New research released by BCC Research suggests that the Internet of Things and the popularity of wearable technology will drive double digit growth for the global market for sensors.

According to a recent report, “The global market for sensors reached $110.4 billion and $123.5 billion in 2015 and 2016, respectively. This market is expected to increase from nearly $138.8 billion in 2017 to nearly $240.3 billion in 2022 at a compound annual growth rate (CAGR) of 11.8% for 2017-2022.

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Research Highlights

  • The boom in smart mobile communications technology and tablet PCs is driving huge demand.
  • Increased motor vehicle and machinery production, along with growth in shipments of process equipment, are fueling growth.
  • The maturity of many sensor markets and improved fabrication techniques are lowering costs, driving growth.

 

About BCC Research

With an unparalleled 45-year history, BCC Research provides comprehensive analysis of global market sizing, forecasting and industry intelligence, covering markets where advances in science and technology are improving the quality, standard and sustainability of businesses, economies and lives.

Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.

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