Ottawa, Jan. 20, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global sensor market size is expected to hit around USD 226.91 billion in 2023. Rising automobile & machine production, IoT applications, and an inclination towards digitalization & process optimization in the private and industrial sectors drive the sensors industry. Furthermore, the development of novel technologies, including microelectromechanical systems, photoelectronic & optoelectronics, will propel industry development.
Key Highlights:
- Asia Pacific has captured revenue share of more than 40% in 2022.
- The North American sensors market is Expected to reach at a CAGR of 8.2% between 2023 to 2032.
- By type, the biosensor segment has accounted revenue share of 11.93% in 2022.
- Others type segment has generated revenue share of 60.45% in 2022.
- By technology, the CMOS segment has held the maximum share in 2022.
- By end user, the electronics segment has generated highest revenue share of 51% in 2022. However, industrial segment is expected to lead the market in the near future.
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Type Landscape
The market is segmented into biosensors, optical, RFID, image, temperature, touch, proximity, pressure, and level sensors, among others. With a CAGR of 8.7% between 2023-32, the image sensor demand is anticipated to grow due to its increasing use in smartphones coupled with the growing demand for these devices. Moreover, on-demand photography is one of the key factors driving the development of image sensors to produce sophisticated cameras embedded in these devices.
In addition, the growing trend toward connected automobiles due to the increase in traffic accidents is fueling the demand for small, reliable, and affordable image sensors. These sensors are used in camera-based systems for driver monitoring, automated emergency braking, 360-degree surround vision, autonomous driving, video mirror, rearview, comfortable and secure riding, and more. Additionally, they are used widely in barcode scanners that are becoming more popular in the healthcare sector to obtain real-time information about assets, medical supplies, and personnel. Moreover, the growing need for medical care brought on by the prevalence of chronic diseases is fueling market expansion.
Technology Landscape
Based on technology, the sensor market is differentiated into CMOS, MEMS, and NEMS. The MEMS technology is expected to expand with a CAGR of 8.6% in the projected period, 2023-2032. Inertial sensors made with MEMS technology are low-cost, high-precision devices that can be applied in various industrial settings. There are benefits to MEMS technology on its own, and MEMS sensors offer practical features in every other sensor line with no space limitations.
Additionally, MEMS uses minimal micromachine parts; each MEMS sensor is so tiny that it may easily fit in the palm of your hand. MEMS sensors also feature an IP67 seal. This is necessary since the sensors must be able to tolerate extreme temperatures between 40 and +85 ℃. The majority of sectors that employ MEMS sensors work in harsh environments.
End User Landscape
Based on end users, the sensors market is segmented into healthcare, IT/telecom, automotive, industrial, and aerospace & defense. Due to the demand for safety-critical, safety-related, or high-reliability solutions, the aerospace and defense industry is one of the major consumers of sensors. For instance, sensors can alert a pilot or maintenance professional to most internal faults, decreasing downtime and maintenance expenses. Additionally, sensors are used frequently in various aviation systems, including landing gear, flight control, aircraft doors, cargo loading systems, and evacuation side locks.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 204.8 Billion |
| Revenue Forecast by 2032 | USD 508.64 Billion |
| CAGR | 8.40% from 2023 to 2032 |
| Asia Pacific Revenue Share | 40% in 2022 |
| Biosensor Revenue Share | 11.43% in 2022 |
| Image Sensor Revenue Share | 5.37% in 2022 |
| Base Year | 2022 |
| Key Players | Demant A/S, Starkey Laboratories, Inc., Cochlear Ltd., RION Co., Ltd, Microson, GN Store Nord A/S, Sonova Group |
Regional Landscape
Asia Pacific will see the fastest growth rate, accounting for approximately 42% of the global sensors market share by 2032. In contrast to established nations, the APAC region's application of sensors is still developing and expanding due to the trend of smart devices, industry 4.0, and IoT. The Asia Pacific region's major sensor markets are nations like China and Japan.
There is a high demand for various components used in the development and manufacturing of different automotive products and consumer electronics since the Asia Pacific region represents a hub for the manufacturing facilities of numerous companies operating in various industrial verticals, such as the automotive industry. The demand for consumer devices is also fueled by increased consumer discretionary income, accelerating the development of battery-free sensors.
