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| Report Code: A13058 | Pages: 307 | ||
| Tables: 121 | Charts: 94 |
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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 combination of sensors to get more accurate and reliable information instead of getting them by individual sensors. When two or more sensors clubbed together to get an enhanced result is termed as sensor fusion. The sensor fusion overcomes the limitations of individual sensors by collecting and fusing data from various different sensors to produce more reliable information with less uncertainty. Such robust information is then used to make decisions or take certain actions.
The automotive segment impacted negatively, due to COVID-19.
The sensor fusion is increasingly used in various industry applications such as automotive, healthcare, consumer electronics, military & defense, and other industries. The global sensor fusion market share is expected to witness significant growth as the demand for these industries is on the rise. Sensor fusion finds applications in smartphones, tablets, vehicles, medical devices, and other industrial equipment.
Smartphones are equipped with various different sensors such as Inertial Measuring Unit (IMU) sensors, temperature sensors, light sensors, and others. Such sensors are used to determine different activities such as positioning, tracking, and recognition of various other activities. In healthcare, wearable devices uses sensor fusion in the form for accelerometers and gyroscopes. Advances in the miniaturization and power consumption of MEMS sensor devices and microcontrollers are enabling wearable sensor systems that can be used in a variety of medical environments.
The sensor fusion market is analyzed on the basis of type, technology, industry vertical, and region. By type, the market is divided into radar sensor, image sensor, IMU, temperature sensor, and others. By technology, the market is divided into MEMS and non MEMS. By industry vertical, it is classified into automotive, healthcare, consumer electronics, military & defense, and industrial. By region, the market is studied across North America, Europe, Asia-Pacific and LAMEA.
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.
The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, reducing business confidence, hampering the supply chain, and increasing panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the sensor fusion market in 2020.
According to the sensor fusion market trends, the COVID-19 pandemic has severely impacted the manufacturing and industrial sectors as production facilities have stalled, which, in turn, leads to significant demand in industries. The emergence of COVID-19 has lowered the growth of the sensor fusion market in 2020. Nevertheless, the market is estimated to witness significant growth during the forecast period.
Notable factors positively affecting the sensor fusion market growth include increase in sales of self-driving vehicles and rise in number of portable and wearable electronic devices. Electronic devices such as smartphones, and smartwatch, witnesses high demand. Further, increase in penetration of electric vehicles fuels the demand for sensor fusion industry. The miniaturization of the electronic components to save the space and design of compact electronic devices drives the growth of the market. Furthermore, rise in digitalization and increase in application of sensor fusion in robotics are expected to offer opportunities for the growth of the market in the coming years.
Key Benefits For Stakeholders
Sensor Fusion Market Key Segments
By Type
By Technology
By Industry Vertical
By Region
Key Market Players
Sensor Fusion Market Report Highlights
| Aspects | Details |
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| By TYPE |
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| By TECHNOLOGY |
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| By INDUSTRY VERTICAL |
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| By Region |
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| Key Market Players | CEVA, INC. (HILLCREST LABORATORIES, INC.), ASAHI KASEI CORP. (ASAHI KASEI MICRODEVICES), ANALOG DEVICES INC., TDK CORPORATION (INVENSENSE INC.), STMICROELECTRONICS N.V., NXP SEMICONDUCTORS N.V., RENESAS ELECTRONICS CORPORATION, MAXIM INTEGRATED PRODUCTS, INC., ROBERT BOSCH GMBH (BOSCH SENSORTEC GMBH), INFINEON TECHNOLOGIES AG |
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The sensor fusion market is witnessing significant growth, owing to increase in sales of consumer electronic devices, automobiles, and medical devices. Sensor fusion increases the level of certainty by reducing the noise level by looking at various data sources simultaneously. It fetches data from multiple cameras, ultrasonic sensors, radar sensors, and different types of sensors. The sensor fusion algorithm analyzes the environment and produces a robust representation of objects. The market is consolidated with the presence of several market players, emerging players, startups, and others.
Rise in demand for autonomous vehicles, miniaturization of the electronics components, and surge in the growth of the consumer electronics market drive the growth of the sensor fusion market. In addition, market growth is driven by the increase in demand of the integrated sensors in the smartphones, wearable devices, and medical devices supporting toward the growth of the sensor fusion market.
Further, the advanced commercial off-the-shelf (COTS) microprocessors and high-speed wireless data networking have made sensor fusion even more feasible for a broad variety of military and aerospace applications. Thus contributing toward the growth of the sensor fusion market. The use of sensor fusion in robotics and other AI based technology products further boost the market for the sensor fusion.
The sensor fusion market provides numerous growth opportunities to players such as STMicroelectronics, NXP Semiconductor, Infineon Technologies and others.
A. The Sensor Fusion Market is estimated to grow at a CAGR of 19.7% from 2021 to 2030.
A. The Sensor Fusion Market is projected to reach $19,837.9 million by 2030.
A. To get the latest version of sample report
A. Increase in sales of self-driving vehicles and rise in number of portable and wearable electronic devices etc. boost the Sensor Fusion market growth.
A. The key players profiled in the report include Analog Devices Inc., NXP Semiconductor, Bosch Sensortec GmbH, and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The Sensor Fusion Market is segmented on the basis of type, technology, industry vertical, and region.
A. The key growth strategies of Sensor Fusion market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. IMU segment would grow at a highest CAGR of 20.6% during the forecast period.
A. North America region will dominate the market by the end of 2030.
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