The global nanosensors market is expected to be driven by growing demand in application industries over the forecast period. Modern trends in medical industry and growing demand for sophistication in healthcare are expected to drive the market. Technological innovations and upgrading to enhance nanosensors capabilities and reduce the average time for detection & diagnosis are expected to serve as key drivers for the market. Its ability to interact with tissues & cells at molecular level serves as a key growth factor for the market. However, the risk of failures and the conservative approach of the end-consumers to adopt new technologies may deter market penetration and challenge the market growth.
Increasing affordability of nanosensors due to rising demand for optimum quality & cost-efficient products in the emerging geographical areas is expected to supplement demand over the coming years. Nanosensors exhibit features such as compact size, low cost, reduced power consumption, and increased reliability, which is further expected to broaden opportunities in the nanosensors market. Furthermore, growth of the industry also favorably supports growth of other industries in the value chain such as design services, fabrication facilities, software design, and specialty fabrication equipment industry.
The nanosensors market has product types such as optical nanosensors, mechanical/vibrational nanosensors, and electromagnetic nanosensors. Recent developments in the market for electromagnetic nanosensors have led to the evolution of modern electronic nano components such as nanobatteries, nanoantenna’s, logical circuitry in nanoscale, and nanomemories. Nanosensors find application in aerospace, biomedical, home security, military, environmental, automotive, food, sports, and auto parts industries. In the automotive & transportation industry, nanosensors enable to improve redundancy, enhance ergonomics, and improve environmental and fuel use in cars as well as planes. Demand for nanosensors in medical and home security is expected to witness sharp growth over the forecast period. In military and homeland security fields, nanosensors are used for detecting biotoxins such as smallpox and anthrax. Nanosensors in biomedical sector facilitate detection of diseases such as cancer or heart diseases or even radioactive substances.
North America is expected to hold a major market share in the global nanosensors market due to the presence of an invigorating aerospace industry and growing innovations in medical industry of the region. Key players in the market include Altair Nanotechnologies Inc., Agilent Technologies Inc., Dionex Corporation, Lockheed Martin Corporation, Evident Technologies Inc., Nanodevices Inc. and Micro-Tech Scientific Inc. In January 2014 Lockheed Martin Corporation, a software provider for air traffic management system, entered a joint program with Federation Aviation Administration (FAA) to provide sensor technology for NextGen Air Transportation System to ensure air safety. Market players are focusing on joint ventures to enhance capabilities and improvement.
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The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor.