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 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.
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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.
Major Key Players
The key players in the global sensor market include- STMicroelectronics N.V., Hewlett Packard Enterprise Development LP, Panasonic Corporation, Qualcomm Technologies, Inc., Johnson controls international PLC, NXP semiconductors N.V., Infineon Technologies AG, Atmel Corporation, Texas instruments Inc., Robert Bosch GmbH, Sony Corporation, Honeywell International, Inc., Taiwan Semiconductor Manufacturing Company Limited, Volkswagen and Canon Inc. among others.
Regionally, Asia Pacific accounted for the largest market share from countries such China, India, and Japan among others. The reason is attributed to growing demand for high technology adoption and growing electronic industry in the region. However, Asia Pacific is expected to grow over the forecast period, 2017-2023.
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 can be bifurcated as product type, technology, end-user, and region. Based on product type, the market is segmented into radar sensor, image sensor, optical sensor, biosensors, touch sensor, pressure sensor, temperature sensor, proximity sensor and displacement sensor, level sensor, motion and position sensor, humidity sensor, accelerometer and speed sensor others. Based on technology, the market is segmented into CMOS (Complementary metal–oxide–semiconductor), MEMS (Micro-Electro-Mechanical System) and NEMS (Nanoelectromechanical systems). The applications covered by the sensor include electronics, IT & telecommunication, industrial, automotive, aerospace & defense, healthcare. Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of the World.
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.
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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.
- Device manufacturers
- Network Operators
- Mobile manufacturer
- Government Agencies
- Security Agencies
- End-user sectors
- Communication operators