Press Release / Technology / Sensor Market Overview, Growth, Opportunities and Development 2023

Sensor Market Overview, Growth, Opportunities and Development 2023

The report on the global Sensor market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player’s market share analysis, competitive landscape and supply chain analysis.

Market Highlights:

Technological advancement has aided the development of sophisticated devices that can detect and respond to electrical and optical signals with the help of sensors that convert the physical parameters such as temperature, humidity, speed, and others into electrically measurable signals. Rapid incorporation of sensors in medical devices, consumer electronics, automation of industries and others has led to the optimization of functions and services in various industrial sectors.

The global sensor market is anticipated to register noteworthy expansion at a CAGR of 8.37% over the forecast period of 2018-2023 and reach the valuation of USD 222.67 Bn by the end of 2023 from USD 139.90 Bn in the year 2017. Increasing focus on industrial automation and development of electronic devices with System on Chip (SoC) technology are primarily fueling the growth of the global sensor market. However, complexities and reliability issues related with the deployment of sensors in System on Chip (SoC) and high cost of good quality sensors are likely to act as restraining factors on the growth of the global sensor market. Whereas, integration of interactive sensors in consumer electronic devices that are based on artificial intelligence and machine learning technologies have created multiple opportunities for the expansion of the global sensor market.

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Major Key Players

STMicroelectronics N.V.,
Hewlett Packard Enterprise Development LP,
Panasonic Corporation,
Qualcomm Technologies, Inc.,
Johnson controls international PLC,
NXP semiconductors N.V.,
Infineon Technologies AG,
Atmel Corporation,
Texas instruments Inc.,
Robert Bosch GmbH,
Sony Corporation,
Honeywell International, Inc.,
Regionally, Asia Pacific accounted for the largest market share from countries such China, India, and Japan among others. The reason is attributed to growing demand for high technology adoption and growing electronic industry in the region. However, Asia Pacific is expected to grow over the forecast period, 2017-2023.

According to MRFR, the global Sensor Market is expected to reach approximately USD 266.27 billion by the end of 2023 with 11.60% CAGR during forecast period 2017-2023.

Competitive Analysis

The market of sensor appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Drivers and Constraints Impacting the Market

With the growing advancement in technology and miniaturization of devices, the global market for sensor is likely to boom over the forecast period. Emergence of semiconductor materials like polymers is expected to reduce the weight, cost, and size of electronic devices which is predicted to spur the demand for sensors market in the coming years. Moreover, low cost, chip-level integration, wireless connectivity, and low power are expected to drive the market over the forecast period. Communication technologies comprising satellite-based personal network is also anticipated to foster the market growth over the years.

On the flip side, fluctuating global economic conditions are likely to hamper the market growth. Also, other factors such as price sensitivity and time to market are expected to inhibit the market growth during the forecast period. Moreover, high cost of sensor implanted devices is estimated to hamper the market growth during the forecast period.

Segmentation Analysis:

The sensor market is segmented on the basis of component, technology, type, vertical, and region. Based on the component, this market has been segmented into amplifiers, analog to digital converters (ADCs), digital to analog converters (DACs), microcontrollers, and transceivers, and others. The technology-based segmentation segments the market into CMOS, MEMS, NEMS, and others. By type, the market has been segmented into biosensors, humidity sensors, image sensors, level sensors, motion & position sensors, optical sensors, pressure sensors, proximity sensors, radar sensors, temperature sensors, touch sensors, and others. Market segmentation on the basis of verticals covers aerospace & defense, automotive, consumer electronics, healthcare, industrial, IT & telecommunication, and others.

The regions covered in the global market are Europe, Asia Pacific, North America, and the rest of the world (RoW).

Regional Analysis:

The regional analysis of the sensor market covers regions such as Europe, Asia Pacific, North America, and the rest of the world (RoW). The Asia Pacific is the greatest regional market. During the forecast period, is expected to grow at 7.39% CAGR due to the rapid urbanization and rising technological advancement. The crucial country-specific markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region. India is the largest growing regional market, and it is expected to grow at 9% CAGR by the end of the forecast period.

North America is the second largest regional market. In 2017, its value was USD 37,633.1 million. During the forecast period, this market has been anticipated to grow at 8.86% CAGR, and its market value will most probably be USD 61,585.0 million. USA, Canada, and Mexico are the most important country-specific markets in this region. Technological advancement and the presence of many key players in this region boost the North American market. USA is the biggest country-specific market that is expected to grow at 7.22% CAGR, and its value is expected to rise to USD 24,084.9 million.

In Europe, the market is growing due to the presence of strong economies such as France, Germany, and the UK. Due to technological advancement second only to North America, Europe is one of the major regional markets. Thus, market growth for Europe is expected to register a 9.13% CAGR during the forecast period. Germany is the largest country-specific market in Europe, and during the forecast period, it is expected to grow at 8.91% CAGR, and its worth is expected to be USD 22,904 million.

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Intended Audience

Device manufacturers
Network Operators
Mobile manufacturer
Government Agencies
Security Agencies
End-user sectors
Communication operators
Defense
LIST OF TABLES

TABLE 1 SENSOR MARKET, BY PRODUCT TYPE

TABLE 2 SENSOR MARKET, BY TECHNOLOGY

TABLE 3 SENSOR MARKET, BY END-USER

TABLE 4 SENSOR MARKET, BY GEOGRAPHY

TABLE 5 NORTH AMERICA SENSOR MARKET, BY PRODUCT TYPE

TABLE 6 NORTH AMERICA SENSOR MARKET, BY TECHNOLOGY

Continued……

List of Figures

FIGURE 1 GLOBAL SENSOR MARKET: MARKET STRUCTURE

FIGURE 2 TOP DOWN & BOTTOM UP APPROACH

FIGURE 3 DROC ANALYSIS OF GLOBAL SENSOR MARKET

FIGURE 4 DRIVERS IMPACT ANALYSIS: GLOBAL SENSOR MARKET

FIGURE 5 RESTRAINT IMPACT ANALYSIS: GLOBAL SENSOR MARKET

FIGURE 6 VALUE CHAIN: GLOBAL SENSOR MARKET

Continued……

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