The latest market research report by Technavio on the global nanosensors market predicts an impressive CAGR of around 98% during the period 2018-2022.
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Technavio has announced a new market research report on the global nanosensors market from 2018-2022. (Graphic: Business Wire)
The report segments the global nanosensors market by product (chemical nanosensors, mechanical nanosensors, and biological nanosensors) by end-user (healthcare sector, defense and military sector, and other sectors), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global nanosensors market, according to Technavio hardware and semiconductor researchers:
- Developments in nanotechnology: a major market driver
- Significant opportunity for expansion: emerging market trend
- The Americas dominated the global nanosensors market with close to 60% share in 2017
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Developments in nanotechnology: a major market driver
Developments in nanotechnology is one of the major factors driving the global nanosensors market Nanotechnology is the ability to influence atoms with the objective to enhance their core properties and characteristics. The technology makes use of nanoscience to build an ecosystem of nanotechnology. Multiple semiconductor components are manufactured using nanotechnology including quantum dots, CNTs, and other nanoparticles. Nanosensors are embedded into the building to monitor the condition of the structure, effect of weather on the structure, and temperature changes. It provides vital information about the state of buildings, bridges, reservoirs, and others. The sensors can be used to monitor concrete corrosion and cracks.
According to a senior analyst at Technavio for embedded systemsresearch, "These nanoscale sensors are also being integrated into healthcare devices and automotive components; they are used for the development of advanced weaponry in the defense sector. Economic expansion will drive the growth of the nanotechnology sector by stimulating industrial and consumer demand for products incorporating nanotechnology."
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Significant opportunity for expansion: emerging market trend
The global nanosensors market is currently in the developmental stage with no commercial products available in the market. Researchers and research institutes are undertaking a significant amount of research for the application of devices across various sectors. Technavio believes that with increasing adoption of nanotechnology, there will be groundbreaking discoveries and new avenues in the field of nanosensors especially with respect to consumer electronics. This will complement the growth of the global nanosensors market during the forecast period.
Global market opportunities
In 2017, the Americas dominated the global nanosensors market, accounting for an investment share of close to 60%. One of the key reasons for the dominance of this region is the rapid adoption of nanosensors in the healthcare and defense industries. The Americas was followed by EMEA and APAC. The Americas will continue to dominate the market during the forecast period owing to the unprecedented growth in the adoption of nanosensors in the region.
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