Global Nanosensors Market with Current Trends Analysis -2023

The global nanosensors market was valued at USD 90.6 million in 2017, and is expected to reach a value of USD 4,024.4 million by 2023 at a CAGR of 88.19%, during the forecast period (2018 – 2023). The scope of the report is limited to solutions offered by major players including providers of optical, electrochemical and electromagnetic nanosensors. While the regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

 

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The market for nanosensors has witnessed some important innovations and developments in the field of nanotechnology such as an invention of carbon nanotubes that had a great impact on the area, and it has been the foundation for diverse directions of development. Moreover, the factors, such as advancements in nanotechnology supported by government initiatives, increasing trend of miniaturization and use of miniaturized products across various industries are driving the market growth. However, complexity in manufacturing nanosensors and reluctance of some users to use nanosensors due to conservative approach towards adopting new technologies are hindering the market growth.

Nevertheless, advanced technologies have always been the driving force of new opportunities and further development. Constant R&D on new technologies namely nanotechnology can bring market advantage for innovative companies.

 

Key Developments in the Market

• January 2018 – Omron Healthcare, Inc. unveiled new products in personal heart health technology at the 2018 (CES) Consumer Electronics Show. The company debuted two devices the Omron HeartGuide, the first wearable oscillometric wrist blood pressure monitor, and the Omron Blood Pressure Monitor + EKG, the first single at-home device in the U.S. that measures blood pressure and EKG. Omron also previewed its new Omron Connect App which syncs with Omron connected devices so consumers can store, track and share heart health data with their doctors for better treatment and better outcomes
• April 2017 – Honeywell International Inc. had launched a new particle sensor designed to help building owners and consumers monitor the air for potentially harmful particulate contaminants caused by dust, soot and smoke. With its heavy industrial level electromagnetic compatibility, the HPM series sensor performs accurately in harsh, challenging environments. Building operators ban be benefited from the sensor’s industry-leading long life of 20,000 hours, which allows for stable operations and continuous use.

 

The major players include –

ANALOG DEVICES INC., ROBERT BOSCH GMBH, NIPPON DENSO CORPORATION, OMRON CORPORATION, ROCHE NIMBLEGEN INC., SENSONOR AS, SILICON DESIGNS INC. and STMII, amongst others.

 

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Advancements in Nanotechnology Supported by Government Initiatives to drive the Market Growth

Years of investments in nanotechnology have made the world to succeed in developing nanosensors for various applications. The industries using nanosensors hold great potential for future profitability in nanosensors include robotics and the Internet-of-Things (IoT), transportation, construction and energy storage, food management; environmental monitoring; and security, surveillance, and military. Furthermore, with the rising significance of intelligent packaging, adoption of nanosensors is expected to witness a considerable increase. Nanotechnology, nano minerals and nanosensors in the agri-food sector, including feed and nutrient components, intelligent packaging and quick detection systems, can be seen as the new source of key improvements in the agricultural sector.

Nanotechnology has emerged as one of the foremost areas of focus globally owing to these advancements highly supported by the government regulations. For instance, the Cabinet Office of Japan, MEXT and METI have recognized the necessity and have dedicated divisions in the ministries focused only on nanotechnology. The U.S. government R&D initiative, the National Nanotechnology Initiative established in 2001 is still active and propelling the market in the region.

 

Healthcare Industry to witness a Disrupting Growth

The healthcare and the biomedical sector is the largest initial market for nanosensors owing to increasing requirement for rapid, compact, accurate and portable diagnostic sensing systems. As Urgent Care Centers (UCC) and Retail Clinics Centers (RC) have become popular as the need for convenient care continues to grow because of the long waits seen by the Emergency Departments. Growth in urgent care center and retail clinic encourages IVD firms to prioritize focus. Moreover, with the increasing rates of patients suffering from diabetes, government bodies in various countries are investing into developments of diagnostics techniques. For instance, Ministry of Health Labour and Welfare (MHLW) in Japan had granted national reimbursement for the FreeStyle Libre glucose monitoring system in August 2017. The revolutionary system was aimed to be widely available to the more than 1 million Japanese people ages six and above with diabetes. This stimulated the nanosensors adoption in the healthcare sector. However, companies providing nanosensors in medical applications have to consider molecular characteristics, toxicity, possible secondary reactions releasing any toxic side products, leachants, and the effect when these materials deteriorate. Regulatory factors affect the medical market, so companies providing products that do not require FDA clearance have better chance to succeed in this market.

