Sensor Market 2018 Global Share, Trend, Segmentation and Forecast to 2023

Market Highlights:

Technological advancement has aided the development of sophisticated devices that can detect and respond to electrical and optical signals with the help of sensors that convert the physical parameters such as temperature, humidity, speed, and others into electrically measurable signals. Rapid incorporation of sensors in medical devices, consumer electronics, automation of industries and others has led to the optimization of functions and services in various industrial sectors.

The global sensor market is anticipated to register noteworthy expansion at a CAGR of 8.37% over the forecast period of 2018-2023 and reach the valuation of USD 222.67 Bn by the end of 2023 from USD 139.90 Bn in the year 2017. Increasing focus on industrial automation and development of electronic devices with System on Chip (SoC) technology are primarily fueling the growth of the global sensor market.  However, complexities and reliability issues related with the deployment of sensors in System on Chip (SoC) and high cost of good quality sensors are likely to act as restraining factors on the growth of the global sensor market. Whereas, integration of interactive sensors in consumer electronic devices that are based on artificial intelligence and machine learning technologies have created multiple opportunities for the expansion of the global sensor market.

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Major Key Players

• STMicroelectronics N.V.,


• Hewlett Packard Enterprise Development LP,


• Panasonic Corporation,


• Qualcomm Technologies, Inc.,


• Johnson controls international PLC,


• NXP semiconductors N.V.,


• Infineon Technologies AG,


• Atmel Corporation,


• Texas instruments Inc.,


• Robert Bosch GmbH,


• Sony Corporation,


• Honeywell International, Inc.,

Taiwan Semiconductor Manufacturing Company Limited, Volkswagen and Canon Inc. among others.

Regionally, Asia Pacific accounted for the largest market share from countries such China, India, and Japan among others. The reason is attributed to growing demand for high technology adoption and growing electronic industry in the region. However, Asia Pacific is expected to grow over the forecast period, 2017-2023.

According to MRFR, the global Sensor Market is expected to reach approximately USD 266.27 billion by the end of 2023 with 11.60% CAGR during forecast period 2017-2023.

Industry News

The UTC Aerospace System is testing its next-generation short-wave infrared camera sensor which is capable of seeing laser strobes in real time and can also be incorporated into various ground, sea and air platforms. The system is already deployed with the U.S. military testing units.

Drivers and Constraints Impacting the Market

With the growing advancement in technology and miniaturization of devices, the global market for sensor is likely to boom over the forecast period. Emergence of semiconductor materials like polymers is expected to reduce the weight, cost, and size of electronic devices which is predicted to spur the demand for sensors market in the coming years. Moreover, low cost, chip-level integration, wireless connectivity, and low power are expected to drive the market over the forecast period. Communication technologies comprising satellite-based personal network is also anticipated to foster the market growth over the years.

On the flip side, fluctuating global economic conditions are likely to hamper the market growth. Also, other factors such as price sensitivity and time to market are expected to inhibit the market growth during the forecast period. Moreover, high cost of sensor implanted devices is estimated to hamper the market growth during the forecast period.

Segmental Analysis:

By type, the global sensors market has been segmented into radar sensors, optical sensors, biosensors, touch sensors, image sensors, pressure sensors, temperature sensors, proximity and displacement sensors, level sensors, motion and position sensors, humidity sensors, and accelerometer and speed sensors, among others. The image sensor segment accounted for the largest share of USD 20,915.1 Mn in 2017, however, the biosensor segment is anticipated to surpass the image sensor segment and emerge as the largest segment. The biosensor segment is expected to attain USD 32,184.5 Mn by the end of 2023. Meanwhile, the radar sensor segment is expected to grow at the fastest rate of 14.75% over the forecast period.

By component, the global sensor market has been segmented into analog to digital converters, digital to analog converters, transceivers, amplifiers, microcontrollers, and others. The microcontrollers segment was the largest in 2017 and was valued at USD 30,775.9 Mn. The microcontrollers segment is expected to retain its dominance over the forecast period while the digital to analog converters segment is projected to grow at the fastest rate of 9.7% over the forecast period.

By technology, the global sensor market has been segmented into MOS, MEMS, NEMS, and others. The MEMS segment stood at USD 56,328.9 Mn in 2017 and is anticipated to be the largest segment over the forecast period. The NEMS segment is expected to be the fastest growing segment at a CAGR of 10.36% over the forecast period.

By vertical, the global sensor market has been segmented into IT & Telecommunication, healthcare, manufacturing, aerospace and defense, and others. The consumer electronics segment was the largest segment in 2017 and is expected to maintain its dominance over the forecast period. The consumer electronics segment is projected to attain a valuation of USD 41,745.8 Mn by the end of 2023. The healthcare segment is expected to grow at the fastest rate of 10.10% over the forecast period.

Regional Analysis

Geographically, the global sensor market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

Asia Pacific accounts for the largest share of 35.8% of the global sensor market and is expected to attain the maximum value of approximately USD 75,507.3 Mn by the end of 2023. Prolific industrialization in the region coupled with the rapid adoption of digital technology generates substantial demand for sensors. Thriving healthcare sector along with high adoption of warble sensor-enabled products add fuel to the growth of the APAC market. The proliferation of smart homes and smart buildings in countries such as China, Taiwan, and South Korea also boosts the growth of the APAC market which is expected to capture a CAGR of 7.39% over the forecast period.

Europe market is slated to emerge as the fastest growing market for sensors and expand at a CAGR of 9.13% over the forecast period. Massive investment in R&D of sensor technology by various established companies and new players in Germany and France have driven the market in Europe. Also, a large number of OEMs present in the region are engaged in the development of IMUs, MEMS technology, and others which stimulate market growth in Europe.

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Intended Audience

• Device manufacturers


• Network Operators


• Mobile manufacturer


• Government Agencies


• Security Agencies


• End-user sectors


• Communication operators


• Defense

LIST OF TABLES

TABLE 1 SENSOR MARKET, BY PRODUCT TYPE

TABLE 2 SENSOR MARKET, BY TECHNOLOGY

TABLE 3 SENSOR MARKET, BY END-USER

TABLE 4 SENSOR MARKET, BY GEOGRAPHY

TABLE 5 NORTH AMERICA SENSOR MARKET, BY PRODUCT TYPE

TABLE 6 NORTH AMERICA SENSOR MARKET, BY TECHNOLOGY

TABLE 7 NORTH AMERICA SENSOR MARKET, BY END-USER

TABLE 8 EUROPE SENSOR MARKET, BY PRODUCT TYPE

TABLE 9 EUROPE SENSOR MARKET, BY TECHNOLOGY

Continued…..

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