor market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $234.7 billion by 2025 with a CAGR of 8% to 10% from 2020 to 2025.The major drivers for this market are the growth of internet of things (IoT), increasing need of automation in various industries, and miniaturization of sensors.
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In this market, temperature, pressure, image, position, bio, flow, level, motion, radar, and chemical sensors are used in various end use industries such as industrial, healthcare, automotive, and more. Lucintel forecasts that chemical sensor is expected to remain the largest segment due to its increasing usage in industrial sector for the process control and industrial safety. Radar sensor is expected to witness the highest growth in the forecast period supported by increasing demand for advanced driving assistance system (ADAS) in the automotive industry.
Within the sensor market, industrial will remain the largest end use industry due to increased demand for automation and control in various industries, including oil and gas, chemical, and food and beverages. Lucintel predicts that the healthcare application is likely to experience the highest growth in the forecast period due to the increasing demand for Electrocardiography (ECG) sensors in cardiac treatment.
North America is expected to remain the largest region during the forecast period due to growth in smart city projects, wearable devices, and increasing demand for ADAS in automotive industry. Asia Pacific is expected to witness the highest growth over the forecast period due to the increasing demand for automotive and consumer electronics products in China and India.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing sensor content in automotive for safety and power efficiency and advancement in the gas sensor. Sony Corporation, STMicroelectronics, Analog Devices, Inc., ABB Ltd, Texas Instruments, Robert Bosch Gmbh, and Infineon Technologies AG are among the major sensor suppliers.
The study includes a forecast for the global sensor market by type, end use industry, and region as follows:
Sensor Market by Product Type [$B shipment analysis from 2014 to 2025]:
- Chemical Sensor
- Temperature Sensor
- Pressure Sensor
- Image Sensor
- Position Sensor
- Bio Sensor
- Flow Sensor
- Level Sensor
- Motion Sensor
- Radar Sensor
- Other Sensor
Sensor Market by End Use Industry [$B shipment analysis from 2014 to 2025]:
- Aerospace and Defense
Sensor Market by Region [$B shipment analysis for 2014 - 2025]:
- United States
- United Kingdom
- South Korea
The Rest of the World
This 165-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link firstname.lastname@example.org.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
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For more details click here https://www.lucintel.com/pressure-sensor-market-2020-2025.aspx
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