Global Sensor Market

Global Sensor Market Size, Share, Growth Analysis, By Sensor Type(Temperature & Humidity Sensors, Pressure Sensors), By Technology(MEMS, CMOS), By End-User Industry(Aerospace & Defense, Automotive) - Industry Forecast 2024-2031

Report ID: SQMIG45K2072 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 103 | Figures: 76

Global Sensor Market News

  • In January 2024, Sensata Technologies ST introduced the 129CP Series Digital Water Pressure Sensor to enhance smart pressure monitoring for water utilities, aiming to reduce waste. The new sensor will address the rising challenges faced by water utilities due to non-revenue water loss due to leaks, inaccuracies, and unauthorized consumption.

  • In December 2023, Neuranics announced the launch of a new magnetic sensor development kit. The kit will feature the company’s magnetic sensor that can identify tiny magnetic signals from the heart muscle.

  • In October 2023, Prophesee SA announced the availability of the GenX320 Event-based Metavision sensor, the industry’s first event-based vision sensor developed specifically for integration into ultra-low-power Edge AI vision devices. The fifth generation Metavision sensor, available in a tiny 3x4mm die size, expands the reach of the company’s pioneering technology platform into a vast range of fast-growing intelligent Edge market segments.

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FAQs

Sensor Market was valued at USD 204.31 billion in 2019 and is poised to grow from USD 220.86 billion in 2023 to USD 411.83 billion by 2031, growing at a CAGR of 8.10% in the forecast period (2024-2031).

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. 'STMicroelectronics N.V.', 'Analog Devices, Inc.', 'Infineon Technologies AG', ' Texas Instruments Incorporated (TI)  ', ' Honeywell International Inc.  ', ' NXP Semiconductors N.V.  ', ' Bosch Sensortec GmbH  ', ' TE Connectivity Ltd.  ', ' Omron Corporation  ', ' Sensirion AG  ', ' Broadcom Inc.  ', ' Panasonic Corporation  ', ' Murata Manufacturing Co., Ltd.  ', ' Sony Corporation  ', ' ON Semiconductor Corporation  ', ' Renesas Electronics Corporation  ', ' Allegro Microsystems, LLC  ', ' Aptiv PLC  ', ' First Sensor AG  ', ' Mouser Electronics, Inc. '

Increased demand for smart sensors in IoT-based devices and consumer electronics will drive worldwide sensor market growth. The Internet of Things has accelerated the evolution of sensors to new heights. IoT platforms supply intelligence and data through a range of sensors, allowing gadgets to work autonomously and the entire ecosystem to grow smarter. Devices share information and increase their effectiveness and functionality by combining a set of sensors and a communication network. IoT devices are employed throughout all industries and consumer markets, with the consumer segment accounting for a major share of all IoT-connected devices in 2023. All of these factors will drive the demand for smart sensors for IoT-enabled devices.

The arrival of Industry 4.0 and the Industrial Internet of Things (IIoT) is one of the key trends driving the market growth forward. With the advent of Industry 4.0, the use of control and automation technologies on the factory floor has become standard practice in order to boost productivity, efficiency, and profitability. The industry 4.0 era has compelled businesses to invest in digital technology such as sensors, connected equipment, and advanced software such as manufacturing execution systems (MES). The combination of the internet of things (IoT) and local computer power has turned ordinary sensors into smart sensors. This has increased sensor power, allowing them to execute complicated calculations on collected data within a sensor module. Thus, the advent of Industry 4.0 and IIoT is projected to fuel the industrial sensors market growth.

In 2023, 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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