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Smart/Intelligent Sensors Market Projected to Reach $21.60 Billion by 2019: Report
ALBANY, N.Y.—According to a new research report published by Transparency Market Research, titled “Smart/Intelligent Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019,” the global market for smart/intelligent sensors is projected to reach $21.60 billion (U.S. dollars) by 2019, increasing from $9.0 billion in 2012. This amounts to a CAGR of 12.2% from 2013 to 2019.
Rapidly increasing sales of various types of consumer electronics and automobiles is the major factor driving demand for smart/intelligent sensors, according to the report. At the present time, smart/intelligent sensors are an important part of smartphones, tablets, PCs, automobiles, and medical equipment with advanced features. Rising demand for mobile devices with advanced technology has led to the inclusion of touch sensors and image sensors, which enables the device to provide advanced features.
According to the report, smart/intelligent sensors have significant applications in healthcare, automotive design, collision prevention, and oil platforms. This is due to the compactness and diverse functionality of smart/intelligent sensors in their present form.
The use of these devices for defense operations at national and regional borders and for transportation and logistics has also propelled the smart/intelligent sensors market, the report adds.
By geographical distribution, the global smart/intelligent sensors market is divided into four broad regions: North America, Europe, Asia Pacific, and Rest of the World (RoW). Among all, Europe dominated the global smart/intelligent sensors market, accounting for 34 percent of the overall market in 2012.
In Europe, the presence of established automobile manufacturers such as Volkswagen and BMW, combined with high healthcare standards, is driving the smart/intelligent sensors market, according to TMR analysts. North America accounts for the second largest share of the global smart/intelligent sensors market, mainly due to growing consumer demand for technologically advanced electronic devices.
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