According to a GIA report on the global smart sensors market, it is expected to touch US$6.0 billion by 2015. Improvements in technology, efficiency and performance will spur growth thus expanding the world market for smart sensors.
Most products in recent times incorporate sensors. Applications range from switches to consumer appliances. They are also used widely in industrial and automation segments. As a product of nano-technology, sensors are being increasingly used in electronic applications. Smart sensors are digitally qualified for signal processing, self-diagnostics or fault tracking. Although, they are currently being applied in limited products, recent developments in MEMs and Bluetooth make them applicable in IEEE and other sophisticated applications.
The recent recession caused a downturn in the telecom and communications sectors, affecting the sensor market as well. But the global market for smart position sensors will grow at a CAGR of 2.0% over the next five years. Investments are looking up, and the market is expected to grow rapidly. Although, the US and Europe are the main players in the global sensor market, India and China are fast catching up. The world is becoming more aware and concerned about hygiene and safety of water, waterways, food and healthcare. Manufacturers of automobiles are also deploying sensors to monitor speeds and tire pressure. The market for smart sensors is expected to grow in the Asia Pacific region at a CAGR of 6.9% over the period being analyzed.
Key companies being analyzed are ABB, Analog Devices, Custom Sensors & Technologies, Delphi Automotive Systems, Eaton, Emerson Process Management, Honeywell, Infineon Technologies, Invensys, Motorola, Oceana Sensor Technologies, Omron, Raytek, Robert Bosch, Siemens, Vishay Intertechnology, Wilcoxon Research and Yokogawa.