Sensor Market Overview, Growth, Opportunities and Development 2023Information TechnologyUpdated on Feb 4, 2019 View more like this | Visit MONTCLAIR, NJ | Contact Ashish Sharma |
Global Sensor Market, By Product Type (Radar sensor, Image sensor, Optical sensor, Biosensors, Proximity sensor and displacement sensor, Level sensor, and Others), By Technology (CMOS, MEMS, NEMS), By End-users (Electronics, IT & Telecommunication, Industrial, Automotive) - Forecast 2023
Market Highlights:
In the near future, the global sensor market appears to grow with tremendous opportunities in various sectors such as aerospace, automotive, consumer electronics, defense industries, healthcare, and industrial. The sensor market has been anticipated to earn revenues worth USD 222.67 billion while expanding at a CAGR of 8.37% by 2023. Adoption of motion and position sensors in industrial automation, the proliferation of smart homes, and rising penetration of temperature and proximity sensors in advanced & portable healthcare equipment are the factors driving the market growth.
Analyzing the market structure, this report offers insights about factors affecting the market growth. Estimating the market size and forecasting the revenue, this reports covers and observes the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R&D), and strategic alliances.
Huge investments in terms of R&D have led to technological innovations and advancements. Integration of interaction sensors in various consumer electronic devices and industrial equipment and opportunity for smart sensors in industrial hygiene are boosting the growth of the global sensor market. However, the Scalability and reliability issues in the deployment of sensors in System on Chip (SoC) can hinder the market growth.
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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:
The sensor market is segmented on the basis of component, technology, type, vertical, and region. Based on the component, this market has been segmented into amplifiers, analog to digital converters (ADCs), digital to analog converters (DACs), microcontrollers, and transceivers, and others. The technology-based segmentation segments the market into CMOS, MEMS, NEMS, and others. By type, the market has been segmented into biosensors, humidity sensors, image sensors, level sensors, motion & position sensors, optical sensors, pressure sensors, proximity sensors, radar sensors, temperature sensors, touch sensors, and others. Market segmentation on the basis of verticals covers aerospace & defense, automotive, consumer electronics, healthcare, industrial, IT & telecommunication, and others.
The regions covered in the global market are Europe, Asia Pacific, North America, and the rest of the world (RoW).
Regional Analysis
The regional analysis of the sensor market covers regions such as Europe, Asia Pacific, North America, and the rest of the world (RoW). The Asia Pacific is the greatest regional market. During the forecast period, is expected to grow at 7.39% CAGR due to the rapid urbanization and rising technological advancement. The crucial country-specific markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region. India is the largest growing regional market, and it is expected to grow at 9% CAGR by the end of the forecast period.
North America is the second largest regional market. In 2017, its value was USD 37,633.1 million. During the forecast period, this market has been anticipated to grow at 8.86% CAGR, and its market value will most probably be USD 61,585.0 million. USA, Canada, and Mexico are the most important country-specific markets in this region. Technological advancement and the presence of many key players in this region boost the North American market. USA is the biggest country-specific market that is expected to grow at 7.22% CAGR, and its value is expected to rise to USD 24,084.9 million.
In Europe, the market is growing due to the presence of strong economies such as France, Germany, and the UK. Due to technological advancement second only to North America, Europe is one of the major regional markets. Thus, market growth for Europe is expected to register a 9.13% CAGR during the forecast period. Germany is the largest country-specific market in Europe, and during the forecast period, it is expected to grow at 8.91% CAGR, and its worth is expected to be USD 22,904 million.
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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
Continued……
List of Figures
FIGURE 1 GLOBAL SENSOR MARKET: MARKET STRUCTURE
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 DROC ANALYSIS OF GLOBAL SENSOR MARKET
FIGURE 4 DRIVERS IMPACT ANALYSIS: GLOBAL SENSOR MARKET
FIGURE 5 RESTRAINT IMPACT ANALYSIS: GLOBAL SENSOR MARKET
FIGURE 6 VALUE CHAIN: GLOBAL SENSOR MARKET
Continued……
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