The global sensor market is predicted to expand at 11.60 % CAGR during the forecast period (2017-2023) owing to the advancement in technology, asserts Market Research Future (MRFR). Electronic instrumentations and sensor systems are the upcoming and the highest growing segments in the semiconductor market. Sensors have a wide range of applications in automation, industrial, electronics, mobile devices, avionics and military, IT and infrastructure, and others. Sensor technology relies on several leading-edge technologies to deliver improved functionality which is required by the industries globally.
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.
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Major Key Players
Hewlett Packard Enterprise (U.S.),
Qualcomm Technologies, Inc. (U.S.),
Johnson Controls International Plc. (U.S.),
Atmel Corporation (U.S.),
Texas instruments Inc. (U.S.),
Robert Bosch GmbH (Germany),
NXP semiconductors N.V. (Netherlands),
Infineon Technologies AG (Germany),
STMicroelectronics N.V. (Switzerland),
Panasonic Corporation (Japan),
Sony Corporation (Japan), Honeywell International, Inc. (U.S.), Taiwan Semiconductor Manufacturing Company Limited (Taiwan), Volkswagen AG (Germany) and Canon Inc. (Japan) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Sensor Market.
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.
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.
The global sensor market has been segmented on the basis of product type, end-users, technology, and region.
By mode of product type, the global sensors market has been segmented into pressure sensor, proximity sensor and displacement sensor, analog sensor, biosensors, temperature sensor, humidity sensor, level sensor, radar sensor, motion and position sensor, optical sensor, image sensor, accelerometer and speed sensor, touch sensor, digital sensor, and others.
By mode of technology, the global sensor market has been segmented into CMOS, NEMS, and MEMS.
By mode of end-users, the global sensor market has been segmented into aerospace & defense, electronics, automotive, healthcare, IT & telecommunication, industrial, and others.
Asia Pacific is expected to witness a significant growth and hold the largest market share during the forecast period. China, Japan and India are anticipated to drive the growth of the sensor market in Asia Pacific owing to the presence of a large number of established key players such as Panasonic Corporation, Sony Corporation, Taiwan Semiconductor Manufacturing Company Limited, and Canon Inc. among others. Also, advancements in technology and increasing adoption of smartphones is responsible for driving the growth of global sensor market in the region.
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- Device manufacturers
- Network Operators
- Mobile manufacturer
- Government Agencies
- Security Agencies
- End-user sectors
- Communication operators
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