Nanosensors Market Rises due to High Demand from Homeland Security and Military Industries
Nanosensors are any surgical, biological, or chemical sensory points that are used to convey information about nanoparticles to the macroscopic world. These are mainly used in the healthcare sector or the biomedical sector. Nanosensors are also used in the manufacture of other nanoproducts such as nanorobots. Nanosensors have caused a revolution in the semiconductor industry and are being used for the evaluation and better understanding of nanosystems.
Nanosensors are in especially high demand in the homeland security and military industries, as they are used for the detection of radiations and biotoxins. Nanosensors have also benefited the military by helping in the development of advanced warfield gear such as lighter vehicles and self-repairing tents. The nanosensors market is expected to have a positive outlook owing to the advent of advanced, new generation nanosensors, which detect toxic gases such as anthrax. The large investments in research and development activities are also expected to benefit the global nanosensors market. Moreover, cost effective manufacturing made possible due to the compactness of nanosensors is also having a positive impact on the market.
Nanofabricated sensors reduce plant production costs as they can be mounted on wireless packages, thus eliminating cabling and wiring costs. This is also one of the growth factors for the nanosensors market across the globe. On the other hand, the market faces challenges such as difficulty in mass production of nanosensors. However, opportunities such as applications of nanosensors in the internet of things and robotics are expected to boost the market in the future. The introduction of wireless sensor networks (WSN) that can offer novel sensing capabilities will also open new doors of opportunities for the nanosensors market.
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The global nanosensors market is segmented on the basis of product, application, and geography. On the basis of application, the market is segmented into automotive and aerospace, biomedical and healthcare, homeland defense and military, and others. Out of these, the biomedical and healthcare segment held the largest market share in the nanosensors market in 2014. The biomedical and healthcare segment is expected to retain its dominance throughout the forecast period. The growth of the segment can be attributed to the use of nanosensors in medical diagnostics to detect cancers or as blood-borne sensors.
On the basis of geography, the global nanosensors market is segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Of these, North America held the largest market share in 2014 and is expected to continue dominating the market in terms of revenue. Europe is the second-largest market for nanosensors in terms of revenue, with France being the largest market for nanosensors in Europe. Technological innovations in microelectronic and signal processing are the growth factors driving the market in the region.