For instance, because of the government's pro-market policies, the migration to smart or automated manufacturing has quickened in nations like South Korea as businesses quickly change to integrate Industry 4.0 aspects. Over the past few decades, South Korea's automobile industry has evolved from a small, government-controlled sector to one dominated by major global businesses. Significant companies like Kia, Hyundai, and Renault are based in the nation, and demand for cars is anticipated to increase gradually.
Market Dynamics for the Global Sensors Market
Market Driver
Elevated Demand for Wearable Devices
Portable electronics are typically used to recognize external signals and act accordingly. The expansion of flexible wearable electronics' engineering applications for artificial intelligence and health monitoring is a result of their rapid development. Sensing devices are regarded as crucial components of flexible wearable electronics. They are used in health monitoring to transform physiological information into electrical signals, such as blood pressure, heartbeat, and joint bending.
Due to their straightforward structural design, which translates physical motion into electrical impulses, they are the most often used in human health monitoring and human-machine interface. These sensors can pick up on daily activities carried out by people, such as breathing, pulsation, joint and muscle movement, etc. Significant research efforts have been performed to create a new generation of sensors with mechanical flexibility and potential sensibility. As a result, the aspects above will propel the market for sensors during the anticipated period.
Market Restraint
Rigorous Performance Specifications from a Sophisticated Sensor Application:
Since sensor characteristics differ depending on the final use or application, sensing performance and ensuring measurement accuracy is a critical issue for the growth of this industry. Essential applications for industrial automation firms have unique specifications, such as an enhanced standard of precision. Building automation applications call for ongoing management and supervision. As a result, producers must adhere to strict specifications based on end operations. This issue is amplified by volume discounting in the case of inexpensive sensors. Simplicity in integration, expertise, and high precision levels are requirements for sensors to meet market demand.
Market Opportunity
Advancements in Environmental Sensors:
Global adoption of customizable environmental-based sensors for environmental condition monitoring has increased. The advancement of artificial intelligence-based interfaces in environmental sensors, such as gas, temperature, and smoke sensors, has resulted in preserving climatic conditions. The system has several advantages on an industrial scale, including constant monitoring of chemical discharges and helping to reduce them to safeguard natural resources. Various environmental-based sensors, including biosensors, are being brought to the market to track adverse environmental pollutants. Thus, several businesses are trying to create and develop environment-based sensors to fulfill the demand.
Related Reports
- Industrial Sensors Market Research Report 2023 to 2032
- Automotive Sensor Market Research Report 2023 to 2032
- Biosensors Market Research Report 2023 to 2032
- Synthetic Biosensors Market Research Report 2023 to 2032
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Key Developments in the Sensors Market
- In September 2022, DENSO Corporation revealed that it had increased the detecting angle of its vision sensor to improve road safety. This will enable the sensor to identify bicycles and people near a car better.
- In May 2022, Advanced global-shutter image sensors from STMicroelectronics were available for reliable, cost-effective driver monitoring safety systems. Using investment in cutting-edge 3D-chip technology, the second-generation automobile global-shutter image sensor streamlines the design of driver monitoring systems (DMS).
- In March 2022, the brand-new barometric pressure sensor BMP581 was presented by Bosch Sensortec. The new Bosch BMP581 sensor provides a new level of accuracy while building on the excellent performance and low power consumption of earlier generations of Bosch sensors.
The key players operating in the global sensor market:
- STMicroelectronics NV
- Bosch Sensortec GmbH.
- ABB Group
- Siemens AG
- OMRON Corporation
- Texas Instrumental Incorporated
- Drägerwerk AG & Co. KGaA
- Samsung Electronics Co Ltd.
- International Sensor Technology
- DENSO Corporation
- NXF Semiconductors
- Honeywell International Inc.
Segments Covered in the Report
By Type
- Biosensor
- Optical Sensor
- RFID Sensors
- Image Sensor
- Temperature Sensor
- Touch Sensor
- Flow Sensors
- Pressure Sensor
- Level Sensor
- Others
By Technology
- CMOS
- MEMS
- NEMS
- Others
By End User
- Healthcare
- IT/Telecom
- Automotive
- Industrial
- Aerospace & Defense
- Others
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- GCC
- Rest of MEA
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