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Global Capacitive Sensors Market Set to Exceed $31 Billion by 2023
March 14, 2019 | Business WireEstimated reading time: 2 minutes
The capacitive sensors market was valued at $22.57 billion in 2017, and is expected to reach $31.08 billion by 2023, recording a CAGR of 5.48%, during the forecast period of 2018-2023.
Capacitive sensing technology is witnessing swift developments, to meet the advanced user interface requirements of modern applications. The increasing preference for capacitive sensors, due to their greater durability, superior sensitivity, and higher measurement accuracy than resistive or inductive sensors, is one of the primary factors driving the growth of the market studied.
The implementation of touchscreen display systems as human-machine interaction, by end-users, such as consumer, industrial, automotive, and medical, is also anticipated to drive the demand for capacitive sensors. The increasing factory automation of production processes is also expected to spur the demand for capacitive sensors, in the healthcare and automotive industries.
However, issues related to supply shortage of indium tin oxide are estimated to challenge the growth of the market studied, during the forecast period.
Automotive Sector Expected to Fuel the Growth
Human machine interface technologies have witnessed a paradigm shift, owing to the increasing information interchange between a human and various systems in cars. This has resulted in a surge in the demand for capacitive sensors, as they are deployed for the implementation of human machine interface (HMI) applications, such as indoor illumination control, navigation control, etc.
According to the World Intellectual Property Organization, about 5,839 patents related to autonomous driving were filed, worldwide. Bosch accounts for a significant share in patent filings related to autonomous driving, (around 958 patents, during 2010-2017).
Moreover, government across the globe are also increasingly investing in the development of autonomous vehicles, further augmenting the demand for the capacitive sensors market. For instance, the Japanese government has proposed an ambitious strategy to be implemented during Tokyo 2020 Summer Games—the introduction of a self-driving vehicle force, to be used as Olympic transport.
Asia-Pacific Expected to Account for a Substantial Market Share
The established electronics industry in Asia-Pacific and adoption of innovative technologies have provided the regional organizations a competitive edge, in the market studied. Moreover, the region enjoys the presence of several major capacitive sensor vendors, such as Omron Corporation (Japan), and Fujitsu Ltd (Japan), among others.
The increasing demand for smartphones in the region is expected to further drive the market's growth prospects, as major smartphone manufacturers, like Samsung (South Korea), are using capacitive touch sensors for smartphones.
According to Ericsson, the estimated number of smartphone subscriptions is the highest in Asia-Pacific, at about 2,077 million, during 2015-2017. The National Development and Reform Commission of China has also unveiled a three-year plan for the development of smart cars, which is anticipated to drive the demand for capacitive sensors, in the region.
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