Citation
(1998), "Sensor technology market expected to grow from US$3.8 billion to US$5.9 million", Sensor Review, Vol. 18 No. 1. https://doi.org/10.1108/sr.1998.08718aab.002
Publisher
:Emerald Group Publishing Limited
Copyright © 1998, MCB UP Limited
Sensor technology market expected to grow from US$3.8 billion to US$5.9 million
Sensor technology market expected to grow from US$3.8 billion to US$5.9 million
The largest growth in sensor technology comes from the development of the semiconductor industry and the successful integration of various other devices as sensing elements. These products have the necessary architecture to integrate complex functions on a single package and comply with the demands of users at the price/performance range that they are looking for. Fortunately, for small sensor manufacturers, the semiconductor industry is attempting to recapture their intensive capital investment by developing sensor solutions to address large scale, high volume consumer-related applications. This will allow the specalised industrial sensor manufacturer a window of opportunity to create a strategy for dealing with technology development issues in a timely manner. Failure to do nothing will prove fatal in an environment that is preparing for stiff competition over the next two-four years.
According to a soon-to-be-released Business Communications Company, Inc. study, GB-200: The Industrial Sensor Business, the total market for industrial sensors will outpace process machinery at an overall average annual growth rate (AAGR) of 9.1 per cent. In 1996 the total market was US$3.8 billion, and it is expected to rise to US$5.9 billion in 2001 (Table I).
BCC points out that the rapid growth is attributed to competitive pressures in process industries for improved performance and to new sensor technologies that are experiencing tremendous success.
The market sector for the passive sensors will grow rapidly. In 1996 passive sensors were valued at US$908 million. They will continue to show positive growth. In 2001 the market is expected to reach US$1.3 billion.
This will create an AAGR of 7.9 per cent. Meanwhile, active sensors were valued at US$1.3 billion in 1996 and are expected to grow to US$1.7 billion in 2001, producing an AAGR of 5.8 per cent.
Electro-mechanical sensors were valued at US$793 million in 1996 and will continue to grow in 2001. The market share for them is expected to rise to US$1.2 billion, averaging an AAGR of 8.1 per cent.
The market sector for semiconductive sensors is expected to hold the most growth between 1996 and 2001. In 1996 the market was valued at US$833 and will grow to US$1.7 billion in 2001, creating the highest AAGR of 15.2 per cent.
BCC concludes that the market data indicate that there is a quiet revolution taking place in sensors technology. This development promises to have a tremendous impact on the way sensing is done in the future and its growth could be exponential.
GB-200: The Industrial Sensor Business was published in August 1997 and priced at US$2,950.
For further information contact Sonya Mello. Tel: 001 203 853-4266; Fax: 001 203 853 0348; E-mail: rrandyw@aol.com