Wellesley, Mass, March 22, 2017 (GLOBE NEWSWIRE) -- New proprietary research by BCC Research anticipates wearable applications and the Internet of Things to drive double-digit growth in the global market for sensors. As manufacturing costs and power consumption of wireless sensors decrease, wireless sensors will become fully integrated into wireless networks, replacing hardwired configurations.
BCC Research's report expects the global market for sensors to reach $240.3 billion in 2021, up from about $123.5 billion in 2016, with fingerprint sensors leading all market types with a 15.9% CAGR.
Research Highlights
- The boom in smart mobile communications technology and tablet PCs is driving huge demand.
- Increased motor vehicle and machinery production, along with growth in shipments of process equipment, are fueling growth.
- The maturity of many sensor markets and improved fabrication techniques are lowering costs, driving growth.
"A broad spectrum of wireless communications hardware and software is already available, with the communication industry as the largest consumer of this technology, primarily in mobile phones and base stations," says BCC Research Editorial Director Kevin Fitzgerald. "BCC Research predicts that fiber optic sensors will play a pivotal role in networks and communications."
Large-Scale, High-Volume Consumer Apps on the Horizon
Small companies account for the majority of companies within the sensor manufacturing business. Most companies pursue a focused strategy, but competitive and technological pressures are leading to consolidation and increasing concentration. However, the semiconductor industry is attempting to recapture its intensive capital investment by developing sensor solutions to address large-scale high-volume consumer-related applications.
"This will allow specialized industrial sensor manufacturers time to develop strategies for dealing with the competition. There are also opportunities for new entrants into the business, especially in MEMS," notes Fitzgerald. "Companies with valuable intellectual property and strong customer bases make attractive acquisition candidates."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.