Sensor fusion is a technology which allows the combination of data derived from various sensors to create a more accurate image of the subject which ultimately helps improve system performance and improves application. A part of data fusion, sensor fusion has immense potential and has been exhaustively researched by Market Research Future in their latest report on the subject. Growing at a CAGR of 19.45% during the forecast period from 2018 to 2023, the global Sensor Fusion Market was valued at USD 2.25 Bn in 2017 and will grow to reach a value of USD 6.37 Bn by 2023. Sensor fusion is most commonly deployed in research installations, camera systems, and image processing. A variety of important applications which are growing have impacted growth for the global sensor fusion market.
Competitive Outlook
Robert Bosch GmbH, Cummins, Inc., Baselabs, MEMSIC, Inc., NXP Semiconductor N.V., Senion, Analog Device, Inc., Kionix, Inc., Microchip Technologies Inc., Renesas Electronics Corporation, and STMicroelectronics are key players of the global sensor fusion market.
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The rise of wearables, autonomous vehicles, and robots can provide plenty of growth opportunities for the market. Advances in internet of things (IoT) and context awareness can favor the market. Furthermore, the development of hybrid networking infrastructure, sensor fusion algorithms, and aggregation of data from multiple sensors can bode well for the market. The Kalman filter is a prime example which models the previous and current versions of the system through continuous monitoring. Implementation of neural networks and machine learning for fusion of data and security to increase reliability and integrity of normal operations can lead to its adoption among various industrial sectors.
However, complexities in the marriage of sensor fusion and software can pose a challenge to the market.
Segmentation
Based on technology, the market is segmented into MEMS and non- MEMS. The MEMS technology can capture a significant share of the global sensor fusion industry owing to its application in gesturer recognition, navigation, activity tracking, and others.
By product type, the market is segmented into accelerometer + magnetometer + gyroscope, accelerometer + magnetometer, environmental sensor, inertial combo sensor, and others.
By axis, the market is segmented into 6-axis and 9-axis.
By application, the market is segmented into military, consumer electronics, medical, automotive, home automation, and others. The automotive segment is likely to herald a large revenue share due to the use of sensor fusion in advanced driver assistance systems (ADAS) and interest in safety applications. On the other hand, home automation is likely to fetch revenues during the assessment period owing to the rise of connected ecosystem and demand for home automation devices.
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Regional Analysis
By region, the Sensor Fusion System Market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is expected to capture the highest market share by 2022, due to growing demand for consumer electronic devices such as smartphones, tablets, and wearable devices. Moreover, development in autonomous vehicles and the changing automobile landscape is further fueling the growth of this market. The high demand for non-MEMS technology in automobiles due to demand for image and radar-based products can favor the regional market growth.
North America followed by Europe is dominating the global sensor fusion industry owing to major presence of automotive key players in this region. Moreover, Canada and US being developed economies focuses more on research and development (R&D) and are early adopters of advanced technologies.
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