By Cameron Chai
BCC Research in a recent report has predicted that the worldwide market for microsensors, which stood at nearly $5.2 billion in 2010, will rise to about $5.9 billion in 2011 and $12 billion by 2016, registering a compounded annual growth rate (CAGR) of 15.3% over five years.
MEMS sensors form a major part of the microsensor market. This sector will capture around $3.2 billion in 2011 and is expected to rise at a 15.5% CAGR to reach $6.5 billion in 2016. Nanosensors should register a CAGR from 0.1% market to 0.3%. The nanosensors sector will register a high growth rate, capturing about $6.5 million in 2011 and $38 million in 2016, at a CAGR of 42.7%.
Microsensors are a key component of technology used in transportation, telecommunications, and healthcare. Some benefits of microsensors are their reaction to semiconductor chips, nanosize and low power consumption. Their increased use has resulted in the development of related industries including design software and services, fabrication equipment and facilities. The report offers data on microsensor technologies and applications to help investors in deciding the future course. Strategic goals include detecting market sectors with business potential over the next five years, and demand forecasts.
The report describes microsensor technologies, and targets marketing executives, businessmen, investors, and venture capital firms. It will also benefit research and development.