 

North America Dominated the Market

The major factor driving the nanosensors market in North America is growing demand of nanosensors in military and homeland security as they are used for the detection of radiations and biotoxins. According to Stockholm International Peace Research Institute, North America had accounted for 41.33% of the global military expenditure, which was the largest share among all regions. They also have benefited the military by helping in the development of advanced Warfield gear, such as lighter vehicles and self-repairing tents. With the increased defense budget of the region specifically the United States, the demand for nanomaterials and components is expected to increase. The U.S. military spending dropped in 2013, it recovered from 2016 and is expected to increase in future owing to the advancement needs in military and defense sector of the region.

In addition, cost effective manufacturing due to compactness of nanosensors is set to bring about a positive transition in the nanosensors market. Also, the increasing demand for smaller and faster portable diagnostic sensing systems are the major factors driving the growth of nanotechnology in biomedical and healthcare segment in North America. All these factors contribute to the increasing demand for nanosensors in North America.

 

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Global Next Generation Biometrics Market Growth Analysis and Foresight to 2023

The global next generation biometrics market was valued at USD 9.61 billion in 2017, and is expected to reach a value of USD 37.65 billion by 2023, at a CAGR of 17.61%, during the forecast period (2018 – 2023). The scope of the report is segmented by type of Solution which include face recognition, fingerprint recognition, iris recognition, palm print recognition, signature recognition, and by end-users is limited to government, defense, travel & immigration, home security, banking & finance, consumer electronics, and healthcare. While the region considered in the scope of the report include North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

 

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High Degree of Security and Improvement in Confidentiality of Personal Information is Driving the Market

These systems prevent thefts, as the information is stored in the digital form, which helps in preventing manipulate information. One of the key trends witnessed in the next generation biometrics market is a paradigm shift in business discourse towards more privacy and less security threats. The end-users are increasingly looking for integrated solutions, rather than depending on conventional methods. The next generation biometrics providers and the governments have realized the growing importance for the need of biometric systems across several verticals, where security remains the primary concern. Moreover, the growing need for strengthening national security has increased the growth of these systems globally. Iris recognition is used in various countries for different purposes, such as passport free automated border crossings and many others.

 

Key Developments in the Market

May 2017 – Gemalto announced the closing of the acquisition of 3M’s Identity Management Business after approval by the relevant regulatory and antitrust authorities. This strategic acquisition rounds out Gemalto’s Government Programs offering by adding biometric technologies and more secure document features and it ideally positions the Company to provide solutions for the promising commercial biometrics market. The Identity Management Business will be integrated into Gemalto Government Programs business. In 2016, the acquired business generated USD 202 million in revenue and an estimated USD 53 million in profit from operations

With the acquisition of 3M’s Identity Management Business, Gemalto makes a strategic move by in-sourcing biometric technology. Combining market access, technologies and expertise will enable Gemalto to further accelerate the deployment of trusted national identities and to offer strong end-to-end biometric authentication solutions throughout the digital economy

 

Major Players:

3M Cogent Inc., Cross Match Technologies, Facebanx, Fingerprint Cards AB, Fujitsu Ltd., Fulcrum Biometrics, RCG Holdings Limited, Safran SA, Siemens AG, Suprema Inc., Thales Group, and ValidSoft UK Ltd, among others.

 

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IRIS Recognition is One of the Fastest Growing Amongst the Type of Solution

Few benefits of this technology are that it is easy to use, difficult to forge and is accurate. Terrorist attacks; other cross-border illegal activities and cybercrimes have created the need for implementing the iris recognition technology. The iris recognition application in the consumer electronics sector is expected witness the highest growth rate during the forecast period mainly because of the commercialization of various iris scan-based electronic devices, like smartphones, tablets, smart watches, notebooks, and others. However, the increasing expansion of iris recognition in several verticals is expected to increase the growth during the forecast period.

 

Banking Sector is the Fastest Growing Sector among Others

Next generation biometrics has attracted end-user industries, like government, defense, travel & immigration, home security, banking & finance, consumer electronics, healthcare. For instance, Major Banks are also rolling out biometric authentication. JP Morgan, Chase, Bank of America and Wells Fargo allow their customers to log in to mobile banking via fingerprint authentication. Voice authentication is also deployed in banks’ call centers to identify customers. Next generation biometric authentication can also raise satisfaction of their customers, as it can eliminate passwords and increase the demand to adopt for biometrics in banking sector, which makes this market grow bullishly.

