According to a new report published by Introspective Market Research, titled, “Global Sensor Market by Application and Packaging Type: Global Opportunity Analysis and Industry Forecast, 2022–2032,” the global
Sensor market size was valued at USD 88.1 Billion in 2023, and is projected to reach USD 147.58 Billion by 2032, registering a CAGR of 5.9% from 2023 to 2032.
A sensor is a device that gathers and analyses data from the outside environment. Numerous environmental phenomena, including motion, heat, moisture, pressure, and light, can be employed as inputs. The microphone is a commonly used sensor that converts sound waves into an electrical signal that can be transmitted, amplified, recorded, and duplicated. We use sensors in our day-to-day activities. A very old-fashioned temperature sensor is the common mercury thermometer. For coloured mercury to be used, it must be able to respond to temperature changes in a closed tube consistently and linearly. The sensor business is expanding due to several causes, such as the increased demand for consumer electronics, security cameras, indoor navigation applications, high-accuracy motion sensors in video games, and the growing adoption of green energy technology. Because more focus is being placed on the research and development of new products, the market is growing. The Internet of Things (IoT) and better image sensors used in a range of applications, such as gas sensors, cameras, etc., are significant factors propelling the expansion of the sensors market.
Sensors are a vital part of the Internet of Things (IoT). They may help create an ecosystem for collecting and evaluating data on a specific area, making monitoring, management, and control simpler and more efficient. IoT sensors are used in many different contexts, such as fields, homes, automobiles, airplanes, and industries. Sensors function as the eyes and ears of a computing infrastructure that collects, processes, and interprets sensor input, bridging the gap between the physical and logical worlds.
The currently occurring opportunity rise in the sensor market is largely due to the expanding applications in the automotive industry. As cars get smarter and more independent, sensors are becoming more and more important. Advanced driver assistance systems (ADAS) and other autonomous driving features that increase passenger and driver comfort and safety depend on these sensors.
In recent decades, the automobile industry has witnessed a notable expansion toward autonomous driving systems, with sensors emerging as crucial constituents. Despite their high initial cost, light detection and ranging (LIDAR) sensors are crucial for achieving total autonomy. Advances in radar technology have greatly enhanced sensor capabilities, enabling more detailed perception of the environment by sensor fusion systems. Future autonomous cars are anticipated to require more complex sensors as manufacturers search for dependable, efficient, and reasonably priced solutions.
Global Sensor Market, Segmentation
The Global Sensor market is segmented based on Type, End-user, and region.
Type:
The image sensor industry is expected to dominate the sensor market. One of the main reasons for image sensors' dominance is the broad use of these devices in a variety of industries, including consumer electronics, automotive, healthcare, security, and surveillance. Consumer electronics manufacturers are developing sophisticated image sensors in response to the growing need for high-quality cameras for smartphones, tablets, and digital cameras. With the introduction of new features and enhancements to image quality, the market for digital cameras is constantly expanding. Professionals and consumers alike want improved low-light capabilities, faster-focusing speeds, and greater resolution.
The car industry raises consumer demand by incorporating image sensors into advanced driver-assistance systems (ADAS) for features like lane departure warning, parking assistance, and collision avoidance.
End User:
It is anticipated that the image sensor industry will dominate the sensor market. One of the main reasons for image sensors' dominance is the broad use of these devices in a variety of industries, including consumer electronics, automotive, healthcare, security, and surveillance. Consumer electronics manufacturers are developing sophisticated image sensors in response to the growing need for high-quality cameras for smartphones, tablets, and digital cameras. With the introduction of new features and enhancements to image quality, the market for digital cameras is constantly expanding. Professionals and consumers alike want improved low-light capabilities, faster-focusing speeds, and greater resolution.
The car industry raises consumer demand by incorporating image sensors into advanced driver-assistance systems (ADAS) for features like parking assistance, collision avoidance, and lane departure warning.
Region:
The Asia-Pacific region is expected to lead the worldwide sensors market, largely because of the region's low shipping costs, which draw suppliers and manufacturers to set up shop there. It is expected that the region's declining production costs will support further growth in the sensor market.
Asia-Pacific has gained prominence as a supplier of cost-effective manufacturing solutions due to its competitive advantages in production efficiency and supply chain infrastructure. The combined impact of these factors is anticipated to cause the sensors market in the region to experience significant growth during the estimated timeframe.
Some of The Leading/Active Market Players Are-
- Honeywell International Inc. (U.S.)
- Keller America, Inc. (U.S)
- Rockwell Automation Co. Ltd. (U.S.)
- General Electric Company (U.S.)
- Raytek Corporation (U.S.)
- PCB Piezotronics, Inc. (U.S.)
- Banner Engineering Corp. (U.S.)
- Merit Sensor Systems (U.S.)
- STS Sensors (Switzerland)
- TE Connectivity (Switzerland) and Other Active Players.
Key Industry Developments
- In March 2024, Siemens is going to acquire the industrial drive technology section of ebm-papst. Siemens plans to acquire ebm-Papst to bolster its position in the factory automation and digitization space. This increases the range of the Siemens Xcelerator and makes use of the mechatronic systems and fan experience of ebm-papst.
- In Oct 2023, Emerson said that the $8.2 billion equity valuation for its acquisition of NI, a leading provider of automated test and measurement equipment with software connectivity, had finished. Emerson boosts its capacity to benefit from important secular trends including nearshoring, digital transformation, sustainability, and decarbonization by acquiring NI, solidifying its position as a global leader in automation.
Key Findings of the Study
- The sensor market is expanding significantly due to applications in the automotive industry, namely in advanced driver assistance systems (ADAS).
- The global sensor market is anticipated to be led by the Asia-Pacific region due to low shipping costs and falling production prices.
- Because image sensors may be used in a wide range of industries, including consumer electronics and automobiles, they are expected to dominate the market.
