How the IoT Is Shaping the Sensor Market

And vice versa. Particularly in the industrial space, increasing connectivity is driving sensor growth, but sensor innovation is also creating big…

Sourced through Scoop.it from: www.automationworld.com

The $85 billion sensor market has grown at a compound annual growth rate (CAGR) of more than 7.5 percent over the past three years, points out Denver-based investment banking firm Headwaters. That’s expected to grow to more than $115 billion by 2019, with 7.3 percent CAGR.   More sensors are showing up in the automotive industry (with connected and self-driving cars creating a huge demand) and healthcare applications (health monitoring and medical diagnostics being key), but nowhere is demand more significant than in the industrial space, accounting for more than a third of the sensor market.   IIoT is expected to stimulate huge demand for sensors, the Headwaters report says, pointing to industrial data that’s expected to double within the next 10 years. And given the domain expertise of industrial players, IIoT technology should see higher-margin growth opportunities.  As a more mature end market, industrial applications focus more on high-end rather than high-volume production, Headwaters notes, with demand for sensors that can be used in harsh environments with high reliability, precision and miniaturization. And as machine-to-machine (M2M) communications becomes more sophisticated, sensors are helping to enable predictive maintenance, asset monitoring and data analytics for production efficiency gains.   In process automation, systems for process control, process safety, operations management and asset optimization call for the increased use of sensors for measurement and analytical instrumentation, plus control for industrial settings, Headwaters reports. “The recurring theme of integrating multiple sensor technologies with software analytics will enhance the speed and precision of the information flow driving production performance, reliability and safety,” the report says. “The result is an improved cost structure and work environment leading to superior products or processes.”

See on Scoop.itInternet of Things – Technology focus

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