Description
The global sensor market was valued at USD 176,993.5 million in 2020 to USD 316,491.5 million by 2027, at a CAGR of 8.90% from 2021 to 2027. Sensors are devices that detect events or changes in the environment and then provide a corresponding output. They sense physical input such as light, heat, motion, moisture, pressure, or any other entity. They respond by producing an output on a display or transmitting the information electronically for further processing. These have major applications in flood & water level monitoring systems, environmental monitoring, traffic monitoring & controlling, energy saving in artificial lighting, remote system monitoring & equipment fault diagnostics, and precision agriculture & animal tracking.
The notable factors positively affecting the sensor market include high usage of sensors in smartphone and electronics products, rising adoption of sensors in the automation sector, growth in trend of Internet of Things (IoT), high demand for sensors in medical devices, increase in demand for sensors in development of smart cities, and emerging applications of radar in remote sensing. However, incorporating the sensor in devices incurs extra value and reduces the life of the device. This factor is expected to hinder market growth. Moreover, the rise in the adoption of sensors in wearable devices and high growth in the automotive industry offers huge market opportunities in the next six years.
Get Full PDF Sample Copy of Report:https://www.marketstatsville.com/request-sample/sensor-market
The global sensor market is anticipated to witness significant growth during the forecast period. Factors such as the increase in the adoption of temperature & proximity sensors in portable and advanced healthcare devices and the adoption of motion & position sensors in industries drive the growth of the sensor market. However, scalability & reliability issues in the deployment of sensors in the system on chip (SoC) is a major restraint for the global sensor market. In addition, an increase in the adoption of gyroscopes and accelerometers in consumer electronics, coupled with innovative applications including gesture recognition, biometrics, and motion-sensing, is expected to create opportunities for the sensor industry.
Global Sensor Market Dynamics
Drivers: High usage of sensors in smartphones and electronics products
Integrating sensors into smart devices and systems has increased the capacity to measure, analyze, and aggregate data at localized levels. There is a rise in demand for sensors, owing to wide usage in consumer electronics appliances, such as smartphones, laptops, and refrigerators. Manufacturers of consumer electronic appliances incorporate more sensors to add additional features and compete with other players in the highly competitive market. Smartphones include accelerometers, gyroscopes, ambient light sensors & proximity sensors, and temperature detectors to keep track of parameters and provide a centralized system for automatic control.
Smartphone manufacturing companies have been observed to increase the number of sensors in their devices to enhance the overall user interface experience and keep ahead of their competitors. For instance, in July 2018, Sony Corporation announced the release of stacked CMOS image sensors for smartphone cameras with 48-megapixel features.
Make an Enquire before Purchase @: https://www.marketstatsville.com/buy-now/sensor-market?opt=2950
Restraints: Incorporation of sensors in devices incurs extra value and reduces the life of the device
The addition of sensors does help to increase automation in electronic devices; however, it incurs an extra cost, hence avoiding cost-effective applications. Appliances that are continuously used for a long time, such as smartphones, laptops, and cameras, create heating issues and reduce their overall life as these devices have components that are temperature sensitive. Sensors reduce the battery life of devices that rely on the battery for their operation. Moreover, smart sensors are expensive compared to other conventional sensors. Over the past five years, the cost of smart sensors has reduced to about 10% per year, owing to an increase in production and technological advancements in these sensors. However, they are still expensive as compared to other conventional sensors, thereby limiting the market growth. As a result, the adoption rate of these sensors is low across different applications. Thus, the high cost of smart sensors restrains the development of the market.
Opportunities: Rise in adoption of sensors in wearable devices
The wearable technology market is an emerging market. This market comprises hi-tech wearable devices consisting of sensors that monitor different physical activities. These sensors collect information about respective parameters, convert them into digital form, and display them on screen. Growth in demand for wearable devices and investment by governments of several countries to improve healthcare conditions are the reasons anticipated to increase demand in the overall sensor market. Conversely, the surge in adoption of the wearable devices sector is expected to offer lucrative growth opportunities for the sensor market globally.
Request for Complete TOC and Figures & Graphs @https://www.marketstatsville.com/table-of-content/sensor-market
Scope of the Report
The study categorizes the sensor market based on type, technology, end user, and regions.
By Type Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)
- Radar Sensor
- Optical Sensor
- Biosensor
- Touch Sensor
- Image Sensor
- Pressure Sensor
- Temperature Sensor
- Proximity & Displacement Sensor
- Level Sensor
- Motion & Position Sensor
- Humidity Sensor
- Accelerometer & Speed Sensor
- Others
By Technology Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)
- CMOS
- MEMS
- NEMS
- Others
By End User Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)
- Electronics
- IT & telecom
- Industrial
- Automotive
- Aerospace & Defense
- Healthcare
- Others
By Region Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Radar Sensors, by Types, is accounted for the largest market share in 2020
By types, the market is categorized into radar, optical, biosensor, touch, image, pressure, temperature, proximity sensor & displacement sensor, level sensor, motion & position sensor, humidity, accelerometer & speed sensor, and others. Radar Sensor accounted for the largest market segment in 2020 and has a market share of 17.9%. The rise in benefits of radar sensors compared to other remote sensing technologies and the increase in the adoption of radar sensors for various applications is expected to create lucrative growth opportunities for the market. Radar sensors can see through fog and dust, owing to a larger wavelength compared to optical systems, even in areas with heat sources where infrared-based sensor systems are unable to work. These factors are expected to drive the growth of the market. Radar sensors are standard techniques used for tank level probing in various industrial applications. Therefore, radar sensors can become feasible as a future replacement for expensive laser-interferometer-based calibration devices. For instance, on August 2020, Continental’s Advanced Driver Assistance Systems (ADAS) business unit in North America produced 30 million radar sensors. These sensors are key safety components and building blocks for automated driving. These sensors enable blind spot detection, adding a layer of safety for drivers to change lanes safely.
Asia Pacific accounts for the highest CAGR during the forecast period in the sensor market
Based on region, the global sensor market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 9.90% during the forecast period. The Asia-Pacific sensor market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific. Asia-Pacific includes China, Japan, India, South Korea, and the Rest of Asia-Pacific. Asia-Pacific occupies the largest market share in the global sensors market, owing to increased technological advancements and a rise in automotive standards in developing countries such as India, China, and Indonesia.
Request for Report Description @https://www.marketstatsville.com/sensor-market
The rapid growth of industrialization and increase in population are some key factors responsible for the sensor market's growth. Asia-Pacific is the largest contributor to the automotive industry with economic growth and advancements in the regular framework of industrial sensors. Asia-Pacific is expected to generate the highest revenue in 2019, owing to the rise of industrial robots in the manufacturing sector, a hike in developing economies, strict regulatory standards, and a surge in demand for automotive safety systems. Japan and China are technologically advanced countries and thus exhibit high demand for sensors.
Key Market Players
The global sensor market is fragmented into a few major players, and other local, small, and mid-sized manufacturers include Hewlett Packard Enterprise (HPE), Infineon Technologies AG, and Microchip Technology Inc., NXP Semiconductors N.V., First Sensor AG, Qualcomm Technologies, Inc., Panasonic Corporation, Taiwan Semiconductor Manufacturing Company Limited (TSMC), Sony Corporation, STMicroelectronics, and Texas Instruments Inc.
About US:
Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.
We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.
Contact US:
Market Statsville Group
416, East standsberry street,
Perkins, Oklahoma 74059, US
USA: +1-580-205-2707 | India: +91-702-496-8807
Email: [email protected]
MSG Blog https://marketstatsvilleblogs.com/
Web: https://marketstatsville.com/