"Hyper" Sensor Industry

Part
01
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Part
01

Market size and CAGR - Hyper sensor industry

Unfortunately, we were unable to find any precompiled data or statistics on the worldwide hyper sensor market size. However, we consolidated some related helpful findings on the sensor industry as a whole. Below are the strategies we used in our attempt to address the question.

METHODOLOGY

We started by searching for readily available precompiled information on global market size and CAGR for the Hyper sensor industry. We leveraged on reports published on PR newswire, Wise Guy Reports, Grandview Research, Transparency Market Research, IBIS World, and Statista; industry-related publications such as the Titan Chronicle, Wired, and TCB; business-related sites such as Bloomberg, Forbes, Reuters, and Businesswire; press release sources such as those from Cision and Newswire; media outlets such as CNN, CNBC, Financial Post, and other relevant sources. While this search strategy led us to no precompiled information, it led us to several pay walled reports such as those on Allied Market Research, Transparency Market Research, Market Trend News, and Market Watch that contain the specific data required on the global market size and CAGR for the hyper sensor industry.
We also tried to approximate the market size by trying to obtain the revenue of the key players in the hyper sensor industry such as Atmel Corporation, Infineon Technologies AG, STMicroelectronics, Panasonic Corporation, Honeywell International, and others. However, the revenue data of the key players was not specific to the global market size and CAGR for the hyper sensor industry. Instead, it pertains to their overall product revenue.
We then checked for survey results or interviews from technology associations or government entities for different continents that focus on the global market size and CAGR for the hyper sensor industry. Based on this search strategy, what we found are general technology and gadget-related statements. There was no data found from these interviews on the global market size and CAGR that are specific for the hyper sensor industry.
We also expanded our search approach by looking for older figures or estimations of the global market size and CAGR for the hyper sensor industry that we could use to approximate the current market size. However, what we found were more global reports that are not specific to the hyper sensor industry. We were also not able to find any old market size figures that we could use for possible CAGR calculations to determine the current market size.
Based on these strategies, the market size of the global market size and CAGR that is specific for the hyper sensor industry was not available. The findings resulting from our search are listed below:

USEFUL FINDINGS

  • GLOBAL HYPERSPECTRAL IMAGING SYSTEM MARKET
According to MarketsandMarkets research, the global hyperspectral imaging systems market is expected to reach $21.33 billion by 2023 from $8.14 billion in 2017 with a CAGR 17.5% during the forecast period.
  • GLOBAL INDUSTRIAL SENSORS MARKET
MarketsandMarkets reported that the industrial sensors market is projected to reach $21.6 billion by 2023 from $16.0 billion in 2018 with a CAGR of 6.16% during the forecast period.
  • GLOBAL OIL & GAS SENSORS MARKET
According to the MarketsandMarkets research report, Oil & Gas Sensors market size is growing from $7.4 billion in 2018 to $9.4 billion by 2023 with a CAGR of 4.8% during the forecast period.
  • GLOBAL TRAFFIC SENSOR MARKET
A report from MarketsandMarkets stated that the traffic sensor market is growing from $228.0 million in 2017 to $381.3 million in 2023 with a CAGR of 9% from 2017 to 2023.
  • GLOBAL OPTICAL SENSING MARKET
A study by MarketsandMarkets reported that the optical sensing market will reach $3.46 billion by 2023 from $1.12 Billion in 2016 with a CAGR of 15.47% between 2017 and 2023.
  • GLOBAL CHEMICAL SENSORS MARKET
Businesswire reported that the global chemical sensors market will reach $28.16 billion by 2023 from $18.56 billion in 2017 with a CAGR of 7.20% from 2018 to 2023.
  • GLOBAL SMART SENSORS MARKET
Persistence Market Research reported that the global Smart Sensors market will reach $82 billion by the close of 2026 from $26 billion in 2018 with a CAGR of 15.3% from 2018 to 2026.
Part
02
of two
Part
02

Growth drivers - Hyper sensor industry

While there is no pre-compiled information to succinctly determine the industries driving the growth of the sensor industry, we have provided helpful information related to this request. Our research found that sensors are mostly used in the electronic products, automotive, and IT & telecommunication industries.
Below is an outline of our research methodology to better understand why the requested information is publicly unavailable and cannot be triangulated, as well as our related findings.

METHODOLOGY

To determine the industries driving the growth of the sensor industry, we commenced our research with an exhaustive search for a pre-compiled list of industries driving the growth of the sensor industry on credible market research sources such as Technavio, Grandview Research, IBIS World, and others. We also searched for expert analysis and articles from media publications such as Bloomberg, Forbes, Reuters, and others. No pre-compiled list or analysis of industries driving the growth of the hyper sensor industry was available.

Our next approach was to search for any survey or interview from technology associations, educational journals, and government entities from several continents for any insight into the industries that are fueling the growth of hyper sensor industry. We extensively searched on sources such as Deloitte, Techcrunch, Scrip, Hindawi, and others. However, such information was largely unavailable.
Furthermore, we tried to triangulate this information by searching for the top companies using hyper sensors based on the designated budget for the purchase of sensors hoping to determine the industries that these top companies allotting the most budget to sensor purchases are classified in. However, we were not able to find this information as the companies we found did not provide a breakdown of their expenses that contain the amount spent on sensors in their annual reports or websites. What we found are mostly their summary of overall budgets and expenses.
After several tries to find relevant information proved unsuccessful, we have concluded that the reason for the unavailability of the requested information is due to the sensor industry being a niche industry that has likely not been analyzed by any organization or has not been made public if there has been any analysis of the industries driving it. However, we have provided the relevant information we found during our research.

RELATED FINDINGS

Sensors have penetrated most industries, but are mostly used in electronic products, automotive, and the IT & telecommunications industries. The size of the global sensor market was about $139 million in 2017 and is projected to hit $287 million by 2025 at a CAGR of 9.5% due to factors such as a "growth in trend of IoT, rise in demand for sensors in the development of smart cities, advancement in sensors and its increasing usage in smartphones, and other electronics devices, incorporation of the sensor in devices incurs extra value and reduces life of device, rise in adoption of wearable devices, and innovative application in the biomedical sector". Major players in the global sensor market include Hewlett Packard Enterprise, Qualcomm Technologies, Inc., Johnson Controls International Plc, Atmel Corporation, and others.

CONCLUSION

Although information on the industries driving the growth of the sensor industry is not available and could not be succinctly determined, we have determined that the adoption of sensors is mostly prevalent in electronic products, automotive, and IT & telecommunication industries.
Sources
Sources