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Sensor Fusion Market to Grow at a CAGR of 15.4% during the Forecast Period

07-02-2021 02:47 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: AllTheResearch

The global sensor fusion market was valued at USD 2.87 billion in 2018 and is expected to reach USD 9.16 billion in 2026, growing at a CAGR of 15.4% during the forecast period. Increase in demand for sensor fusion in automotive applications for safety features and consumer electronics and growing trend of miniaturization in electronics are expected to drive the growth of the sensor fusion market.

Sensor fusion is the process of using information from several different sensors to compute an estimate of the state of a dynamic system. The resulting estimate is in some sense better than it would be if the sensors were used individually. The term better can, in this case, mean more accurate, more reliable, and more available and of higher safety integrity. The sensor fusion is required to reduce cost, system complexity and the number of components involved and to increase accuracy and confidence of sense.

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Sensor Fusion has a huge application in the automotive and consumer electronics industry. It is used in a variety of automotive applications which includes advanced driver assistance system, camera system, measuring and controlling the speed of vehicle and safety systems in vehicles.

Rising demand for sensor fusion in end-use industries like consumer electronics, home automation, and healthcare, industrial, automotive, and military in emerging countries is the key factors attributed to the market growth. Furthermore, growing demand for smartphones, military wearable devices, tablet and notebook, and other electronic devices is also expected to fuel the market growth during the forecast period. On the other hand, lack of standardization of technology and increasing complexity of software is acting as a restraint to this market. However, continuous development in autonomous or driverless vehicles and growing communication technologies using IoT and growing trend of wearable devices is expected to create major growth opportunities during the forecast period.

Key Findings:

Based on product type, the radar image sensors segment is expected to grow at the highest CAGR of around 19% during the forecast period

Based on technology, the MEMS segment is accounted for the largest share in the market and held for around 62% of the total market, in 2018

Based on application, the automotive segment is accounted for the largest share in the market in 2018

Asia-Pacific accounted for around 40% share of the global sensor fusion market in 2018

Recent News:

In June 2018, Qualcomm Incorporated launched Snapdragon Wear 2500, which utilises sensor fusion technology to deliver detailed location tracking, as compared to GPS alone.

In April 2018, STMicroelectronics signed partnership agreement with Mobileye for developing Mobileye’s EyeQ 5 system-on-chip. This chip is used as a central computer performing sensor fusion for fully Autonomous Driving (FAD) vehicles from 2020.

In January 2018, STMicroelectronics signed partnership agreement with Virscient. The partnership is focused on developing automotive solutions using ST's Telemaco3P secure telematics and connectivity processors.
Read More- https://www.alltheresearch.com/report/219/sensor-fusion-market

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About us
AllTheResearch was formed with the aim of making market research a significant tool for managing breakthroughs in the industry. As a leading market research provider, the firm empowers its global clients with business-critical research solutions. The outcome of our study of numerous companies that rely on market research and consulting data for their decision-making made us realize, that it's not just sheer data points, but the right analysis that creates a difference. While some clients were unhappy with the inconsistencies and inaccuracies of data, others expressed concerns over the experience in dealing with the research firm. Also, same-data-for-all-business roles were making research redundant. We identified these gaps and built AllTheResearch to raise the standards of research support.

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