Apr 7 2015
Increasing demand for safety solutions coupled with growing sales of consumer electronics to drive sensor demand in India through 2020
According to a recently released TechSci Research report, "India Sensors Market Opportunities & Forecast, 2020", the country's sensors market in India is projected to register a CAGR of over 20% during 2015-20. The market is expected to witness tremendous growth on account of rising automotive sales, growing need for automatization in industries, increasing security concerns and ongoing technological developments in consumer electronics. Over the past few years, India has witnessed robust growth in adoption of high-end technology products such as tablet PCs, smartphones and wearable devices, which make extensive use of touch and image sensors. Working professionals, especially younger population, are increasingly shifting towards portable and smart devices, which are easy-to-carry and use, as well as efficient and accurate. In consonance with these factors, the market for smartphones and tablets is expected to continue to grow over the forecast period, simultaneously driving demand for sensors.
Growing concerns regarding safety and security across residential, commercial and industrial segments, due to factory automation and frequent criminal activities, have resulted in higher demand for security products and services. Electronic security equipment market is increasing shifting towards integrated security solutions comprising multiple systems including video analytics, access control, HVAC, chemical and biological sensors, image sensors, etc., thereby boosting the demand for sensors in the country. India sensors market is being dominated by major global sensor players, which operate in the country through subsidiaries and design centers.
"Growing trend of miniaturization is resulting in rapid technological advancements and digitization, making consumer electronic products smaller and smarter. Moreover, sensor technology has undergone radical changes, globally, during the last few years, which has been driving use of sensors in consumer electronics. Increasing demand for compact and lighter product versions offering better functionality is pushing manufacturers to innovate and use combination sensor technologies, thereby driving the sensors market in India.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Sensors Market Forecast & Opportunities, 2020" has evaluated the future growth potential of sensors market in India. The report provides statistics and information on market structure, size and share, along with segmental analysis of the market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India sensors market.