Market Highlights:
The global sensor market is showing immense growth; mainly due to the increasing need for automation and control across various industries. Also, miniaturization of sensors and growing adoption of internet of things are the major factors responsible for driving the growth of sensor market. Growing need for real time monitoring systems is boosting the growth of sensor market. Technological advancements have played a major role in the development of sensor market. Steep increase in the adoption of sensors across various applications and different industry verticals is further fuelling the market growth.
STMicroelectronics N.V., Hewlett Packard Enterprise, Panasonic Corporation, Qualcomm Technologies, Inc., Johnson Controls International Plc., NXP semiconductors N.V., Infineon Technologies AG, Atmel Corporation, Texas instruments Inc., and Robert Bosch GmbH are the major investors in the sensor market. Growing urbanization and increasing demand for automated solutions is another major factor driving the growth of sensor market. Also, increasing demand for sensors in advanced driving assistance system (ADAS) in the automotive vertical is responsible for driving the growth of the market. Moreover, increasing adoption of analytics based transport solutions is expected to drive the growth of sensor market.
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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.
Furthermore, factors such as growing demand of smartphone and electronics equipment are helps to grow the market at fast pace. However, high cost of the sensor implanted devices are the factors hampering the growth of the overall market.
The global sensor market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. The sensor market is highly competitive due to the presence of several large vendors.
Segmentation
The sensor market can be classified into 4 key segments for the convenience of the report and enhanced understanding;
Segmentation by Product Type: Analog Sensor, Digital Sensor, Radar sensor, Image sensor, Optical sensor, Biosensors, Touch sensor, Pressure sensor, Temperature sensor, Proximity sensor and displacement sensor, Level sensor, Motion & Position Sensor, Humidity Sensor, Accelerometer and Speed Sensor and Others
Segmentation by Technology: CMOS (Complementary metal–oxide–semiconductor), MEMS (Micro-Electro-Mechanical System) and NEMS (Nano Electromechanical systems)
Segmentation by End User: Electronics, IT & Telecommunication, Industrial, Automotive, Aerospace & Defense, and Healthcare among others
Segmentation by Region: North America, Europe, Asia Pacific and Rest of the World.
Regional Analysis
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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Intended Audience
- Device manufacturers
- Network Operators
- Mobile manufacturer
- Government Agencies
- Security Agencies
- End-user sectors
- Communication operators
- Defense
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