Sensor Market – Overview
The demand for sophisticated devices is contributing to increased integration of sensors in various products. Reports that deliver insights into the semiconductors and electronics industry has been presented by Market Research Future, which creates reports on industry verticals that judge the market progress and options for growth. A CAGR of 8.37 % is expected to secure revenues worth USD 222.67 billion by the end of the forecast period.
The rising call for consumer electronics and automation of industries is anticipated to push the expansion of the sensor market globally. Moreover, the improvement of electronic devices with the system on chip (SoC) technology is anticipated to boost sensor development. Moreover, the sensor manufacturing companies are increasingly engaging in product enhancements to utilize the demand boost in the market better.
Segmental Analysis
The segmentation of the sensor market has been carried out on the basis of component, type, technology, region, and vertical. Based on the type, the sensors market has been segmented into optical sensors, radar sensors, biosensors, level sensors, temperature sensors, touch sensors, pressure sensors, image sensors, proximity and displacement sensors, motion and position sensors, speed sensors, humidity sensors, accelerometer among others. On the basis of component, the sensor market comprises of digital to analog converters, analog to digital converters, microcontrollers, transceivers, amplifiers, and others. On the basis of technology, the sensor market has been segmented into MEMS, MOS, NEMS, and others. On the basis of vertical, the sensor market has been segmented into healthcare, aerospace and defense, manufacturing, IT & Telecommunication, and others. Based on the region, the sensor market is segmented into Asia Pacific, Europe, North America and other global regions.
Detailed Regional Analysis
The regional overview of the sensor market comprises of regions such as Asia Pacific, Europe, North America, and other global regions. The Asia Pacific accounts for the major segment of 35.8 % of the sensor market as per the study. The productive industrialization in the region, together with the speedy implementation of digital technology, is generating considerable demand for sensors. The thriving healthcare sector along with the elevated adoption of wearable sensor-enabled products, is adding momentum to the development of the APAC market. The European regional market is scheduled to materialize as the quickest mounting market for sensors and is anticipated to ripen at a CAGR of 9.13 % in the forecast period. The substantial investment being devoted to R&D of sensor technology by numerous recognized companies and fresh companies in nations such as Germany and France are motivating the market in the European region.
Competitive Analysis
The aptness of manufacturing resources is estimated to furthermore replicate, evidently, on the overall growth development of the market. The market is anticipated to be motivated by increased investment from various sources. The market is expected to be abreast of the trends that are prevalent in the market which will aid in the long term growth of the market. The innovation scale of the product offering is improving at an accelerating rate, which will enable the advancement of the market in the approaching years. Also, the enhanced access to resources from investment leviathans and venture capitalists is anticipated to authorize an encouraging development viewpoint in the market in the forthcoming period. The reassessment of the logistics budget is expected to open up avenues of expansion in the upcoming years.
The central players in the sensor market are TE Connectivity Ltd., STMicroelectronics NV, NXP Semiconductors NV, Texas Instruments Inc., Microchip Technology Inc., Robert Bosch GmbH, Infineon Technologies AG, ROHM Semiconductor, Honeywell International Inc., Qualcomm Technologies Inc., and Taiwan Semiconductor Manufacturing Co. Ltd to name a few.
