Global Sensor Market Growth Expected to Fuel by High Use of Sensors in Upcoming Years
Global sensor market is expected to flourish at a whooping CAGR of 9.5%, and it is anticipated to reach the market size of US$ 143 Bn by 2027. High use of sensors in smart railways in countries such as India, China, Brazil, South Korea etc. is expected to fuel market growth of sensor during the forecast period.
The Global Sensor market is segmented on the basis of type into radar sensor, optical sensor, biosensors, touch sensor, image sensor, pressure sensor, temperature sensor and others. The touch sensor and image sensor dominate the market owing to the emergence of innovative technology and large scale usage in electronics industry. On the basis of technology, the market is segmented into complementary metal‐oxide‐semiconductor (CMOS), microelectromechanical systems (MEMS), nanoelectromechanical systems (NEMS). The global sensor market is segmented on the basis of end use industry including consumer electronics, IT & telecommunication, industrial, automotive, aerospace & defense and healthcare. The industrial sector is expected to dominate the market on the account of increasing demand of sensors from automation and control industry.
On the basis of region, North America especially U.S. is predicted to expand at a CAGR of 6.3% during the forecast period of 2017-2027 which is followed by Canada. The increasing demand of devices such as touch sensors and image Sensors owing to the development of electronic devices in U.S. is expected to fuel the market growth of the sensor in the North American region. The other factors include increasing disposable income, enhanced government budgets for public sector undertakings is further driving the market growth.
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Asia-Pacific region is also expected to be the second largest market after North America owing to the rapid industrialization and digitalization. Growing need for sensing technologies in various industries coupled with expanding IT sector is expected to boost the global sensor market in the forecast period of 2017-2027.
Development in Sensors and its Application in Smartphones
Increasing application of sensors in smartphone is anticipated to drive the market growth of the global sensor market. Smartphone primarily includes sensors such as accelerometer, gyroscope, ambient light sensor, proximity sensor, temperature detector. The smartphone manufacturing companies have increased the usage of sensors in their devices in order to improve the overall user interface experience which in turn drives the market. Moreover, in 2017, Google introduced a smartphone named Pixel which include Sony IMX378 sensor in camera, which Google claims to have high quality camera .This has increased the competition in smartphone industry, and leading players are expected to develop image sensors.
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The report titled,” The report titled “Global Sensor Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global sensor market in terms of market segmentation by type, by technology, by end use industry and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global sensor market which includes company profiling of STMicroelectronics N.V., NXP semiconductors N.V., Infineon Technologies AG, Qualcomm Technologies, Inc., Atmel Corporation, Texas instruments Inc., Robert Bosch GmbH, Johnson controls international PLC, Sony Corporation, Honeywell International, Inc., SMIC, Taiwan Semiconductor Manufacturing Company Limited and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global sensor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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