 

In Terms of Geography, North America Holds a Major Market Share, Followed by Europe

The market is expected to witness significant growth in emerging economies, such as the Asia-Pacific region, which is estimated to grow steadily over the forecast period. Apart from the consumer electronics and government sector, the healthcare sector is expected to experience a rise in application of next generation biometrics in these regions. Few countries, like China, India, Russia, and Mexico are driving the growth of biometric systems. China has initiated a biometric national ID program, which commenced in 2013. However, the increase in computer storage of essential documents has increased the need for next generation biometric systems.

 

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Global Night Vision Cameras Market – Industry Challenges, Key Vendors, Drivers, Trends and Forecast to 2023

The global night vision cameras market is expected to register a CAGR of 18.23% during the forecast period. The scope of the market covers brand asset management systems, library asset management systems and production asset management systems.

 

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Globally, the drive to enhance the safety and security across different industries is facilitating the market, to grow significantly. Night vision cameras are majorly adopted in manufacturing, services, transportation, and military & defense sectors. This incorporation is higher in countries, such as the United States, the United Kingdom, India, China, and Brazil, owing to the large size of the concerned industries and higher awareness among consumers. The military and defense sector is expected to hold the major share of the market owing to the increasing military budget focused on security and surveillance coupled with technological developments of unmanned airborne surveillance system and drones.

 

Key Developments in the Market

• January 2018 – FLIR Systems, Inc. launched a multifunctional thermal imaging monocular and three new night vision products. This new product portfoliou00ad u2013 thermal and night vision products, which is aimed at establishing the company in the tactical and outdoor markets, and build on its nearly 50-year heritage of developing combat-proven solutions
• February 2017 – Sharp Corporation acquired a majority 56.7 % stake in Skytec UMC Ltd. The acquisition is promoting the manufacturing and sale of Sharp branded audio-visual products in Europe

 

The major players include –

INTEVAC, INC., PHOTONIS USA, INC., ELBIT SYSTEMS LTD., ROCKWELL COLLINS, INC., ELIR SYSTEMS, INC., PANASONIC CORPORATION, BAE SYSTEMS PLC, TAK TECHNOLOGIES PRIVATE LIMITED, HARRIS CORPORATION, TACTICAL NIGHT VISION COMPANY, INC., ARMASIGHT, INC., FLIR SYSTEMS INC., GENERAL DYNAMICS GLOBAL IMAGING TECHNOLOGIES, INC., NIVISYS, LLC, SONY CORPORATION and SHARP CORPORATION, amongst others.

 

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Transportation Industry to Register the Fastest Growth during the Forecast Period

The Transportation industry is major end-user that makes use of night vision cameras extensively. Wired night vision cameras are used in the manufacturing plants. Further, night vision car cameras are being increasingly used in automobiles, especially in autonomous self-driving cars particularly for navigation applications. The automotive industry is undergoing a wave of innovation andu2014with the advent of groundbreaking technologies, such as the Internet of Things (IoT), making vehicles safer than ever before – is witnessing a paradigm shift from the traditional models. With enhanced GPS, location and maintenance live recording, reminders, driving assistance and Wi-Fi services the demand for connected cars has been soaring and it is estimated that connected cars will account for 75% of the 92 million cars shipped globally in 2020. Major automobile manufacturers, like BMW, Mercedes, and Audi have incorporated night vision cameras with animal detection and pedestrian marking lights features to avoid potential accidents. This is expected to drive the adoption of night vision cameras during the forecast period.

 

Regional Analysis of The Market

North America is expected to be the dominant market, with U.S. accounting for maximum consumption, owing to its large army and military requirements. Asia-Pacific, excluding Japan and Western Europe, is expected to grow significantly during the forecast period due to high demand in the region, which is driven by security and surveillance needs. In the near future, with the development of smart cities, and technological advancements, the demand for night vision cameras with better picture resolution and quality is set to grow at

 

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Non-Destructive Testing Equipment Market Future Demand and Growth Analysis with Forecast up to 2023

The non-destructive testing (NDT) equipment market was valued at USD 4711.4 million in 2017 and is expected to reach a value of USD 6646.1 million by 2023, at a CAGR of 5.85% during the forecast period (2018 – 2023).

