Market Research has declared the addition of a new report titled “Sensors: Technologies and Global Markets".
Any measurement or an automation system would definitely have a sensor integrated into it. Sensors are responsible for converting physical changes into quantities that can be measured by data-acquisition systems. The rapid growth of electronic control systems has provided users with latest advancements in sensor technology such as response time, miniaturization, and accuracy and communications capability. The positive growth in sensor technology has paved way for more intense research and development and has created new fields for sensor applications.
For a new technology to be adopted in the industrial sector it is important that it integrates into the existing automation system without any hitches. To ensure smooth integration of new technology in the industrial sector, the technology should be supported by a long-term strategy and planning.
In the year 2010, the global sensor market was projected at 56.3 billion dollars and for 2011 it is predicted to reach 62.8 billion dollars. The market is growing at a compound annual growth rate of 7.8%. Of all the sensors, chemical and bio-sensors are projected to show the maximum growth of 9.6% over a period of five years starting 2011. By 2016, this sector is anticipated to touch 21 billion dollars. Image sensors find many applications in smart phones and in many handheld devices and hence have a scope for considerable growth. The sector comprising of flow, level and image sensors is poised to reach 18 billion dollars by 2011 and is anticipated to grow at a compound annual growth rate of 8.5% to touch 27 billion dollars in 2016.
Source: http://www.marketresearch.com