According to a recent report published by Allied Market Research, titled, “Sensor Fusion Market By Type, Technology, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the sensor fusion market size was valued at $3,546.2 million in 2020, and is projected to reach $19,837.9 million by 2030, registering a CAGR of 19.7% from 2021 to 2030.
Sensor fusion is the accumulation of data from multiple sensors to gain an accurate picture of the sensors than can be determined by any one sensor alone. Such fusion of different types of sensors together reduces errors. Sensor fusion devices make use of advanced sensor fusion algorithms. These algorithms are developed to integrate the real-time data and measurement outputs into a unified interpretation. This involves the multiple sensor fusion arrays with different types of sensors with different chemical and biological coatings. Sensor fusion is majorly widely used in consumer electronics and automotive applications. Automotive industry is expected to grow with the significant growth rate during the forecast period.
The constantly evolving consumer electronics, automotive and healthcare industry majorly drives the sensor fusion market growth. Further, increase in number of electric vehicles and the integration of advanced technologies such as ADAS and other safety features in the vehicles drives the growth of the market. Moreover, rise in trend of miniaturization in electronics contributes toward the growth of the sensor fusion market trends. However, lack of standardization in MEMS technology is expected to hinder the growth of the sensor fusion industry.
Sensor fusion by IMU type contributed the maximum in terms of revenue to the market and accounted for around 37.5% share in 2020. Factors such as surge in adoption of consumer electronic devices and medical devices propels the market growth. Sensor fusion by radar sensor type is expected to grow at a significant rate, owing to the high demand of sensor fusion in the autonomous vehicles.
COVID-19 Impact Analysis
COVID-19 has impacted the global electronics and semiconductor sector, due to which production facility as well as new projects have stalled. The emergence of COVID-19 has lowered the growth of the sensor fusion market share in 2020, and is estimated to witness significant growth till the end of 2021. Implementation of partial or complete lockdown across countries is the prime reason for the lower growth rate.
Key Findings of the Study
- By type, the IMU segment generated the highest revenue in the sensor fusion market analysis in 2020.
- By technology, the MEMS segment held the largest market share revenue in the market in 2020.
- By industrial vertical, the consumer electronics segment generated the highest revenue in the global market in 2020.
The key players operating in this market are Analog Devices Inc., NXP Semiconductor, Renesas Electronics Corporation, Bosch Sensortec GmbH, InvenSense, Inc., Infineon Technologies, STMicroelectronics, Asahi Kasei Microdevices, BASELABS, and Maxim Integrated. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration, to enhance their market penetration.