DRAPER, Utah, June 14, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today discussed a study on the rapidly growing market for vehicle sensors ahead of major meetings with Fortune 500 auto companies.
A study by Global Industry Analysts, INC projects growth in the global automotive sensors market to top $20.6 billion by 2017. The report singles out safety and comfort applications for particularly strong growth, two areas in which Bend Sensor® technology is currently in advanced-stage testing and product placement.
"Global market revenues for Safety & Security Automotive Sensors are expected to surge at a fastest CAGR of 9.2% over the analysis period," the report stated.
Flexpoint President Clark Mower expressed enthusiasm for the report's conclusions and noted the impact this growth has had on the company's progress with major U.S. and international car manufacturers."We've seen exciting developments in our work with our Fortune 500 auto partners, and this report only serves to confirm the turnaround that the industry has been undergoing," Mower said. "We see our progress dovetailing with the growth described in this article, and we're happy to see that our patience over the past several years is getting closer to a pay off as we approach the pivotal meetings planned for this month." Flexpoint is poised to take advantage of this precipitous growth in global demand as critical meetings should produce major contracts in the industry. These will, in turn, pave the way for further expansion in the fast-growth industry. "We're only scratching the surface of the potential applications for our Bend Sensor technology in the auto industry," Mower said. "We have customers who are currently working on projects spanning everything from family sedans to commercial trucks, and discovering new uses for our product along the way."