Sensor Fusion Market Insights
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.
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Integrated sensors are witnessing increasing demand in smartphones among other mobile devices. The miniaturization of electronics has led to the development of smaller sensors and has increased the need for sensor fusion to gather relevant data without forgoing capacity and function in smaller sensors. In smartphones, sensor fusion is helpful for tracking device location which is further used for a number of smartphone applications. Additionally, the increasing demand for wearable devices is expected to drive the growth of the global sensor fusion market. Additionally, in military applications, sensor fusion is used for intelligent processing of remote sensing imaging. Sensor fusion has been developed to be able to provide information in cases of partial failure so as to maintain reliability. This has also improved the adoption of sensor fusion. Advanced industrial applications and the use of sensor fusion for the development of sophisticated robots is expected to help boost the market over the review period.
The market is not without restraints, however and is challenged by a lack of standardization. Moreover, the increasing complexity of sensor fusion software and systems to keep up with other advancements in technology is expected to challenge market growth.
Sensor Fusion Market Key Players
Analog Device, Inc., Kionix, Inc., Renesas Electronics Corporation, Baselabs, Microchip Technologies Inc., MEMSIC, Inc., Cummins, Inc., Robert Bosch GmbH, STMicroelectronics, Senion, and NXP Semiconductor N.V. are among the leading market participants that have been included in the MRFR report’s competitive analysis.
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Sensor Fusion Market Latest Industry News
- HARMAN International has recently announced the launch of its advanced driver assistance systems which makes use of sensor fusion to improve the sensing capabilities of the system.
Sensor Fusion Market Segmentation
Segmentation of the global sensor fusion market has been performed on the basis of factors such as technology, product type, axis, application, and region. Technology has been segmented into MEMS and non-MEMs.
Product types available in the sensor fusion market include inertial combo sensor, accelerometer + magnetometer, accelerometer + magnetometer + gyroscope, environmental sensor, and others.
Axis is segmented largely into 6-axis, and 9-axis. Meanwhile, applications for sensor fusion can be found in military, home automation, consumer electronics, automotive, medical, and others.
The key regions that have been covered in MRFR’s global report are North America, Europe, Asia Pacific, and the Rest of the World.
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Sensor Fusion Market Regional Analysis
The Asia Pacific is on track to be the largest region in the global sensor market by 2022. The region is a hub for electronics manufacture and innovation. The region itself also displays a high volume of demand for electronics such as smartphones, tablets, and wearable devices. Moreover, there is development of autonomous vehicles in the region which encourages the growth of the sensor fusion market in the APAC region. North America and Europe follow the Asia Pacific market in terms of market size. Both regions have substantially strong players in the global market.
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