Global Nanosensors Market Report, published by Variant Market Research, forecast that the global market is expected to reach $5,550 Million by 2024 from $85 Million in 2016; growing at a CAGR of 68.7% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 69.3% and 68.9%, respectively, during the forecast period. Nanosensors are mechanical or chemical sensors that can be used to sense the presence of nanoparticles and chemical species, or to monitor physical parameters like temperature, on the nanoscale. One of the major factors contributing to the growth of this market is the rise in demand for sophistication in healthcare.
“Nanosensors Market (By Product Type: Optical Nano Sensors, Electrochemical Nano Sensors, and Electromagnetic Nano Sensors; By Application: Automotive and Aerospace, Homeland Defense and Military, Biomedical and Healthcare, and Other Applications; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
Growing affordability of nanosensors drives the growth of global nanosensors market
The major factors driving the growth of the global nanosensors market are rising affordability of nanosensors, and surging demand for optimum and cost-efficient quality products in the underdeveloped economies. Also features of nanosensors such as low cost, compact size, reduced power consumption, increased reliability have also supported the market growth. However, limited availability of sensors supporting consumer electronics is the major hindrance for the growth of the market. Moreover, technological advancement is expected to generate new growth opportunities for the market in the coming years.
Product type, application, and geography are the major segments considered in the global nanosensors market. By product type, the market is classified as optical nano sensors, electrochemical nano sensors, and electromagnetic nano sensors. By application the segmentations include automotive and aerospace, homeland defense and military, biomedical and healthcare, and other applications.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. UK, Germany, France, and Rest of Europe are analyzed under the European market. China, India, and Rest of Asia-Pacific are included under the Asia-Pacific market. While, RoW is bifurcated into South America, Middle East, and Africa.
Electrochemical nanosensors, by product type held for the largest market share in 2016
Global Nanosensors Market, by Product Type
Electrochemical held for the highest market share in 2016, in the product type segment and is expected to continue its trend during the forecast period 2016 – 2024. In terms of growth, electromagnetic nanosensors are likely to attain the fastest CAGR during the forecast period, owing to its extensive application in wireless communication.
Biomedical and healthcare dominated the application segment in 2016
Global Nanosensors Market, by Application
Biomedical and healthcare accounted for the largest market share in the application segment in 2016, and is likely to continue its dominance during the forecast period. The high growth is attributed to its high sensitivity and accuracy.
North America leads the global nanosensors market with major market share in 2016
GLOBAL NANOSENSORS MARKET SHARE BY GEOGRAPHY, 2016 (%)
In 2016, North America generated the highest revenue accounting for 39.3% of the total market share, owing to booming automotive and aerospace segment in the region. In terms of growth, Asia-Pacificis likely to attain the fastest CAGR of 69.3% during the forecast period 2016 – 2024.
The major companies profiled in the report include Honeywell International, Analog Devices INC, Robert Bosch GMBH, Nippon Denso Corp, Agilent Technologies Inc., Lockheed Martin Corporation, Toshiba Corp., Omron Corp., Micro-Tech Scientific Inc., and Altair Nanotechnologies Inc., among others.