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Sensor Fusion Market to grow at 17% CAGR from 2016 to 2024: Global Market Insights Inc.

05-15-2017 06:09 AM CET | Media & Telecommunications

Press release from: Global Market Insights Inc.

Sensor Fusion Market size was about USD 1.85 billion in 2015 and is projected to grow at 17% CAGR from 2016 to 2024 to surpass USD 6.5 billion by 2024. Increasing demand for consumer electronic devices such as smart TVs, smartphones, gaming consoles and wearable technology are chief drivers for global sensor fusion market size.

The technology intelligently combines data from multiple detectors to calculate accurate orientation and position. Micro-electromechanical system (MEMS) sensors have enabled various applications such as personal navigation, step counting, gaming, gesture recognition and screen rotation in mobile devices. The continuous growth and penetration of smartphones on a global scale is forecast to drive the sensor fusion market. Falling MEMS sensor market price trend has driven adoption in various devices, which has led to growing sensor data and more powerful controllers and algorithms. Companies have focused on product differentiation to avoid commoditization. Wearable technology has emerged as a high growth sector for major industry participants.

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Miniaturization in electronic systems has also fueled revenue. Technological advancement such as 3D integration, application specific ICs, water level packaging techniques will enable smartphone vendors integrate infrared fusion detectors into their devices, thus fueling consumption. High performance products such as electronic control system are used in the automotive and industrial sector. The applications include advanced vehicle stability and next generation low emission engines, such as vehicle dynamic control (VDC), gasoline direct injection (GDI) and common rail diesel fuel injection (CRI). Key automotive suppliers in the utilizing these solutions include Robert Bosch GmbH, Cummins Engine, Honda and Knorr-Bremse Systems, eventually stabilizing growth prospects in the sensor fusion industry.

Advanced driver assistance systems (ADAS) is likely to remain a major application segment, and includes steering, warning, braking and monitoring of automobiles. The demand will be largely fueled by consumer and regulatory interests for safety applications. Europe and U.S. sensor fusion market share will be driven by initiatives for equipping vehicles with forward collision warning and emergency-braking systems. The demand is hampered by the lack of standardization of technologies and increasing complexity of software. Technological challenges include lack of security and interoperability standards. Fusion detectors used in mobile equipment are vulnerable to moderate changes in environmental conditions due to lack of robustness, posing a major risk for users.

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By technology, the industry can be segmented into MEMS and non-MEMS. Non-MEMS technology based solutions are expected to witness the highest growth rate through the forecast timeframe due to increasing demand for image and radar based products in automotive safety systems. Sensor fusion market size will benefit from growth in the home automation segment due to increased demand for monitoring and controlling different utilities such as light, automated appliance, environment and security purposes. Major application areas are automotive, consumer electronics, medical, military and industrial. Growing robotics developments will prove favorable for the industry, since the technology helps in mobile robot navigation

Asia Pacific contributed significantly to revenue in 2015 owing rising demand of consumer electronic devices in the region. China sensor fusion market share is characterized by high demand across consumer electronic products and the automotive industry. Other major regional market segments are Japan, U.S., Canada, India and South Korea. Developments in autonomous or driverless vehicles and the changing automobile landscape has led to need for growing number of detectors to ensure availability of comprehensive reliable information regarding the surroundings.

Global sensor fusion market share is expected to be moderately consolidated by key participants comprising Analog Devices, NXP Semiconductors N.V., Invensense, Atmel Corp., STMicroelectronics, Bosch Sensortec GmbH, Kionix, Renesas Electronics, and Baselabs GmbH. Mergers, acquisitions and co-development of products are key strategies adopted to gain profitability. For instance, Mobileye and STMicroelectronics have strategized to co-develop EyeQ 5 system on chip to be used from 2020, to function as central computer control performing sensor fusion for fully autonomous driving (FAD) vehicles. Companies focusing on technologies associated with IoT and smart driving are forecast to have better growth prospects.

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https://www.gminsights.com/industry-analysis/smart-sensor-market

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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