Within the sensor market segment, accelerometers and gyroscope devices will be fastest growing product category.
Worldwide sensor sales are expected to rise at a compound annual growth rate (CAGR) of 18% between 2011 and 2016, reaching $10.9bn, according to a new report.
According to a the report, '2012 Optoelectronics, Sensors/Actuators, and Discretes (O-S-D) Report' by IC Insights' the sensor sales increased 18% in 2012 to $5.7bn, compared to $4.8bn recorded in 2011.
Since the late 1990s, the annual sensor sales have declined only once, slipping just 2% in the 2009 downturn before surging 53% in the 2010 recovery year, the report revealed.
In terms of segments within the sensor market, accelerometers and gyroscope devices (i.e., acceleration and yaw sensors) are expected to increase at a CAGR of 20% to $5.9bn in 2016 compared to $2.4bn in 2011, becoming the fastest growing product category.
Magnetic-field sensors sales, such as Hall-effect devices and electronic compass chips is expected to grow at a CAGR of 16% to reach $2.7bn in 2016 from $1.3bn in 2011.
Sale of Pressure sensors is expected to rise at a CAGR of 15% to reach $2bn in 2016 from about $1bn in 2011.
Microelectromechanical systems (MEMS) based sensors sales are expected to grow by a CAGR of 19% between 2011 and 2016.
