Market Overview
The global report on the sensor market reveals the possibility of acquiring USD 222.67 bn valuation by the end of 2023 while registering a CAGR of 8.37% during the forecast period of 2018 to 2023. Market Research Future (MRFR), in its report, included discussion on factors like the rising of inclusion of advanced technologies, surging investment in defense, consumer electronics, and healthcare, support from the developing regions, improving the state of disposable income, use of smart technologies, and others.
However, complexity, reliability, and the high price of the end product can deter the market from having a smooth growth.
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Sensor Market - Segmentation
The global sensors market has been segmented based on type, component, technology, vertical, and region. Based on type, sensors are 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. Based on component, the Sensor Market is segmented into analog to digital converters, digital to analog converters, transceivers, amplifiers, microcontrollers, and others. By technology, the sensors market is segmented into CMOS, MEMS, NEMS, and others. Based on the vertical, the global market for sensors is classified into consumer electronics, IT & telecommunication, healthcare, manufacturing, aerospace & defense, and others.
Key Players
The Key Players of the Global Sensor Market include ABB Group (Switzerland), Robert Bosch GmbH (Germany), STMicroelectronics NV (Switzerland), Siemens AG (Ticker: SIE) (Germany), Honeywell International, Inc. (US), Samsung Electronics Co. Ltd. (South Korea), General Electric Company (Ticker: GE) (US), Emerson Electric Co. (Ticker: EMR) (US), OmniVision Technologies, Inc. (US), DENSO Corporation (Japan), International Sensor Technology (IST) (US), Delphi Technologies PLC (Ireland), Alphasense (UK), Ametek, Inc. (US), Texas Instruments Incorporated (US), OMRON Corporation (Japan), BAE Systems PLC (UK), Figaro Engineering, Inc. (Japan), Drägerwerk AG & Co. KGaA (Germany), and NXP Semiconductors (Netherlands).
Sensor Market - Regional Analysis
The Asia Pacific Market to Maintain its Winning Streak
APAC has remained the market leader since 2018 and could continue to maintain its winning streak throughout the assessment period. The growing industrial sector and the increasing numbers of small and medium-sized enterprises (SMEs) in the region drive sensor market growth. Besides, growing uses of consumer electronics and medical devices, alongside the rising production and sales of luxury cars, boost the market demand in the region. Japan, China, India, and South Korea are the major sensor markets in the region.
Augmenting demand for sensors due to the increasing awareness about industrial safety issues and toxic gases contribute to the growth of the humidity and gas sensors market share. Significant expansion of prominent end-use industries like healthcare, automotive, food & beverage, and packaging and increasing automation in manufacturing sectors influence the regional market growth. The APAC sensor market is expected to register7.23% CAGR during the forecast period.
Europe Seizes Second Highest Share in Global Market
Europe holds the second-leading share in the global sensor market. Factors such as the rising demand for sensors in the food & beverage and healthcare industry due to strict regulations and considerable healthcare spending push the regional market growth. Additionally, the extensive pool of medical device manufacturers in the region induces market expansion. The burgeoning manufacturing sector in the region accelerates the considerable growth.
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Table of Contents:
1 Executive Summary
1.1 Global Sensors Market, By Type, 2020 & 2027
1.2 Global Sensors Market, By Component, 2020 & 2027
1.3 Global Sensors Market, By Technology, 2020 & 2027
1.4 Global Sensors Market, By Vertical, 2020 & 2027
1.5 Global Sensors Market, By Region
2 Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.3 Research Objective
2.4 Market Structure
3 Research Methodology
4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Rising Penetration Of Temperature And Proximity Sensors In Advanced And Portable Healthcare Equipment
4.2.2 Adoption Of Motion And Position Sensors In Industrial Automation
4.2.3 Proliferation Of Smart Homes
4.3 Restraints
4.3.1 Scalability And Reliability Issues In Deployment Of Sensors In System On Chip (Soc)
4.4 Opportunity
4.4.1 Integration Of Interaction Sensors In Various Consumer Electronic Devices And Industrial Equipment
4.4.2 Opportunity For Smart Sensors In Industrial Hygiene
Continued…
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