Market Trends of NA Biomedical Sensors Industry
This section covers the major market trends shaping the North America Biomedical Sensors Market according to our research experts:
Infrared Temperature Sensors to Drive the Market Growth
- IR temperature sensor applications are found in various defense applications such as optical target sighting and variable emissivity measurements that are often helpful in tracking activities. However, all these applications are very advanced and have a continuous demand due to the globally increasing military spending.
- In recent years, even the top snack manufacturers like Frito-Lay North America, Inc, a popular division of Pepsi Co, have started a new range of products rather baked than fried. Such trends, coupled with stringent food safety regulations worldwide, are expected soon to create substantial market opportunities for IR temperature sensors.
- Forward-Looking Infrared (FLIR) has been a prominent vendor for such technology. FLIR technology has been used in ports and borders and airports, and other places to look for elevated body temperatures. The company has witnessed a significant increase in those orders in the past month.
- The list of countries using FLIR products for temperature screening continues to grow. It now includes China, Thailand, Taiwan, the Philippines, Singapore, Malaysia, South Korea, Italy, and the U.S. The company stated that its supply chain is continuing to keep up with demand.
- Predictive maintenance is one of the functional uses of Infrared (IR) temperature sensors in the market; enterprises are increasingly focusing on predictive maintenance, automation, and IoT.
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United States Holds Significant Market Share
- The United States holds a significant market share due to advancements across various industries in the country. With the R & D of multiple types of temperature sensors being integrated into different products, the market for temperature sensors is set to grow at a healthy rate.
- For instance, automakers, such as General Motors, have planned to launch 20 new all-electric vehicles by 2023. The Tesla Company also changed the face of the EV market segment in the country by introducing reliable and efficient electric vehicles.
- The United States's automotive industry, directly and indirectly, employs hundreds of thousands of Americans and invest billions of dollars. It was estimated that the automotive industry annually spends nearly USD 105 billion on R&D worldwide, USD 18 billion of which is spent in the United States to incorporate newer and more advanced sensors into automobiles.
- With the US Department of the Interior planning to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.
- In the COVID-19 pandemic, the market is witnessing growing demand for temperature sensors at the workplace for temperature screening. For instance, the CDC (Centers for Disease Control and Prevention) in the United States and WHO (World Health Organization) recommended temperature checking at the workplace.
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