According to Transparency Market Research, in terms of revenue, the global nanosensors market is projected to expand at an impressive CAGR of 80.70% during the forecast period from 2015 to 2021. Revenue-wise, the global nanosensors market was estimated at US$26.9 mn in 2014 and by 2021, the market is projected to record US$1,500.9 mn. Several trends are shaping the global nanosensors market. Let us take a look at these:
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Key Trends in Global Nanosensors Market
- Rising Demand from Homeland Defense and Military Segment: Application-wise, the global nanosensors market is segmented into biomedical and healthcare, homeland defense and military, automotive and aerospace, and others. The global nanosensors market is driven by the growing demand in the homeland security and military segment. In the military and homeland security segment, nanosensors are used to detect radiation and biotoxins. Furthermore, nanotechnology has enabled companies in the global nanosensors market to develop innovative warfield gear such as lighter vehicles and self-repairing tents.
- Increasing Demand from Biomedical and Healthcare Segment: Demand for nanosensors in the biomedical and healthcare segment is rising due to the growing demand for smaller, faster, and portable diagnostic sensing systems. For diagnostic purposes, nanosensors are generally used in lab-on-a-chip type devices to detect cancer or as blood borne sensors. Nanosensors are used to identify chemical species and biological agents in the biomedical segment.
- Cost Savings: The global nanosensors market will also benefit from the cost-effective manufacturing of nanosensors due to their compact size. Furthermore, nanofabricated sensors help reduce plant production costs as they are mounted on wireless packages and don’t incur cabling and wiring costs. This trend will further shape the global nanosensors market.
- Growing Investments: Huge amount of investments are being made in the research and development activities of nanosensors. This trend is further fuelling the global nanosensors market. The global nanosensors market will also benefit from the advent of innovative new generation nanosensors equipment.
- High Demand from North America: Elevated demand for nanosensors from North America will also propel the global nanosensors market. In 2014, North America held the largest share in the global nanosensors market, in terms of revenue. In this region, the U.S. is the largest market for nanosensors due to factors such as the reduced expenses for therapy and diagnosis provided by nanosensors. On the other hand, technological advancement in signal processing and microelectric technologies is driving the demand for nanosensors in the European market.
- Significant Growth Opportunities in APAC: Players in the global nanosensors market will benefit from the significant opportunities provided by emerging countries in Asia Pacific. The increasing focus on the food management industry will drive the demand for nanosensors in this region. Moreover, the rising application of nanosensors in robotics and the Internet of Things (IoT) in the APAC region will also drive the overall nanosensors market.
Some of the key players operating in the global nanosensors market are Samsung Electronics, Honeywell International, Analog Devices, Lockheed Martin Corporation, Oxonica, Texas Instruments, and OMRON Corporation.
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Although the global nanosensors market will be driven by the aforesaid trends, it will be suppressed by the difficulty associated with mass production of nanosensors.