The changing dynamics of warfare will create an opportunity worth US$1,500.9 mn in the global nanosensors market by the end of 2021. The phenomenal uptake of nanosensors will be attributable to their burgeoning demand in the military and home security sectors, observes Transparency Market Research. The cost-effectiveness of manufacturing nanosensors and their compactness make them the preferred choice of sensors amongst various industrial sectors. As of 2014, the valuation of the global nanosensors market stood at US$26.9 mn and is expected to expand at an exceptionally high CAGR of 80.7% over the forecast period.
The emergence of several industries across Asia Pacific will present lucrative opportunities to the nanosensors market as well. The growing focus on food management is also expected to spur demand for nanosensors as they will prove critical to ensuring quality control in the production of food and beverages. The extensive application of nanosensors in robotics and in Internet of Things (IoT) in the forthcoming years will also create high-value opportunities for the overall market. The difficulty in large-scale production of nanosensors is the only restraint on the overall market currently, says TMR.
North America Nanosensors Market to Expand at 81.2% CAGR between 2015 and 2021
North America dominated the global nanosensors market, accounting for about 39.4% of the total market revenue in 2014. This share was closely followed by Europe and Asia Pacific. North America will continue to lead the global market are the nanosensors market in the region is expected to progress at a strong CAGR of 81.2% between 2015 and 2021. The consistent innovations and investments in research and development of nanosensors to appeal to a wider consumer base have led to several technological advancements in this market.
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The Asia Pacific nanosensors market is also on the verge of revolutionizing costs pertaining the diagnostics and improved therapies that are based on nanosensors. Both of these factors are likely to drive this regional market to a new high. China will lead this extraordinary growth in Asia Pacific due to ongoing technological upgradation in healthcare and biomedical segments.
Homeland Defense and Military Identified as Fastest-growing Segment
Homeland defense and military has been identified as the fastest-growing application segment of the global nanosensors market with a CAGR of 83.9% between 2015 and 2021. Efforts made to upgrade national security have been the fulcrum of this turn in the overall market. Technological advancements such as implantable nanosensors to monitor the health condition of the soldiers will ensure in raising a fitter force in the near future.
The automotive and aerospace segment will also make a significant contribution to the overall earnings of the global nanosensors market. The need for enhanced climate control, fuel-efficiency, and ergonomic seating will collectively spike the demand for automotive nanosensors all through 2021.
The leading players identified in the market are OMRON Corporation, Oxonica, Lockheed Martin Corporation, Texas Instruments Inc, Analog devices Inc, Samsung Electronics Co. Ltd., and Honeywell International, Inc. Analysts forecast that players will focus on strengthening their positions through mergers and acquisitions. Increasing geographical reach and developing innovative products to cater to the various industrial verticals will define the growth strategies of the players in the coming years.