Raipur, July 21, 2022 (GLOBE NEWSWIRE) -- Global Advanced Sensor Market report by Stratview Research, provides market segmentation in the most-detailed pattern. A high-level market analysis of major segments has been performed in the report and opportunities are identified. This report focuses on the market dynamics, current and emerging trends, competitive landscape, and regional analysis of the market. The study also includes an elaborated detail on the industry forecast and potential of this market.
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What is an Advanced Sensor?
A sensor is a device which is used to detect an occurrence of any event or change in environmental condition, and if found, it provides a corresponding output. Advanced sensors are the smart sensors which is grouping of simple sensor and meddling circuits. These smart sensors are primarily used for digital applications, namely for converting analog to digital signals.
Market Insights
Growing demand for advanced sensors in automobile, industrial, and consumer electronics along with technological developments to cater to advanced modern requirements, are likely to boost the market growth.
Also, the rising adoption of advanced sensors in defense and healthcare for advanced security solutions and target detection in military drones and aircraft further augments the product demand. However, lack of privacy and product complexity is expected to hinder the industry growth in the following years.
Market Segmentation –
The report on the Global Advanced Sensor Market is segmented by the following –
- By Type - Flow Sensors, Smart Temperature Sensor, Touch Sensors, Smart Position, Turbidity Sensor, Others.
- By End-Use - Industrial, Consumer Electronics, Medical, Automotive, Security and Defence, Entertainment.
- Region wise segmentation.
Segment-wise analysis
End-Use Trends - Based on end-use, the consumer electronics segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Below given are the factors behind the significant growth of this segment –
- The consumer electronics sector is a dynamic sector with growing competition among players.
- Advanced sensors such as temperature, motion, touch, image, and pressure sensors are the vital components uses in all these products to ensure comfort and control for the user, among others, thus bolstering the segment growth.
Which region shows maximum opportunities?
By region, the Asia-Pacific market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years.
- This is mainly ascribed to the strong presence of key players in China, South Korea, and Taiwan.
- Also, a robust consumer electronic base, favourable government investments, easy availability of raw material, and strong automobile sector, further proliferates the regional market growth.
Major players in the market -
Key players operating in the global advanced sensor market are-
- ABB (Switzerland),
- Honeywell International (The U.S),
- Eaton (Ireland),
- Baumer Customer Sensor and Technologies (The U.S),
- Balluf (Germany),
- Analog Devices (The U.S),
- Infineon Technologies (Germany), and
- NXP Semiconductors. (Germany).
COVID-19 Impact on Global Advanced Sensor Market
The COVID-19 outbreak has moderately affected the advanced sensor industry. This is mainly due to soaring coronavirus cases, implementation of stringent lockdown measures, and limited movement of people to curb the spread of the virus. Stringent government regulations on people gathering and traveling barriers have largely affected the demand for vehicles.
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- Aerospace and Defense Condition Monitoring System Market
- Smart Temperature Transmitters Market Size, Forecast, & Analysis: 2020-2025
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