Secondary Research on the Sensor Industry
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In preparation for the course project do some outside secondary research on the Sensor industry and collect data and a list of competitors. Share here what you have learned about this industry. Show the industry profitability, size, growth, and characteristics. Describe the competitive landscape. Who are the key competitors? What are their strengths and weaknesses? Approximate their market shares. Describe the competitive landscape. Who are the key competitors? What are their strengths and weaknesses? Approximate their market shares.
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Answer : Analysis of Secondary Research Data
In present days the demand for sensors is increasing due to technological improvements and it generally reduces the overall cost and time and provides the business organization higher competitive advantages in the operating market. Majority of business organizations and the factories are looking forward to automation technology to increase the number of products as well as financial position (Gong & Wasserman, 2019). The sensors generally detect and indicate the physical quantities such as Light, motion, pressure, heat etc. and that provide triggers based on requirements. The expected current value of the sensor market is 16 billion USD and the current market size of this industry is huge and it will reach 21.6 Billion USD by 2023.
The demand of Infra-red sensor is increasing all over the world that generally detects infrared radiation emitting from the objects (Alliedmarketresearch, 2019). It generally used to identify the characteristics of its surroundings for that reason it generally used in binoculars, night vision cameras and another security purpose. There are different organizations such as Honeywell, NIT (New Infrared Technologies), Monarch, Vigo system, Infratech, Melexis etc. are now manufacturing infrared motion sensors and distributes the sensors all over the world. The number of competitors is very high but due to high demand, the organizations are able to maintain their sales volume effectively.
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According to the secondary research, it has been identified that Pacific Asia, North America, Latin America, Europe, Middle East and Africa has a major demand for this device. The price of this device depends on its quality, building materials and powers. 3D integrated service and micro electro mechanical system generally reduce power consumptions as well as the cost of sensors (Gong & Wasserman, 2019). According to the global industry analysis the global infrared sensor industry is segmented into various market industries such as consumer electronics, Aerospace industry, Automotive, mining, defence, pharmaceuticals, oil and gas industries etc. for that reason the market demand is increasing day by day and the market grew in a high CAGR due to the increase of demand of this sensor.
Figure: 1. Global Sensor Market
(Source: Techsciresearch, 2019)
From the above chart, it has been recorded that the demand of Infrared sensor is high in Middle East Region and the demand of this sensor will increase in future but the growth will reduce in Asia Pacific region (Techsciresearch, 2019). The growth of the IR market will also increase in South America but will remain the same in North America. That means it generally indicates the overall growth all over the world. The growth rate of Infrared detector market is 11.44% and total market size was 391.946 million USD in 2018.
There are different strength and weakness of this industry and increasing the use of IR detectors in the manufacturing industry is the main strength of this industry. The smaller size, lower cost and high reliability are the main strength of this industry (Prnewswire, 2019). Availability of this sensor in the market is very low and lack of proper distribution is the main weakness of this industry. At the same time, the entrance of new upgraded technology at low cost as a substitute product can reduce the growth rate of this industry. For that reason, the technological advancements in the emerging countries can provide this industry with various upcoming opportunities (Alliedmarketresearch, 2019).
The number of competitors is also increasing for that reason the organization needs to use upgrade marketing strategies and communication to increase the overall sales volume as well as organizational financial positions. Apart from that, Proper distribution, quality product is important to gain more competitive advantages in the operating market. The higher public demand of this sensor will grow the market further leads to capture maximum market share in the overall sensor industry.
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