Sensors and actuators market to grow by 14% in 2014, forecasts IC Insights

IC Insights has forecasted the worldwide sales of sensors and actuators to grow 14% to a new all-time high of $9.9 billion in 2014, followed by a 16% increase in 2015 to $11.4 billion. Other latest findings shared by IC Insights based on its new 2014 O-S-D Report—A Market Analysis and Forecast for Optoelectronics, Sensors/Actuators, and Discretes includes: Inventory corrections in some cellphone segments, falling average selling prices (ASPs), and delays of purchases by cautious system makers caused the sensors/actuators business to stall out in 2013 with total revenues increasing just 0.3% to slightly more than $8.7 billion, but a new wave of stronger growth is expected to begin in 2014 as the global economy improves and new systems applications rejuvenate sales (Figure 1).
Figure 1 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. Market growth drivers suggested are new multi-sensor smartphone platforms, wearable systems (such as smart watches, wireless medical devices, and personal activity trackers), “Internet of Things” applications, radio-frequency filtering actuators, pocket-sized projectors built with micro-mirror devices, laboratory-on-chip tes...