 

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The non-destructive testing (NDT) equipment offers solutions to industries, which are to be used in manufacturing, fabrication and in-service inspections to ensure product integrity and reliability. NDT equipment are also used in construction, automotive and transportation, power & energy, and aerospace & defense to ensure the quality of materials and manufacturing processes during the fabrication. The NDT equipment market is driven by a number of factors, such as industry standards, increasing safety regulations, and increasing complex geometries in products. However, this market faces certain drawbacks, such testing equipment being very expensive, and lack of qualified/skilled workforce, the requirement of customization of NDT equipment. These factors may act as a roadblock to the growth of the market, but plunge in aerospace industry and oil & gas sector can be seen as an opportunity where the industry has scope for growth in the next four years.

 

Key Developments in the Market

• October 2017 u2013 Comet Group opened Lab One, its first technology and application center in Silicon Valley in a bid to stimulate new applications, facilitate innovations, and make more active collaborations with customers. The facility boasts of bringing direct access to all of three of the group’s core technologies under one roof
• October 2017 u2013 MISTRAS acquired Condenser & Chiller Services, Inc. (CCS), a leading NDT inspection and complete heat exchange service provider, based out of Los Angeles, California. The acquisition is expected to help MISTRAS bolster its heat exchanger services while CCS gets access to MISTRAS’ resource network
• March 2017 u2013 GE Measurement and Controls introduced TransPort PT900 Portable Ultrasonic Flow Meter, a clamp-on meter for liquid flow measurement. Significant customer research and input informed the design of the TransPort, leading to an all-new transmitter and clamping fixture and app-driven user interface on an Android tablet

 

The major players include –

MISTRAS GROUP, SGS GROUP, FUJIFILM HOLDINGS CORPORATION, OLYMPUS CORPORATION, BUREAU VERITAS S.A., GE MEASUREMENT and CONTROL, amongst others.

 

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Oil & Gas Industry in the US to Create New Opportunities

The upstream oil & gas sector has been on the downside of the demand due to recent low crude oil price situation. However, the current production cuts in OPEC, which have already held back 1.8 million barrels of oil per day, which equals to almost 2% of global production, in the first half of 2017 is expected to stabilize the crude oil price situation. This is encouraging many oil-dependent countries to resume their investments into exploratory activities. This lead to a considerable increase in the number of oil & gas wells drilled in North America and increasing investment in upstream activities of Middle East region.

The United States Department of the Interior (DoI) intends to green light the National Outer Continental Shelf Oil & gas Leasing Program (National OCS Program) for 2019-2024 which allow offshore exploratory drilling in about 90% of the OCS acreage, so that 98% of the undiscovered technically recoverable oil & gas resources in federal offshore areas would be available for exploration and development. This program is expected to massively increase the upstream sector activity in North America leading to critical demand for NDT equipment in the near future. The 2019-2024 National OCS Program is scheduled to be initiated by the US Bureau of Ocean Energy Management (BOEM), and after initiation, the program is expected to supersede the current 2017u20132022 OCS program.

 

Lack of Skilled Workforce Persists to be a Drawback

Lack of skilled workforce for the non-destructive testing sector has always been a significant drawback to the market. Although NDT has been in the market for quite a few years now, it could not attract enough crowd to pursue NDT as a career, especially in the fastest growing market for NDT equipment and services, the Asia Pacific. This creates a severe scarcity of labor in the market. Major companies that have in-house capabilities are also outsourcing the NDT activities to third-party companies due to lack of skilled labor. Although, the number of NDT certification communities and institutions has doubled over the time, they could not supply enough workforce to meet the current requirements.

This factor is posing a huge challenge to NDT equipment sales. Although, third-party players key customers for NDT equipment market are hindering the growth of NDT equipment sales in the global market due to the lack of skilled work force scenario. Training professional towards NDT services is beneficial for the third-party companies, as they handle multiple clients. However, in case of in-house testing training a batch of freshers might not be as fruitful as the third-party player’s scenario. A certain degree of automation in the NDT sector is managing the scarcity of skilled labor but cannot eliminate the problem. Growing number of training institutes and certification boards in the developing countries are expected to reduce this problem in the near future.

 

Power Generation Industry to Witness Strong Growth

The power generation sector is one of the largest end-user segment for non-destructive testing equipment. The requirements of high accuracy and precision in the day-to-day operations of a power plant create a high need for regular maintenance activities. The power plants often deal with highly inflammable and explosive products, such as fossil fuels and nuclear elements to generate power. Proper containment and storage of these materials is the top priority safety issue to operators.

