The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Capacitive Sensor Market.
It was estimated prior to this unanticipated outbreak Capacitive Sensor Market will reach CAGR of 5.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Capacitive Sensor Market Insights
Capacitive Sensor Market is likely to witness an impressive CAGR of 5.4% during the forecast period. The prime factor that is contributing to the robust demand for capacity sensors is mainly the end-use industries, widespread application of these sensors in consumer electronics, automotive, defense, oil & gas and health care. The market is expected to register good growth opportunities in emerging and developing economies such as China, Japan, South Korea and India of APAC while North America and RoW will witness higher growth over the forecast period.
Market Share Analysis
Capacitive Sensor Market Share: By Sensor Type
Based on the sensor type, the market is segmented as touch sensor, motion sensor, and position sensor. The touch sensor segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The wide use of touch sensors in consumer electronics and automotive is expected to grow during the forecast period.
Capacitive Sensor Market Share: By End-Use Industries Type
Based on the end-use industries type, the capacitive sensor market is segmented as consumer electronics, food & beverages, oil & gas, healthcare, automotive, defense, industrial manufacturing, and others. The consumer electronics segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The extensive use of touch sensors in consumer electronics products such as multi touchscreens, touchpads, sliders, TV controls, smartphones, multi-media players, tablets, kiosks, and gaming consoles is likely to drive the growth of this segment during the forecast period.
Capacitive Sensor Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing capacitive sensor market during the forecast period, with developing countries such as China, Japan, South Korea and India being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as consumer electronics, food & beverages, oil & gas, healthcare, automotive, defense, industrial manufacturing, and others, which is generating robust demand for capacitive sensor and the presence of a large number of capacitive sensor manufacturers in the Asia-Pacific region. For instance, in March 2016, The National Development and Reform Commission of China provided funding worth USD 100 million towards the development of capacitive touch sensors for the healthcare sector. Europe is also expected to offer substantial growth opportunities during the forecast period.