New analysis from Frost & Sullivan, 'Global Sensor Outlook', finds that the market is currently earning revenues at an average of six to eight per cent compound annual growth rate (CAGR) and estimates this growth will increase by 2013.
Frost & Sullivan team leader Dr Rajender Thusu comments: "Increased investment and research in sensor technology is expected to lead to the development of highly accurate and reliable sensors with diagnostic capabilities. In addition to innovative research and technology developments, a large spectrum of emerging end-user opportunities is further driving the market for sensors."
Market participants are developing sensors with advanced performance capabilities for a host of applications. A heightened focus remains on using an amalgam of sensor technologies to increase portability in devices. Easy-to-use sensors with built-in memory chips to store data are able to achieve prompt analysis and take corrective measures, especially in the process control arena.
A number of technological alliances and partnerships are dictated by the need to deploy sensors in all conceivable applications. Significant investments have been made in the research of micro-technology, wireless sensor capability, chip sensor technology, cell-on-chip and others to support the increasing demand for sensor capabilities. Intelligence of the sensor remains a determining factor for its use.
Notwithstanding their growing use, sensors have to comply with important regulatory provisions. Sensors are required to meet Division I Class I parameter provisions in critical applications such as oil, gas and petrochemicals, as well as nuclear power plants. Similar regulatory controls exist for all classes of sensor-based medical devices.
Dr Thusu says: "Furthermore, the need for high research and development investment has restricted the entry of new participants, thereby restraining the overall growth of the market. Price competition has also intensified as a result of similar products being widely available."
Reducing technology overlaps by increasing the rate of technology transfer from technology labs to commercial production has become imperative for success in the fast-growing sensors market. Companies should equally focus on developing testing and monitoring techniques that require the least amount of time and provide a very high level of accuracy that prevents any external interference.
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