Global sensor markets

Citation

(2005), "Global sensor markets", Sensor Review, Vol. 25 No. 2. https://doi.org/10.1108/sr.2005.08725bab.001

Global sensor markets

Global sensor markets

Keywords: Sensors, Markets

According to a recent study by Intechno Consulting, the global sensor market was valued at US$ 32.5 billion in 1998 and reached US$ 42.2 billion in 2003. By 2008 it is forecast to reach at least US$ 50-51 billion per annum and perhaps as much as US$ 54 billion, depending on the state of the global economy. Western Europe constitutes the largest geographical market sector and is worth around 32 per cent of the total. The UK market is the second largest in Europe, after Germany. Major growth will occur in many applications, product sectors and technologies. For example, automotive and environmental sensors; gas and chemical sensors; and optical sensors, biosensors and silicon microsensors will all exhibit strong growth. By 2008, it is estimated that the global fibre optic sensor market will reach approximately US$ 350 million, having risen from around US$ 175 million in the late 1990s. Sensors for use in homeland security, particularly in the US, are receiving massive funding and the market will exhibit rapid development during forthcoming years. In the longer term, nanosensors, i.e. sensors based on nanotechnology, offer strong prospects and several have already been commercialised. Overall, the sensor market is in a highly dynamic state and offers strong prospects, for companies will access to advanced technology.