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2024 Global Sensor Fusion Market Size, Share, Trends And Growth Analysis Report
Sensor Fusion Global Market Report 2024
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According to The Business Research Company's, The sensor fusion market size has grown rapidly in recent years. It will grow from $5.55 billion in 2023 to $6.63 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to miniaturization of sensors, mobile device proliferation, automotive safety regulations, defense and aerospace applications, industrial automation.
The sensor fusion market size is expected to see rapid growth in the next few years. It will grow to $12.8 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to iot and smart cities initiatives, consumer electronics evolution, medical imaging and healthcare, energy efficiency concerns, wearable health tech expansion, cloud-based sensor fusion services. Major trends in the forecast period include ai and machine learning integration, robotics advancements, augmented reality (ar) and virtual reality (vr) applications, environmental sustainable solutions.
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Market Drivers and Trends:
An increase in the penetration of electric vehicles is expected to propel the growth of the sensor fusion market going forward. An electric vehicle is a vehicle that can be driven by an electric motor that draws energy from a battery and is charged externally. Sensor fusion plays a critical role in enabling electric vehicles' functionality, safety, energy efficiency, and autonomous capabilities, making it an essential component of the evolving automotive industry. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles doubled to 6.6 million in 2021 compared to 2020, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the increased penetration of electric vehicles is driving the growth of the sensor fusion market.
Technological advancements are a key trend gaining popularity in the sensor fusion market. Major companies operating in the sensor fusion market are using advanced technologies to sustain their position in the market. For instance, in November 2022, STMicroelectronics, a Switzerland-based semiconductor manufacturer, introduced the LSM6DSV16X, an advanced 6-axis inertial measurement unit (IMU) that integrates artificial intelligence (AI), adaptive self-configuration (ASC), and technology for more excellent power optimization using sensor fusion low power (SFLP). The IMU can host quick and potent edge processing with less energy consumption due to ST's Sensor Fusion Low Power (SFLP) technology, which is used with ASC. The LSM6DSV16X is perfect for advanced 3D phone mapping and context awareness on laptops and tablets because its innovative architecture enables sophisticated processing at the edge.
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Major Key Players of the Market:
Qualcomm Technologies Inc., Broadcom Inc., Cummins Inc., NVIDIA Corporation, Asahi Kasei Microdevices Corporation, Texas Instrument Incorporated, Aptiv PLC, STMicroelectronics N.V, Infineon Technologies AG, NXP Semiconductor N.V, Amphenol Corporation, Analog Devices Inc., Renesas Electronics Corporation, Microchip Technology Inc., Trimble Inc., InvenSense Inc., MEMSIC Semiconductor Co. Ltd., CEVA Inc., First Sensor AG, Bosch Sensortec GmbH, LeddarTech Inc., Kionix Inc., Fullpower Technologies, QuickLogic Corporation, NIRA Dynamics, Kitware Inc., Innoviz Technologies, PNI Sensor Corporation, Hillcrest Laboratories Inc., Baselabs GmbH
Sensor Fusion Market 2024 Key Insights:
• The sensor fusion market size is expected to see rapid growth in the next few years. It will grow to $12.8 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%.
• The Surge In Electric Vehicle Adoption Propels Growth In The Sensor Fusion Market
• Advancements In Sensor Fusion Technology Transfrom Market Presence
• Asia-Pacific was the largest region in the sensor fusion market in 2023, and is expected to be the fastest-growing region in the forecast period
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