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New Report on Global Industrial Sensor Market

Jun 25 2014

Research and Markets has announced the addition of the "Global Industrial Sensor Market 2014-2018" report to their offering.

The Global Industrial Sensor market will grow at a CAGR of 10.33 percent over the period 2013-2018.

One of the main drivers in this market is the increased demand for automotive safety systems. The demand for sensors in vehicles is increasing because of their advanced safety functions. Sensors are used in the powertrain, chassis, and body of the vehicle.

In recent years, many countries have introduced initiatives to increase safety and minimize environmental hazards. For example, the focus on passenger safety has led to the increased demand for and application of sensors in the Automotive industry, which drives the demand for sensors used in vehicles. In 2008, the European car safety performance assessment program Euro NCAP made it necessary for manufacturers to use electronic stability control in cars to obtain a five-star rating.

Further, the EU has decided to make the use of electronic stability control systems mandatory in vehicles. According Regulation No 661 introduced by the European Parliament and Council in 2009, all new vehicles had to be equipped with electronic stability control from November 2011 onwards. These initiatives have accelerated the demand for safety system electronic control units.

Further, the report states that one of the main challenges in this market is the need to reduce the time to market. There is continuous demand for new and advanced industrial sensors. To capture market share, vendors have to develop their products within a given timeframe and market them ahead of their competitors.

Key Vendors