WELLESLEY, Mass., 6 Nov. 2007. According to a new technical market research report, "Advanced Materials for Sensors" from BCC Research, the global market for advanced materials and sensors is expected to be worth $6.8 billion in 2007. It is expected to increase to more than $9.4 billion by 2012, demonstrating a compound average annual growth rate (CAGR) of 6.9 percent.
The market is broken down into applications of advanced materials, and sensors using advanced materials. Of these, sensors using advanced materials have the largest share of the market, valued at nearly $5.1 billion in 2007 and are expected to be worth $6.9 billion by 2012, showing a CAGR of 6.4 percent.
Advanced materials were valued at $1.7 billion in 2007 and are forecast to reach a value of $2.5 billion in 2012, a CAGR of 8.1 percent. The steep rise in advanced materials is influenced by the continual development cycle that impacts the market with every new advanced material that proceeds out of the lab and into the market as a product or component offering.
Because the research for advanced materials is ongoing, one product thought to be "best in class" at the time of market introduction can become obsolete upon the development of a newer, more efficient, or better performing material or sensor.
