Market share
The global Sensor market is estimated to be valued at US$ 88.1 Bn in 2022 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sensors are devices that detect and respond to some type of input from physical environment. They help in measuring mechanical, thermal, chemical, biological and other quantities and convert them into signals which can be read. Sensors find applications in various industries like consumer electronics, automotive, healthcare, industrial etc. due to their advantages like accuracy, reliability and cost-effectiveness.
Market key trends:
Sensor fusion technology is one of the emerging trends in the sensor market. It is the combination of multiple sensor inputs to improve performance beyond what is possible with a single sensor. By fusing data from different sensors like cameras, radars, LiDARs etc. installed on autonomous vehicles, the accuracy of real-time insights is greatly enhanced. This allows self-driving cars to better understand their surroundings. Sensor fusion is also finding applications in virtual reality, mobile devices, drones and other smart electronic devices. The demand for sensor fusion technology is expected to grow significantly over the forecast period due to increasing adoption of autonomous vehicles and evolution of IoT.
Segment Analysis
The global sensor market is segmented by type, technology, and application. The type segment includes pressure sensors, temperature sensors, motion sensors, image sensors, and others. Among these, the pressure sensors segment dominated the market in 2022 with a share of over 30%, as these sensors find widespread application in automotive and industrial sectors for monitoring pressure levels in engines, tires, etc. The technology segment is divided into CMOS, MEMS, NEMS, and others. MEMS technology based sensors accounted for the largest market share as MEMS sensors are increasingly being used in consumer electronics, automotive, industrial, and medical devices due to their compact size, accuracy, and cost-effectiveness.
Key Takeaways
The Global Sensor Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period from 2023 to 2033, due to increasing adoption of automation across different industries and integration of sensors in IoT devices. The Asia Pacific region dominated the sensor market in 2022 with a share of over 40% due to presence of major sensor manufacturing countries like China, Japan, and South Korea. Additionally, the growing adoption of automation and industrial robots in countries like China and India is fueling market growth in the region. North America is expected to exhibit lucrative growth during the forecast period supported by increasing investments in autonomous vehicles and advanced driver-assistance systems by automotive manufacturers in the U.S.
Key players operating in the sensor market are STMicroelectronics N.V., NXP Semiconductors N.V., Infineon Technologies AG, Qualcomm Technologies, Inc., Atmel Corporation, Texas Instruments Inc., Robert Bosch Gmbh, Johnson Controls International Plc., Sony Corporation, and Honeywell International Inc. STMicroelectronics dominates the market with a wide product portfolio catering to various end-use industries like consumer electronics, automotive, industrial, and medical. NXP Semiconductors and Infineon Technologies also have a significant market share due to their focus on sensor solutions for automotive and industrial applications.
Read more: https://www.trendingwebwire.com/sensor-market-share-forecast-2/
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