Global Sensor Market is one of the fastest evolving markets worldwide. The growth in innovative technology to enhance the utilization of resources with accurate output leads to increasing demand for the sensor installed equipment. The innovation of modern technologies in the field of automotive, electronics and information technology is expected to boost the market growth of sensors across the world. The major drivers for global sensor market are the increasing growth of internet of things (IoT), rising need of automation in different industries.
Market Size and Forecast
Global Sensor market is expected to rise at a CAGR of 9.5%, and it is expected to cross USD 143 Billion by 2027. Increasing use of sensors in smart railways coupled with rising demand from countries such as India, China, Brazil, South Korea is anticipated to fuel the global sensor market over the forecast period. Based on type, the market is segmented into radar sensor, optical sensor, biosensor, touch sensor, image sensor, pressure sensor, temperature sensor and others. The touch sensor and image sensor dominate the market owing to factors such as innovative technology and large scale usage in electronics industry. Global sensor market is segmented on the basis of end use industry, which includes consumer electronics, IT & telecommunication, industrial, automotive, aerospace & defense and healthcare.
By region, global sensor market is segmented into North America, Asia-Pacific, Europe, Latin America, Middle East and Africa. In North America especially U.S. is anticipated to contribute maximum market share, followed by Canada. The is attributed to the increasing demand for devices such as touch sensors and image sensors owing to development of electronic industry in U.S. The other factors include enhanced government budgets for public sector undertakings and increasing personal disposable income. Asia-Pacific region is projected to be the second largest market followed by Europe. Asia-Pacific region is anticipated witness robust growth over the forecast period owing to the increasing demand from countries such as China, India and japan .Additionally, growing need for sensors in various industries, existence of huge IT sector are also anticipated to drive the global sensor market during the forecast period of 2017-2027.
Our in-depth analysis segmented the Global Sensor Market in the following segments:
- Radar sensor
- Optical sensor
- Touch Sensor
- Image Sensor
- Pressure sensor
- Temperature sensor
- Complementary Metalâ€Oxideâ€Semiconductor (CMOS)
- Micro Electro Mechanical systems (MEMS),
- Nano Electro Mechanical systems (NEMS)
By End Use Industry
- consumer electronics
- IT & telecommunication
- aerospace & defense
Global Sensor market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Increasing expansion of automation industry which in turn leads to use of innovative technology equipped with sensors in order to obtain efficient and effective output. This results in the expansion of the global sensor market during the forecast period of 2017-2027. Additionally, increasing demand for different types of logical controllers which have installed sensors is also anticipated to fuel the market growth of the sensor worldwide. Moreover, the use of latest technology in sensors to manufacture electronic devices equipped to perform various tasks is anticipated to drive the sensor market over the forecast period.
Furthermore, development of the technologies such as driverless automotive & adjustment in existing vehicles which include rain wiping sensors, parking sensors, etc. is projected to encourage the demand of sensors during the forecast period of 2017-2027. The recent development in communication systems through satellite networking and emergence of biometric devices for security purposes in various industries is considered to be the major factor for the expansion of global sensor market.
Top Featured Companies Dominating The Market
- STMicroelectronics N.V.
- NXP semiconductors N.V.
- Infineon Technologies AG
- Qualcomm Technologies, Inc.
- Atmel Corporation
- Texas instruments Inc.
- Robert Bosch GmbH
- Johnson controls international PLC
- Sony Corporation
- Honeywell International, Inc.
- Taiwan Semiconductor Manufacturing Company Limited
- Panasonic Corporation
- Canon Inc.
- Hewlett Packard Enterprise Development LP