The recent trend of clean energy is creating a shift in power plant operation styles. Previously, most of the power plants in the world used to operate on fossil fuels. However, with increasing environmental concerns theses are being replaced with power plants running on natural gas resources. In the past six years, the electricity consumption all the over the globe increased by 2.1% every year. In the year 2016, the global coal consumption fell by 1.5%, while solar and wind consumption increased by 30% and 60% respectively. This indicates continues and high growth in the use of alternative and renewable sources for power generation, which are leading to increased construction and expansion activity in the sector to accommodate this shift. This scenario is providing new opportunities for the non-destructive testing equipment market in the power generation sector.

 

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Optical Chemical Sensor Market: Recent Industry Trends and Projected Industry Growth 2018 – 2023

The global optical chemical sensor market was valued at USD 1.32 billion in 2017, and is expected to reach a value of USD 3.46 billion by 2023, at a CAGR of 17.48%, during the forecast period (2018 – 2023). The scope of the report is segmented by type infrared sensors, fiber optic sensors, photoionization sensors, and by end-users is limited to industrial, medical, environmental monitoring, defense & homeland security. While the region considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa, and Latin America.

 

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The Increasing Environmental Risks at the End-user Industries is Driving the Optical Chemical Sensors Market

The rising levels of pollution have supported the demand for optical chemical sensors. Applicability of sensors in analyzing the chemical composition of different samples is influencing adoption of chemical sensors. Low cost and portable nature is expected to fuel the growth of the optical chemical sensors market during the forecast period. Apart from the environmental concerns, the use of chemical sensors to analyze in the chemical industrial process is also integrating into the market. Defense sector, research labs, and healthcare operation are utilizing sensors as advanced tools, which are in turn driving the market.

 

Key Developments in the Market

February 2018 – Ocean Optics has expanded its spectroscopy capabilities by partnering with Pyreos Limited (Edinburgh, Scotland) to develop new mid-IR solutions. Unlike traditional FT-IR spectrometers, the unique combination of Pyreos’ detectors and Ocean Optics applied spectroscopy knowledge will enable businesses and researchers to create rapid, accurate and field-portable devices. MIR technology makes possible a wealth of potential applications in chemical and pharmaceutical quality, food and agriculture analysis, environmental testing, and scientific research

 

The major players include –

GENERAL ELECTRIC COMPANY, SIEMENS AG, HONEYWELL INTERNATIONAL, EMERSON ELECTRIC COMPANY, ABB LIMITED, ALPHA MOS SA, TELEDYNE TECHNOLOGIES INCORPORATED, HALMA PLC, BOSCH (ROBERT) GMBH, and ROCHE HOLDING LIMITED, amongst othes.

 

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Fiber Optic Chemical Sensors Holds the Major Market Share amongst Other Type

Fiber optic chemical sensors (FOCSs) are now in operation and have been gaining escalating interest around the World. The FOCS technique is now mushrooming at large scale owing to its numerous applications in different areas of organic, inorganic, clinical, biomedical and environmental analysis, industrial production and bioprocess control, which involves an intrinsic color or fluorescence. The optical fiber in the sensor systems has brought advantages, such as measurement inflammable and explosive environments, immunity to electrical noises, miniaturization, geometrical flexibility, measurement of small sample volumes, remote sensing in remote sites or harsh environments and multi-sensing are factors that are driving the fiber optic chemical sensors market during the forecast period.

 

Medical Industry Is the Fastest Growing Sector amongst Others

Rising demand for the next generation of clinical diagnostic, measuring and monitoring sensors for applications in implantable and wearable devices have created opportunities with exponential growth potential. Chemical sensing array and higher order orthogonal sensors are significant trends in the global market. Particularly in bio-sensing, advances in micro fluids, and imaging technology are the driving factors of optical chemical sensors market. Low raw materials and advent of nano and micro fabrication techniques within the industrial manufacturing process have led to substantial increase in the commercialization of optical chemical sensors for healthcare applications and is expected to stay steady during the forecast period.

 

The Asia Pacific to Emerge as the Fastest Growing Market with a Double-Digit Growth Rate

North America and Europe are the leading regions in terms of overall demand for optical chemical sensors. The concerning pollution levels in China, India, and other Asia Pacific countries are also driving the demand for optical chemical sensors. Low prices, flexible applications, and speedy technological implementations are fuelling the demand for optical chemical sensors in the Asia pacific market. The optical chemical sensors market forecast seems promising, owing to the rising usage of chemical sensors in industrial safety operations and environmental monitoring programs.

 

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About Market Prognosis

We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.

We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.

We believe in delivering actionable insights for your business growth and success.

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