New York, March 14, 2023 (GLOBE NEWSWIRE) -- In 2032, the market for electronic sensors would be worth US$ 52.6 billion worldwide. In 2022, it stood at US$ 22.8 billion. The projection term is expected to see a CAGR of 8.7% on the global Electronic Sensors Market.
Increased sensor compatibility with the internet of things (IoT) is increasingly becoming necessary to enable remote monitoring and control. These days, there are several different uses for sensors. Automotive, household appliances, healthcare, and industrial are a few of these.
Growing use of these sensors was made possible by IoT-connected devices. The use of robotics in all industries is a prerequisite for the uptake of sensors.
Industrial workhorses of the shop floor have given way to a wide range of new vocations as a result of enormous transformation that the robotics sector has undergone. They include autonomous cars, delivery vehicles, exoskeletons, personal assistants, crewless aerial vehicles, and surgical assistants. These use cases would contribute to the improvement of electronic sensor technology.
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Automated systems can now automatically interpret images, sounds, and other sorts of input. It is owing to developments in sensor technology. They don't require laborious processing. Growing need for sensors is being driven by the IoT and connected devices.
Even though adding sensors increases industrial automation, doing so has a cost. It prevents the use of electronic sensors in places where price is a concern.
Key Takeaways from Electronic Sensors Market Study
- The communication & IT segment by application is set to exhibit 8.5% CAGR from 2022 to 2032.
- Based on type, the image sensor segment is set to exhibit 8.6% CAGR from 2022 to 2032.
- South Korea electronic sensor market would be worth US$ 3.3 billion by 2032.
- Japan electronic sensors market is expected to be worth US$ 8.5 billion by 2032.
- The United Kingdom electronic sensors market would be worth US$ 1.3 billion by 2032.
“Sensors play a significant role in numerous industries, including healthcare, aerospace & military, industrial production, automotive, and IT & telecom. Adoption of the internet of things has grown significantly during the last five years.” – Says a lead analyst.
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Competitive Landscape: Electronic Sensors Market
Leading companies are presently making significant investments in the creation of new technologies for the global electronic sensors market. They are working to create sophisticated sensors that are accurate and dependable.
- Sony Corporation
- Samsung Electronics Co., Ltd.
- STMicroelectronics N.V.
- NXP Semiconductors N.V.
- TE Connectivity Ltd.
- Murata Manufacturing Co., Ltd.
- Robert Bosch GmbH
- Infineon Technologies AG
- Synaptics Incorporated
- Omron Corporation
A few significant market participants are also increasing their production capabilities. They strive to meet the increasing demand. A handful of businesses are enlarging their reach through mergers and partnerships with regional competitors.
For instance,
- In November 2022, the B5WC Color Sensor was put forward by OMRON Electronic Components Europe. It enables monitoring of machinery, plants, and industrial processes through detection of minute color changes. Co-creation with business partners is used to create specific apps.
- In November 2022, SICK announced the release of its MPB10 Multi-Physics Box condition monitoring sensor. It is a ground-breaking and tough bolt-on gadget. It was created to deliver continuous, real-time service data from industrial machines. These include conveyor systems, fans, pumps, and electric motors. It can operate even in the harshest industry environments.
- In November 2022, a new vehicle current sensor IC from Infineon Technologies AG was made available in the market. These are available in four pre-programmed current ranges, namely, 120, 75, 50, and 25A. For charging applications, high-voltage auxiliary drives, and onboard chargers, this sensor is perfect. The sensor is also suitable for industrial uses such as DC electric vehicle chargers, servo drives, industrial drives, and solar inverters.
Get More Exclusive Insights into Electronic Sensors Market Study
Persistence Market Research, in its new offering, presents an unbiased analysis of the electronic sensors market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2023 to 2032.
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The study reveals extensive growth in the electronic sensors market in terms of type (pressure sensor, temperature sensor, motion sensor, image sensor, proximity sensor, fingerprint sensor), application (entertainment, communication & it, home appliances, wearable devices), and regions.
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