Transparency Market Research observes in a new report that the leading players in the global nanosensors market are making investments in intensifying their research and development activities. Achieving product innovation is the ultimate goal of these companies in the forthcoming years. Honeywell International and Samsung Electronics are to two key companies intensively engaging in these business strategies at the moment.
“Players must also plan to build strategic alliances to expand their foothold in various geographical regions,” suggests a TMR analyst. A case in point would be, Analog Device Inc., partnering with ThingWorx to introduce integrated nanosensors through its ThingWorx® IoT Platform for cloud-based operations in October 2015.
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The product blur the line between the virtual and real world through a technology that can connect, measure, and sense. Such moves will not only help companies reach out to other markets but also help them acquire additional expertise, thus making the entry into other segments easier.
The growing threat of terrorism and the planned attacks have necessitated equipment upgrades, paving the way for the greater use of nanosensors. These sensors have rendered unique advancements to military gear that permit detection of radiation and biotoxins, even at the lowest concentrations. The changing face of warfare has been the primary growth driver for nanosensors market as they have come to play a critical role in defining the effectiveness of military equipment.
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Characteristics such as low weight and compact size have further won nanosensors a remarkable space in a range of end-use industries. Manufacturers are opting for these sensors due to their reduced cost of manufacturing and substantially low power consumption. In addition to these factors, the market will also benefit from technological advancements in signal processing and microelectronic technologies. Application of nanosensors in robotics and in Internet of Things will also present several opportunities to the global market in the near future.
The global nanosensors market is being overshadowed by difficulty in mass production of these sensors as they are manually assembled. The methods to manufacture nanosensors also differ from formulae used for manufacturing electronics that amplify and process the signal created by sensors. These restraints are likely to pull the market back to some extent, hampering its revenues.
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The report states that the global nanosensors market is expected to represent an opportunity worth US$1,500.9 mn by 2021 as against US$26.9 mn in 2014. Between the forecast period of 2015 and 2021, this market is expected to rise at a CAGR of 80.7%. This phenomenal growth rate will be supported by the booming automotive and aerospace segment, which is estimated to reach US$409.3 mn by 2021.
North America will dominate the overall market as this regional segment is poised to exhibit a CAGR of 81.2% over the forecast period. This review is based on Transparency Market Research’s report, titled “Nanosensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
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