What is the report on global sensor market?
The global sensor market is estimated to reach $296.3 Billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027. Rising demand for sensors in numerous industrial and consumer applications is expected to drive the growth of the market. The proliferation of Internet of Things (IoT) is fuelling the demand for advanced sensors due to their superior performance, increased accuracy, and minimized costs. Furthermore, advancements in technology, such as the integration of smart sensors and Artificial Intelligence (AI), are expected to create lucrative opportunities for the sensor industry over the forecast period. Market disruptions caused due to the 2020 coronavirus (COVID-19) pandemic are further expected to provide new avenues for industry growth. However, high cost associated with sensors is hindering their widespread adoption, thereby impacting market growth.
The sensor market is segmented based on type, technology, application, and region. On the basis of type, the market is divided into image, temperature, pressure, biosensors, altimeters, gyroscopic, accelerometers, and others. The TemperatureSensor segment holds the largest market share. On the basis of technology, the sensor market is categorized into MEMS, CMOS, and other technologies. The MEMS segment accounts for the largest market share due to the various advantages associated with them.
Based on application, the market is classified into automotive, medical, industrial, consumer electronics and others. The automotive segment is expected to witness the highest CAGR during the forecast period owing to the increasing demand for automotive sensors in autonomous vehicles and connected car services.
On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominates the global market due to the presence of a large number of sensor manufacturing companies in the region. This key factor will create lucrative opportunities in the market. Additionally, the growing automotive and manufacturing activities in countries such as China and India will further propel the demand for sensors in this region.
Key players analyzed in the sensor market report include STMicroelectronics N.V., Honeywell International, Inc., TE Connectivity, Panasonic Corporation, NXP Semiconductors N.V., Robert Bosch GmbH, Infineon Technologies AG, General Electric Company, Siemens AG,and Murata Manufacturing Co., Ltd.