Market Overview
As per a detailed analysis by Market Research Future (MRFR), the global sensor market is estimated to surpass a valuation of USD 222.67 billion, registering a CAGR of 8.37% during the forecast period (2018-2023). Sensors can be defined as devices that can detect changes or events in the surrounding environment and offer the corresponding output. Sensors can sense the physical input like heat, light, moisture, motion, pressure, or any other entity. The sensor market is observed to gain tremendous opportunities across sectors like automotive, aerospace, defense, consumer electronics, industrial, and healthcare. The increased adoption of position and motion sensors in the industrial automation, proliferation of proximity and temperature sensors, and penetration of smart homes are influencing the market.
Market Potential and Pitfalls
The sensors market has witnessed a tectonic surge over the past few years. Technological advancements have assisted in the development of sophisticated devices, which helps to respond and detect optical and electronic signals. This can be done with the help of sensors, which converts the physical parameters like humidity, temperature, speed, and others to electrically measurable signals. The rapid implementation of sensors in consumer electronics, medical devices, automation of industries, and others has resulted in the optimization of services and functions in several industrial sectors. The surging focus on industrial automation along with the development of electronic devices with System on Chip (SoC) technology are some of the major factors dictating the growth trajectory of the market. The implementation of interactive sensors in consumer electronic devices based on machine learning and artificial intelligence technologies have created growth opportunities for the market across the globe.
Analyzing the market structure, this report offers insights about factors affecting the market growth. Estimating the market size and forecasting the revenue, this report 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.
On the contrary, the reliability issues and complexities associated with the development of sensors in SoC is considered to restrict the growth of the market. Moreover, the high cost of premium-quality sensors is predicted to curb the growth of the market in the foreseeable future.
Get a Free Sample: https://www.marketresearchfuture.com/sample_request/4392
Global Sensor Market: Segmental Analysis
The global sensor market is segmented on the basis of product type, component, technology, and vertical.
By mode of product type, the market is segmented into optical sensors, radar sensors, touch sensors, biosensors, pressure sensors, image sensors, proximity sensors, temperature sensors, motion & position sensors, level sensors, humidity sensors, and others.
The component segment comprises digital to analog converters, analog to digital converters, amplifiers, transceivers, microcontrollers, and others.
Based on technology, the sensor market constitutes of CMOS, NEMS, and MEMS.
The vertical segment comprises IT & telecommunication, consumer electronics, industrial, healthcare, aerospace & defense, automotive, and others.
Regional Frontiers
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.
Industry Updates
June 05, 2019: Silicon Microstructures, Inc. (SMI) has recently unveiled the SM923X Series of ultra-low-pressure sensor systems. The SM923X Series SMI extends the limit of ultra-low gauge pressure sensing to 250 Pa (1 inH2O). The fully pressure calibrated and temperature compensated sensor allows precise pressure sensing in HVAC, industrial, and medical applications.
Competitive Dashboard
The prominent players operating in the global sensor market comprises TE Connectivity Ltd., STMicroelectronics NV, NXP Semiconductors NV, Qualcomm Technologies Inc., Texas Instruments Inc., Infineon Technologies AG, Microchip Technology Inc., Robert Bosch GmbH, Honeywell International Inc., ROHM Semiconductor, and Taiwan Semiconductor Manufacturing Co. Ltd.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/sensor-market-4392
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
FIGURE 7 PORTER’S FIVE FORCES ANALYSIS OF THE GLOBAL SENSOR MARKET
FIGURE 8 GLOBAL SENSOR MARKET, BY TYPE, 2017 VS 2023 (USD MILLION)
FIGURE 9 GLOBAL SENSOR MARKET, BY COMPONENT, 2017 VS 2023 (USD MILLION)
FIGURE 10 GLOBAL SENSOR MARKET, BY TECHNOLOGY, 2017 VS 2023 (USD MILLION)
Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/sensor-market-4392