Acceleration, yaw, and magnetic sensors are forecast to reach record sales in 2014 after slumping in 2012 and 2013, according to market research firm IC Insights. Worldwide sales of sensors and actuators are forecast to grow 14% in 2014 to reach $9.9 billion, followed by a 16% increase in 2015 to $11.4 billion, IC Insights said. Between 2013 and 2018, the sensors/actuators market is projected to rise by a compound annual growth rate (CAGR) of 11.7% to reach $15.1 billion in 2018.
The stall between 2011 and 2013 was caused by inventory corrections in some cellphone segments, falling average selling prices (ASPs), and delays of purchases by cautious system makers. The market grew 0.3% in 2013 to slightly more than $8.7 billion, but a new wave of stronger growth is expected to begin in 2014. (See MEMS, magnetics to lead sensor market rebound.)
Among the market growth drivers, multi-sensor smartphone platforms; wearable systems; Internet of Things applications; radio-frequency filtering actuators; pocket-sized projectors built with micro-mirror devices; laboratory-on-chip testing tools for drug, disease, and DNA analysis; microphone chips; fingerprint-identification sensors; and more automotive sensors for higher levels of safety and automation of driving.
This article originally appeared on EE Times Europe.