According to a recent report published by Allied Market Research, titled,"Global Sensor Market by Type, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2017 - 2025,"the global sensor market was valued at $138,965.0 million in 2017, and is projected to reach $287,002.0 million by 2025, growing at a CAGR of 9.5% from 2018 to 2025.
The incorporation of sensors into any device increases its functionality, accuracy, and efficiency, increasing its automation. This in turn contributes to the high growth rate in the sensor market.
There is an increase in demand for sensors due to their wide usage in consumer electronic appliances. Manufacturers of consumer electronic appliances are incorporating more sensors in their devices to add additional features and keep ahead of other players in the highly competitive sensor market. In addition, the automotive companies such as Audi, BMW, and Volkswagen among others, are extending their R&D budgets every year to stay ahead in the competition. These vehicle manufacturing companies are increasing the number of sensors used in their vehicles to make them more comfortable and increase the overall automation. The rise in demand for automation in vehicles, high competition in the automotive industry, surge in demand for electric cars to control pollution and increase in trend of driverless cars are a few prime factors fueling the demand for sensor market size in the automotive industry across the globe.
The healthcare equipment manufacturers incorporate a variety of sensors for automation. Blood pressure machine, thermometer, X-ray machine, CT scanner and ultra sound machines used in the healthcare sector incorporate a wide range of sensors. Increase in investment in healthcare budget of developed nations, need of automated equipment to perform critical surgeries, and rise in trend of home-based digital healthcare equipment are the major factors that boost the growth of the healthcare segment in the sensor industry.
U.S. is the fastest adopter of technology owing to which the growth of consumer electronics device, electric & hybrid vehicles, and healthcare monitoring systems, among other upcoming IoT technology-based devices, is high. Sensors are used in various consumer electronics to automate and increase usability. Increase in disposable income of the people in the U.S. drives the sale of these electronics in North America.
Asia-Pacific occupies a considerable share in the global sensor market. For instance, In March 2018, Chandigarh became the first city in North India to install Automatic Speed Gun Cameras with advanced image sensors and digital displays for traffic management. This system was also adopted by Kolkata. The high-tech speed cameras are equipped with vision sensors that are expected to record the speed of the oncoming traffic, helping Chandigarh Police to issue challans to anyone driving above the city speed limits.
Key Findings of the Sensor Market:
- In 2017, the radar sensors subsegment generated the highest revenue in the global sensor market.
- In 2017, the MEMS segment generated the highest revenue among the technology in the global sensor market.
- In 2017, the electronics segment generated the highest revenue among the end user in the market.
The major companies profiled in the report include STMicroelectronics, NXP semiconductors N.V., Infineon Technologies AG, Qualcomm Technologies, Inc., Atmel Corporation, Texas instruments Inc., Robert Bosch GmbH, Johnson Controls International PLC., Sony Corporation, and Honeywell International Inc. These key players have adopted product development strategy to enhance their market position.
Comprehensive analysis of recent developments and growth curves of various companies have helped to understand the growth strategies adopted by them and their potential effect on the market. For instance, on February 2019, Infineon Technologies launched fourth generation of its REAL3 image sensor IRS2771C, which is designed to meet the requirements of the mobile consumer device market and demand for higher resolution with small lenses. In addition, in 2018Panasonic Corporation develop time-of-flight (TOF) image sensor, which uses avalanche photodiode (APD) pixels and capable of capturing range imaging of objects up to 250 m. This sensor is applied in variety of fields including automotive range imaging and wide-area surveillance in the dark.