USD 189 billion
Report ID: SQSG45K2012 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 139 | Figures: 77
Global Sensor Market size was valued at USD 189 billion in 2021 and is poised to grow from USD 204.8 billion in 2022 to USD 508.64 billion by 2030, growing at a CAGR of 8.1% in the forecast period (2023-2030).
Sensors detect physical input such as light, heat, motion, wetness, pressure, or any other entity and respond by displaying the information or transmitting it in computer form for further processing. These are widely used in flood and water level monitoring systems, environmental monitoring, traffic monitoring and control, energy savings in artificial lighting, remote system monitoring and equipment fault diagnosis, precision agriculture, and animal tracking. Sensors are used in practically every industry vertical, however they are most common in consumer electronics, followed by automotive and IT & telecom. Smartphones use sensors such as accelerometers, gyroscopes, ambient light sensors, proximity sensors, and temperature detectors to monitor parameters and provide a centralized system for automatic control.
US Sensor Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 189 billion
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The global sensor market is segmented based on sensor type, technology, component, end-user industry, and region. Based on the sensor type, the Sensor Market is segmented into temperature & humidity sensors, pressure sensors, flow sensors, touch sensors, image sensors, motion & occupancy sensors, water sensors, position sensors, light sensors, ultrasonic sensors, and others. Based on the technology, the Sensor Market is segmented into MEMS, CMOS, MST, others. Based on the component, the Sensor Market is segmented into Analog-to-Digital Converters (ADC), Digital-to-Analog Converters (DAC), transceivers, amplifiers, microcontrollers, microprocessors, transistors, and others (frequency-to-digital converters, and transducers). Based on the end-user industry, the Sensor Market is segmented into aerospace & defense, automotive, biomedical & healthcare, industrial automation, building automation, consumer electronics, robotics, and others (education, agriculture, and transportation. Based on the region, the Sensor Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Sensor Market Analysis by Technology
Based on the technology, the market is segmented into MEMS, CMOS, MST, others. Among these, the MEMS technology segment is projected to hold the most lucrative share in the market. MEMS make use of small miniaturized electromechanical and mechanical systems made up of actuators, sensors, and microelectronics. This technology is expected to continue to dominate the market for smart sensors in the coming years and to be the fastest-growing technology during the forecast period, owing to the numerous benefits it provides, including fast operations, high reliability, improved accuracy, easy maintenance and replacement, and low energy and material consumption.
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In 2021, Asia-Pacific region is expected to have the biggest share of the market. With considerable demand in China, India, and Japan, Asia-Pacific is the main market for sensors in the automotive, infrastructure, consumer electronics, and pharmaceuticals industries. China's manufacturing sector has expanded dramatically, since it is the global production hub for a variety of industries, including semiconductor and automotive, which create household appliances, smartphones, computers, and peripheral devices. This aspect has offered enormous opportunity for the manufacture and sale of sensing devices. Growing government initiatives to expand the manufacturing sector in developing countries, rising foreign investments in industrial and manufacturing sectors, growing population, and the presence of several manufacturing facilities, low cost of smart sensors, and rapid technological advancements in emerging markets all contribute to the growth of the sensors market in this region.
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Sensor Market Driver
Sensor Market Restraint
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Sensor Market Top Players Company Profiles
Sensor Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global sensor market is segmented based on sensor type, technology, component, end-user industry, and region. Based on the sensor type, the temperature sensor & humidity sensor market segment and pressure sensor market segment is projected to hold the most substantial market share. Based on the technology, the MEMS segment of the market is projected to hold the most substantial market share. Based on the component, the analog-to-digital converters (ADC) segment of the market is projected to hold the most substantial market share. Based on the end-user industry, the automotive sensor market segment is projected to hold the most substantial market share.
|Market size value in 2021||USD 189 billion|
|Market size value in 2030||USD 204.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Sensor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Sensor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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