The global printed and flexible sensors market size was valued at $7.58 billion in 2019 and predicted to reach $ 12.83 billion by 2027, growing at a CAGR of 6.8% during the forecast period 2020 to 2027, according to Precedence Research.
The advent of IoT, automation, artificial intelligence, and facial recognition has significantly surged the demand for different types of sensors across industries. The increasing adoption of printed and flexible sensors is mainly attributed to the developments in electronic technologies. Further, the rising demand for durable and compact electronic products has surged the implementation of printed and flexible sensors in the electronic products.
Moreover, the healthcare industry is one of the prominent consumers of the printed and flexible sensors. The advent of agile procedures, seamless techniques, and digital technologies in the sector has forced industry players to shift their focus towards advanced and smart sensor technology. However, its high manufacturing cost along with the risk of damage is likely to hamper the market growth.
North America captured maximum market value in 2019 attributed to the presence of numerous research centers and universities that are dedicated to the advancement of the sensors and their related products.
In addition, the region spends prominently on the upgrading and advancement of new medical devices owing to a large number of an aging population in the region that are more prone to chronic diseases. Thus, to balance the economic contribution to these diseases the region spends more on the devices and technology required for the diagnosis and treatment.
Besides this, the Asia Pacific exhibits the fastest growth rate over the forthcoming years because of the prominent growth of the industrial sector and consumer electronics industry in the region.
Several players are expanding their manufacturing bases in the Asia Pacific region that is the major reason that accounted for the market growth of sensors.
In addition, shifting trends in the industrial sector towards factory automation and smart manufacturing are the other prime factors that surge the demand for sensors over the upcoming years.
Europe is the other significant market for printed and flexible sensors as it witnesses remarkable growth in sensors and related products from the automotive industry.
The region is considered as a hub for large automotive manufacturers that accounted as a prime factor for the growth of sensors in the region.
- North America emerged as a front-runner in the global printed and flexible sensors market owing to a significant presence of universities and research institutes;
- Asia Pacific expected to be the most opportunistic region in the printed and flexible sensors market because of the notable growth of consumer electronics;
- Based on type, biosensor occupied the major value share in the year 2019 mainly because of escalating demand for glucose test strips that is largely used in diabetes monitoring;
- Image sensor accounted to contribute significant value share in the market because of significant technological advancements in the image sensing technology;
- Medical accounted for the largest market share within the application segment in 2019 attributed to the significant demand for biosensors across various medical devices