San Francisco, California, October 05, 2017: A latest report by TMR Research titled “Sensors Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025” sheds light on development and growth rate of the global sensors market. The report analyses the major trends, driving factors, restraints, and opportunities available in the market at both regional and global level. The report suggests that the development of the global sensors market could largely depend on the development of consumer electronics sector and advancements in technology. These sectors extensively make drive the sensors systems and thus, development of the mentioned sectors could play an important role in the market development. With constant improvements on developing new technology and need to provide better product and services, the report expects that the global sensors market will flourish in the aforementioned period of 2017-2025.
In the recent years, the growing trend of automation is offering a thrust to the sensors market across the globe. Sensors are the backbone of the automated systems. The market has been experiencing a significant transformational leap with the accelerated advancements in the overall sensor technology. With these advancements, there has been a significant expansion in the range of applications of sensors. They are used across several industrial sectors such as consumer electronics, automotive, healthcare, oil and gas, manufacturing, and utility and also for multiple parameters such as level, temperature, pressure, position, light, image, magnetic field, and motion.
The conception of consumer electronics is expected to offer a fillip to the sensors market across the globe. The consumer electronics manufacturing is projected to demand a greater number of sensors such as motion sensors, image sensors, and pressure sensors. In addition to this, the increasing deployment of fingerprint sensors in devices such as smartphones and wearable gadgets is expected to augment the overall development of the market. Furthermore, the rise of wireless technology is also expected to work in favor of the development of the market. Sensors play an important role in proper operating of wireless platforms. Moreover, the increasing need for real-time evaluation is anticipated to spur the demand for sensors across the globe.
On the other hand, the falling prices of sensors is expected to negatively affect the overall generation of revenue of the market. However, the increasing trend of miniaturization is projected to create new lucrative opportunities for the development of the market.
The global sensors market can be divided into key geographical regions such as Europe, North America, and Rest of the World. Asia Pacific is expected to the most promising market for the global sensors market. This growth is anticipated due to the existence of a vast number of manufacturing units and flourishing development of several end-user industries that will help in the overall growth of the sensors market in the region. The low cost of labor and not so strict regulations by the local governments are also expected to attract several international companies to set up their production facilities in the region and thus augmenting the development of the market. North America is also expected to account for a hefty share of the market owing to the increasing advancements in the area of sensor technology in the region.
Some of the key players in the global sensors market include names such as Honeywell International Inc., Robert Bosch GmbH, Siemens AG, ABB Ltd., Emerson Electric Company, TE Connectivity Ltd., Omron Corporation, Texan Instruments Inc., ARM Holdings Plc., and NXP Semiconductor NV among others. The key players in the market are focusing on technological advancements to remain competent and are indulging strategic decisions such as mergers and takeovers to enhance their market presence.
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