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SE_16257
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Pages: 331
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Apr 2019 | 20731 Views
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Author(s) :
Rahul Kumar
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Tables: 125
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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.Sensors are devices that detect events or changes in the environment and then provide the corresponding output. They sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmit the information in electronic form for further processing. These define major applications in flood & water level monitoring systems, environmental monitoring, traffic monitoring & controlling, energy saving in artificial lighting, remote system monitoring & equipment fault diagnostics, and precision agriculture & animal tracking.
The sensors have penetrated in almost every industry vertical but have highest usage in consumer electronic products, followed by automotive, and IT & telecom. Smartphones incorporate sensors such as accelerometer, gyroscope, ambient light sensor, proximity sensor, and temperature detector, to keep a track on parameters and provide a centralized system for automatic control.
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Factors such as advancement in sensors and rise in usage of smartphones and other electronics devices, advancements in automation sector, increase in demand for sensors in development of smart cities, and surge in IoT trends are expected to fuel the growth of the sensor market. However, incorporation of the sensor in devices incurs extra value and reduces life of the device are expected to hinder the sensor market growth. Conversely, surge in adoption of wearable devices, innovative application in the biomedical sector, and rise in advancements in the automotive sector are expected to offer lucrative opportunities for the sensor industry.
Asia-Pacific holds a significant sensor market share in 2017. This is due to an increase in the technological advancements and a rise in the automotive standards in developing countries such as India, China, and Indonesia. China is gearing up resources to develop core technologies such as artificial intelligence chips and sensors, as a part of its broader vision to integrate AI into the manufacturing sector. This positively affects the sensor market trends.
The key companies profiled in the sensor market report are 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 launch and acquisition strategies to strengthen their sensor market share.
Segmentation
The global sensor market size is segmented based on type, technology, industry vertical, and region. Based on type, the market is further categorized into radar sensor, optical sensor, biosensor, touch sensor, image sensor, pressure sensor, temperature sensor, proximity & displacement sensor, level sensor, motion & position sensor, humidity sensor, accelerometer & speed sensor, and other sensors. The technology sub segment covered in this report include CMOS, MEMS, NEMS, and others. The industry vertical discussed in this study are electronics, IT & telecommunication, industrial, aerospace & defense, healthcare, and others. Based on region, the sensor market forecast is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Impacting Factors
The factors such as growth in trend of IoT, rise in demand for sensors in the development of smart cities, advancement in sensors and its increasing usage in smartphones, and other electronics devices, incorporation of the sensor in devices incurs extra value and reduces life of device, rise in adoption of wearable devices, and innovative application in biomedical sector are expected to significantly affect the growth of the global sensor market. These factors are anticipated to either drive or hamper the sensor market growth.
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Rise in demand for sensors in development of smart cities
Smart city is a term used to define cities that are highly advanced in terms of improved infrastructure, sustainable real state, enhanced communication, and market viability. Sensors installed in smart cities make these cities efficient, comfortable, safer, and interactive. Moreover, numerous companies are involved in collaborations and partnerships for the development of smart cities. For instance, General Electric entered into partnership with Nokia to bring cutting edge smart city technology in the Canadian countries. This partnership has been aimed to help the Canadian cities improve operational infrastructure & expand new services to citizens. Similarly, in April 2018, Cisco Systems entered into an agreement with Plug and Play to develop smart city in Panyu district, Guangzhou. This partnership utilizes its global ecosystem across multiple industries for construction of Cisco Smart City in Guangzhou by introducing international and high-end innovation resources.
Incorporation of the sensor in devices incurs extra value and reduces life of device
The addition of sensors helps increase automation in electronic devices; however, it incurs an extra cost and thereafter it is avoided in cost-effective applications. The incorporation of sensors facilitates extra features and makes the devices more automated, although, it incurs some additional cost and thereafter it is avoided in cost-effective applications. Sensors create heating issues and reduce the overall life of devices, which are continuously used for a long time, such as smart phones, laptops, and cameras, as these devices have components, which are temperature sensitive. Sensors reduce the battery life of the devices, which use battery as their power source, as they rely on device battery for their operation. As a result, the adoption rate of these sensors is low across different applications. Thus, high cost of smart sensors restrains the growth of the market.
Rise in adoption of wearable devices and innovative application in biomedical sector
Technological advancements in smart sensor technologies offer innovative and additional features to the medical devices and equipment. These smart sensors are used by doctors to monitor routine check-ups, such as blood pressure and body temperature of the patients. Moreover, smart sensors measure the heart beat and blood oxygen content and transfer medical information through cloud to the healthcare professionals. These sensors also provide medical facilities by means of telemedicine in the rural and underdeveloped areas. The wearable technology market is an emerging market in the biomedical sector. This market comprises hi-tech wearable devices, consisting of sensors that monitor different physical activities. These sensors collect the information about respective parameters, convert them into digital form and display them on screen. The growth in demand for wearable devices and increase in investment by governments of several countries to improve healthcare conditions are the reasons anticipated to increase the demand in the overall sensor market. Conversely, surge in adoption of wearable devices and innovative application in biomedical sector are expected to offer lucrative opportunities for the market globally.
Sensors are devices that detect events or changes in the environment and then provide the corresponding output. They sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmit the information in electronic form for further processing.
Asia-Pacific occupies a considerable market share in the global sensors market. This is due to an increase in the technological advancements and a rise in the automotive standards in developing countries such as India, China, and Indonesia. China is gearing up resources to develop core technologies such as artificial intelligence and sensors, as a part of its broader vision to integrate AI into the manufacturing sector. China is the world’s second-largest owner of inventive patents and international scientific papers, with significant progress made in voice and image recognition. In 2018, the ministry of China unveiled a three-year plan in December to boost the application of AI in various industries. The country is focusing on encouraging production and manufacturing of sensor technologies by the domestic companies that specialize in high-end sensors and AI chips.
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 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.
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