Printed equipment is of utmost importance in the Internet of Things (IoT), as it is a significant advancement that boosts the technology development. Silicon-based sensors are largely compatible with the IoT advancements. These sensors are prominently used in wide range of applications such as tracking inventories, wind turbines & engines, tracking data from plane, and others. Flexible and printed sensors gratify the need where embedded sensors do not work effectively. Further, significant advancement in the printed contraptions industry has resulted in the increased adoption of printed sensors across wide range of industries.
According to Precedence Research, the global printed and flexible sensors market size is predicted to hit over US$ 12.83 billion by 2027 from at US$ 7.6 billion in 2020, growing at a CAGR of 6.8% during the forecast period 2021 to 2027.
Growth Factors
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 sensor 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 risk of damage is likely to hamper the market growth.
Regional Snapshots
North America captured maximum market value in 2019 attributed to the presence of numerous research centers and universities that are dedicated for the advancement of the sensors and its related products. In addition, the region spend prominently on the upgradation and advancement of new medical devices owing to large number of ageing population in the region those are more prone to the 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 prominent growth of 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 accounted for the market growth of sensors. In addition, shifting trend in 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.
Key Players & Strategies
The printed and flexible sensors industry is an eye-catching market that offers prominent opportunity for the market players to manufacture distinctive product and upgrade their market position. In the wake of same, several manufacturers are adopting collaboration and partnership strategies with the end-use industries to gain a competitive edge. For instance, in July 2019, Sumitomo Chemical and ISORG entered into a partnership agreement to develop a new Organic Photo detector (OPD) product for its use as smartphone fingerprint sensoras well as hybrid organic CMOS image sensor.
Some other industry participants also believe strongly in new product development and advancement to retain their market position. For instance, in April 2015, Canatu Oy introduced a next-generation of high optical transmittance CNB (Carbon NanoBud) transparent conductive films for touch sensors. Further, the company as its new market strategy is targeting consumer electronics and automotive markets with its new and advanced touch sensor products.
Some of the key players operating in the market are Fujifilm Holding Corporation, Canatu Oy, Interlink Electronics, Inc., Tekscan, Inc., ISORG, Peratech Holdco Limited, KWJ Engineering, T+Ink, Inc., Renesas Electronics Corporation, and Thin Film Electronics ASAamong others.
Report Highlights
- North America emerged as a front-runner in the global printed and flexible sensors market owing to significant presence of universities and research institutes
- The 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 2020 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 2020 attributed to the significant demand for biosensors across various medical devices
