Sensors Market

Sensors Market Size, Share, Growth (2023-2028)

Sensors Market is estimated to get valued USD 287 Billion by the end of 2028, registering a CAGR of 9.5% during the forecast period of 2023-2028

Sensors Market Overview:

A sensor can be described as a device, module, machine, or subsystem which is used to detect or monitor the events or changes in its environment and to send the information to computer processors or other electronics, frequently and are always integrated with other electronics. Also, these sensors are used in everyday objects like elevator buttons with touch-sensitive (tactile sensor), and lamps which dim or brighten by touching the base, besides countless applications that are most people are unaware.These sensors have found their way into the many platforms such as health care, agriculture, automotive, among others. It is possible, with the help of sensors, to monitor the real-time wounds, to monitor oxygen and the lactate on human skin which are similar to the microarchitecture of the skin. And with the advancements of the biosensor and the gold sensor cables attaining the same mechanics as of skin elasticity and would be an unobtrusive device to the wearer. Moreover, the better these sensors molds with the skin, the better the data it can monitor in the patient. Also, the advanced sensors are utilized in agriculture to determine the quality of crops. Also, there are sensors to monitor temperature which are capable of surviving extreme conditions, which are the essential factors involved in aerospace and military applications. Also, this significance of the sensors in the implementation of the 5G wireless technology and increased demand for radiation-tolerant devices is rising the need of the sensors in the international market. Additionally, initiatives taken by the military and government agencies to cater to them are further fuelling the target market. And in terms of the technological advancements like Internet of Things (IoT) rapidly and relentlessly to integrate in various devices such as machine tools, vehicles, street lights, wind turbines, wearables, and a seemingly infinite number of other devices which are embedded with software and connectivity is likely to be boosting the sensors market growth during the forecast period. Rise in the extensive incorporation of IoT systems in smart grids, intelligent transportation, smart homes, and smart cities is anticipated to garner the growth of the market.

Recent Developments

• Waves MaxxAudio is planning to expand their collaboration with Qualcomm to bring enhanced technology audio to the Mobiles of Next Generation. 

• BRIEF-STMicroelectronics is planning to acquire the significant stakes of Exagan, a gallium nitride innovator.

Sensors Market Drivers

Low cost, chip-level integration, low power & wireless connectivity etc. and the advancements in the technology and miniaturization of devices are driving the global sensors market growth. Also, the introduction of the new semiconductor materials like polymers is enabling to lower the weight, cost, and size of electronic devices which helps to spur demand for sensor market. Also, developments of communication technologies like satellite-based personal network are anticipated to foster the demand for sensors.High demand from the automotive industry and consumer electronics are impacting the market positively due to the numerous applications of sensors in these sectors and rising adoption of gyroscopes and accelerometers in consumer electronics, along with innovative applications like gesture recognition, motion sensing, biometrics. Moreover, the availability of the cheap labor, the prevalence of original equipment manufacturers (OEM) and low manufacturing cost has driven the sensor market positively in the emerging economies like China, India, and Brazil.Furthermore, the factors like advancements in the sensors technologies, improvements in the automation sector, rising usage of smartphones and other electronic devices, increase in demand for sensors in development of smart cities, and the surge in the IoT technology are further fuelling the growth of the global sensor market.

Key Challenges

However, extra expenses that are incurred owing to the incorporation of the sensors in various devices and reduction of lifecycle of the tools are the challenges that are hindering the market growth. And the fluctuating global economic conditions are hampering the expansion in the global sensor business.

Growth Opportunities

But the rising adoption of the wearable devices, innovative applications in the biomedical sector, and increasing advancements in the automotive industry are creating lucrative opportunities for the rapid development of the sensor market.

REPORT COVERAGE

Sensors Market Market Segmentation

By Sensor Type 

• Chemical Sensor

• Temperature Sensor

• Pressure Sensor

• Image Sensor

• Position Sensor

• BioSensor

• Flow Sensor

• Level Sensor

• Motion Sensor

• Radar Sensor

• Other Sensor

 In the type segmentation of the global sensors market, radar sensors have accounted for more than 18 percent of the overall market share. But in the forecast period, image sensors are estimated to record a high CAGR.

By Application

• Industrial Automation

• Healthcare

• Automotive & Transportation

• Aerospace & Defense

• Building Automation

• Consumer Electronics

• Other Electronics

 In the application segmentation, the electronics industry has acquired 60 percent of the overall sensor market share. And the healthcare industry is anticipated to grow in a rapid way recording the CAGR of 12.6 percent.

By Components

• Analog to Digital converter

• Digital to Analog converter

• Amplifiers

• Other components

By Technology

• MEMS

• CMOS

• Optical Spectroscopy

• Other Technologies

Based on the technology segmentation of the target market, microelectromechanical systems (MEMS) have accounted for about 45 percent of the overall share. Moreover, nanoelectromechanical systems (NEMS) are anticipated to be one of the fastest growers during the forecast period.

Sensors Market Regional Analysis:

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In the regional analysis, Asia-Pacific sensors market is anticipated to account for the largest share in the global business in the foreseen period. The growth of the target market in this region is attributed to the presence of emerging economies like Japan, South Korea, China, etc., where the consumption of sensors is in a surge.

Sensors Market Key Players

1. STMicroelectronics N.V.

2. NXP Semiconductors N.V.

3. Infineon Technologies AG

4. Qualcomm Technologies, Inc.

5. Atmel Corporation

6. Texas instruments Inc.

7. Robert Bosch GmbH

8. Johnson Controls International PLC

9. Sony Corporation

10. Honeywell International, Inc.