Global Sensors Market to register high demand rate by 2024
Zion Market Research, the market research group announced the analysis report titled ‘Sensors Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024′
Global Sensors Market: Overview
Sensors play an important role in the day-to-day requirements, especially in the consumer electronics segment. They are the core element in any electronic device and help to make daily life easy.They are used in display devices to represent specific readings. These readings can then be easily read by electronics devices for further operational activities. Sensors help to measure and detect physical quantities and convert these for digital or analog representation. Game consoles, mobile phones, laptops, notebooks, and tablets have used various sensors for user energy and interface efficiency. They are used in multiple ways, such as integrated, standalone, embedded, combined and more recently as ingestible and wearable. These technologies are becoming robust, highly accurate and highly sensitive. Sensors are becoming prognostic and intelligent, therefore, ensuring safety. Owing to these features of the sensors, there is a huge demand for them in the market.
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Global Sensors Market: Segmentation
The global sensors market is segmented into its product type, application, and geography. On the basis of product type, the global market is divided into touch, image, motion, pressure, temperature and position. Based on application, the global sensors market is segregated into entertainment, IT, communication products and home appliances. Diversification of the global market on the basis of a region is seen into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
Global Sensors Market: Growth Factors
The global sensors market is growing owing to factors such as increased adoption in automotive segment, increased adoption of green energy technologies, growth of the tablets and mobile phones market due to increasing research and development of new products, rising trend in the wearable device segment, demand for personal computers, indoor navigation applications, demand for games with high accuracy motion sensors and increasing demand need surveillance cameras. Image sensors dominate the demand in the global sensors market. There are however some restraining factors to the market which include a threat of new entrants, the threat posed due to substitutes, intense competition, lack of product differentiation and lack of responsiveness the during a performance.
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Global Sensors Market: Regional Analysis
The largest market share in the sensors market used to be held by North American and European regions owing to reasons such substantial buying power and high standard of living amongst the population. Countries such as the U.S., Canada, the U.K., and Germany provided a significant share of the market. However, in the recent times, the market is seen to be dominated by the Asia-Pacific region. This growth can be attributed to factors such as low manufacturing cost, availability of manpower at low cost and low shipment cost in Asia Pacific region. Following this growth, the Latin American and the Middle East and African regions are also contributing a significant market share.
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Global Sensors Market: Competitive Players
Some of the major companies in the sensors market are Denso, Bosch, OmniVision, Freescale Semiconductors, Alpha MOS, STMicroelectronics ABB, AMETEK, Alphasense, Draegerwerk, Delphi Automotive, Figaro Engineering, Emerson Electric, Honeywell International, General Electric, International Sensor Technology, Industrial Scientific, Samsung, RAE Systems, Smiths Detection Teledyne Monitor Labs, Siemens, Thermo Fisher Scientific, and Sony.
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