Sensor Market Forecast, 2021-2028: Unlocking New Growth Opportunities Across Emerging Industries
Sensor Market Growth
Sensor Market Expected to Reach $345.77 Billion By 2028
WILMINGTON, DE, UNITED STATES, January 24, 2025 /EINPresswire.com/ -- 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.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/257
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.
𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/257
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.
𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/257
𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐞𝐦𝐢𝐜𝐨𝐧𝐝𝐮𝐜𝐭𝐨𝐫 𝐚𝐧𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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Allied Market Research
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