Growth of the sensor market

A recent report from market forecasters BCC Research predicts that the market for sensors is expected to increase to £50.7 billion in 2014, reaching £74.1 billion by 2019, at a compound annual growth rate (CAGR) of 7.9%.

What are the main drivers behind this predicted growth? There are a few that are bandied around and all have merit.

As the world slowly emerges from the dark days of financial turmoil, there are a host of production lines that are running on older machinery. Companies are still trying to squeeze as much output from them as possible before investing in new equipment. This makes sense. However, make the small investment in vibration monitoring, detect potential issues and you can act before serious production time is lost to a major and costly breakdown.

Another reason for the predicted growth is the continual enhancement of sensor technology itself. The technological refinement of sensors has enabled them to detect vibrations and changes at a lower threshold than before. Coupled with this is the trend and capacity to make sensors even smaller and durable so that the applicability for a wider range of industries has increased.

With the evolution in sensor technology it’s also easy to forget that the growing benefits of using them is also driving the market.  For vibration monitoring engineers, enhanced sensors like our Premium HS-170 range offer improved frequency response. If you’re able to detect potential problems earlier, investing in the technology to do so is a no brainer.