Sensor Market Estimated to Experience a Hike in Growth By 2028

The sensor market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to the enormous development of IT & telecom, electronics, and automotive industries. Moreover, economically developed nations tend to witness high adoption of sensor technology in various aerospace & defense and healthcare segments, which is projected to significantly contribute toward the growth of the market. Allied Market Research, titled, "Sensor Market By Type, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2028", the global sensor market size was valued at $166.69 billion in 2019, and is projected to reach $345.77 billion by 2028, to register a CAGR of 8.9% from 2021 to 2028. Asia-Pacific region is expected to be the leading contributor to the global sensor industry during the forecast period, followed by North America and Europe.

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Incorporation of sensors into any device increases its functionality, accuracy, and efficiency, increasing its automation. This, in turn, contributes to high growth rate in the sensor market. There is an increase in demand for sensors due to their wide usage in consumer electronic appliances. Manufacturers of consumer electronic appliances are incorporating more sensors in their devices to add additional features and keep ahead of other players in the highly competitive sensor industry.

In addition, automotive companies such as Audi, BMW, and Volkswagen are extending their R&D budgets every year to stay ahead in the sensor competition. These vehicle manufacturing companies are increasing the number of sensors used in their vehicles to make them more comfortable and increase overall automation. The rise in demand for automation in vehicles, high competition in the automotive industry, surge in demand for electric cars to control pollution, and an increase in the trend of driverless cars are a few prime factors that fuel demand for sensors in the automotive industry across the globe.

U.S. is the fastest adopter of technology, owing to which growth of consumer electronic devices, electric & hybrid vehicles, and healthcare monitoring systems, and other upcoming IoT technology-based devices is high. Sensors are used in various consumer electronics to automate and increase usability. The increase in disposable income of people in the U.S. drives the sale of these electronics in North America.

The radar sensors segment contributed the highest revenue share in the global market in 2019, owing to the rise in benefits of radar sensors compared to other remote sensing technologies, the increase in adoption of radar sensors for various applications, and comfort, safety & assistance features offered by the use of radar sensors. The MEMS segment holds the largest share of the market across the globe. Implementation of sensors made with MEMS technology in consumer electronic devices drives the sensor market growth.

Moreover, developing nations tend to witness high adoption of sensors, especially in the electronics, healthcare, and telecom sectors. Factors such as growth in the trend of Internet of Things (IoT) based products and surge in adoption of wearable devices and innovative applications in the biomedical sector worldwide contribute toward the growth of the market.

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The global sensor market trends are analyzed across various segments including type, technology, end-user, and region. By type, the market is categorized into radar sensor, optical sensor, biosensor, touch sensor, image sensor, pressure sensor, temperature sensor, proximity & displacement sensor, level sensor, motion & position sensor, humidity sensor, accelerometer & speed sensor, and other sensors. By technology, it is divided into CMOS, MEMS, NEMS, and others. Based on end-user, it is categorized into electronics, IT & telecom, industrial, automotive, aerospace & defense, healthcare, and others.

Region-wise, the sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed the maximum revenue in 2019 and is expected to grow at a faster rate as compared to other regions. This is attributed to an increase in demand from emerging economic countries such as India, South Korea, and Indonesia.

The arrival of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to an increase in several COVID-19 cases, and are estimated to remain closed in 2021 as well. Furthermore, partial or complete lockdown has disrupted the global supply chain posing challenges for manufacturers to reach customers. The overall production process is being adversely affected, however, an increase in demand from the healthcare and automotive sectors is expected to boost the growth of the market globally.

KEY FINDINGS OF THE STUDY

- The electronics segment is projected to be the major end-user during the forecast period.
- Asia-Pacific and North America collectively accounted for more than 70.0% of the sensor market share in 2019.
- Asia-Pacific is anticipated to witness the highest growth rate during the forecast period.
- The U.S. was the major shareholder in the North America sensor market analysis, accounting for approximately 65.0% share in 2019.

The key players profiled in the report include Atmel Corporation, Honeywell International Inc., Infineon Technologies AG, Johnson Controls International PLC., NXP Semiconductors N.V., Qualcomm Technologies, Inc., Robert Bosch GmbH, Sony Corporation, STMicroelectronics, and Texas Instruments Inc. These players have adopted various strategies such as product launch, acquisition, and expansion to expand their foothold in the sensor industry.

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