Printed And Flexible Sensor Market Revenue Will Reach $12.3 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Printed and Flexible Sensor Market By Type (Biosensors, Capacitive, Piezoelectric, Piezoresistive, Photodetectors, Digital x-ray , Hybrid CMOs, Temperature, Gas), Industry trends, Estimation & forecast, 2016 – 2024,”The global printed and flexible sensors market was valued at $7.2 billion in 2016, and is projected to reach $12.3 billion by 2024, growing at a CAGR of 7% from 2017 to 2024.
In 2016, the biosensor segment market generated the highest revenue share in the global printed and flexible sensor market. Among major regions, North American market was the highest revenue generating market valued at $2.3 billion in 2016.
“Constant improvisations in manufacturing technology have abridged the production and sensors costs radically due to which the market is expected to see a moderately slow growth in terms revenue. However, the prices of printed and flexible sensors are anticipated to decline in future with further advancements in manufacturing process, hence enhancing the market growth”
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Biosensors can be used to produce cost-effective, easy-to-use, sensitive and highly accurate detection devices in a diversity of research and commercial applications. They can be used for both clinical and non-clinical applications such as bedside glucose monitoring, blood sugar detection, fruit ripening and pollution monitoring. The market for printed biosensors is expected to see a significant growth in the near future owing to a large dependency of scientists, doctors, and pharmacists on digital and computerized sensing devices. According to International Diabetes Federation (IDF) more than 370 million people are suffering from diabetes. World Health Organization and other national institutions are implementing stringent regulations to reduce number diabetics and related deaths which might foster the growth of biosensor market. The biosensor market held nearly 65% of the total share of the global printed and flexible sensors market in 2016 and is expected to grow at a CAGR of 6% during the forecast period of 2017-2024.
Piezoresistive sensors are expected to witness the fastest growth during the forecast period
Piezoresistive printed sensor technology is a developed technology and frequently used in healthcare, textile, consumer electronics and automotive applications. These sensors are more sensitive than other technologies such as piezoelectric and capacitive sensors due to which these sensors are most commonly preferred for pressure measurement applications over other types of technologies. With the continuous enhancement of automotive industry, the growth of piezoresistive sensors is also increasing. The segment is expected to grow at the highest CAGR of 12.8% during the forecast period.
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Geographically, North America accounted for the largest share of nearly 32% of the printed and flexible sensor market in 2016.
Improving economic conditions, new income opportunities and rising demand for high-end technology devices are some major factors which have led the North American market to dominate throughout the forecast period. Rising support from the government bodies and other research institutions for development of low-cost printed electronics and sensors platform will fuel this market growth in the future.
GLOBAL BIOSENSORS MARKET BY GEOGRAPHY, 2016-2024
However, Asia-Pacific region is supposed to witness the fastest growth during the forecast period owing to advancements in sensor fabrication and encapsulation technologies that have reduced the sensors production cost. Countries such as Japan, South Korea and China offers the highest contribution to the Asia Pacific printed and flexible sensors market.
PRINTED AND FLEXIBLE SENSORS MARKET KEY FINDINGS
• The global printed and flexible sensors market was valued at $7.2 billion in 2016 and is projected to reach $12.3 billion by 2024.
• The biosensors market held nearly 65% of the total share of the global printed and flexible sensors market in 2016.
• The piezoresistive sensors segment is expected to grow at the highest CAGR of 12.8% during the forecast period.
• North America accounted for the largest share of nearly 32% of the printed and flexible sensor market in 2016.
The industry is expected to develop further with introduction of increasing government funding and advancement in manufacturing technologies. This will attract new entrants to invest in this market which is expected to increase the market competition in the future. Some major market players are Canatu Oy, Fujifilm Holding Corporation, ISORG, Interlink Electronics, Inc., KWJ Engineering, Peratech Holdco Limited, Synkera Technologies, Inc., T+Ink, Inc., Tekscan, Inc., Thin Film Electronics ASA, GSI Technologies LLC.
To know more about the report, visit at https://www.esticastresearch.com/market-reports/printed-flexible-sensor-market