NEWARK, Del, June 28, 2023 (GLOBE NEWSWIRE) -- The global sensor hub market size is projected to exceed a valuation of US$ 26.3 billion in 2023. It is anticipated to attain a valuation of US$ 102.0 billion by 2033. The market is foreseen to thrive at a monumental CAGR of 14.5% from 2023 to 2033.
The deployment of sensor hubs is becoming increasingly prevalent due to the rising need for energy-efficient technology and longer battery life. Sensor hubs play a significant part in power management by outsourcing sensor data processing from the primary application processor. Sensor hubs assist in extending the battery life of devices by effectively handling sensor data and implementing low-power processing techniques, which proliferates their adoption by several industries.
Their growth is being driven by the incorporation of Artificial Intelligence (AI) technologies with sensor hubs. AI algorithms can be installed on sensor hubs to allow real-time data processing, sensor data fusion, pattern recognition, and predictive analytics.
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Devices can carry out sophisticated tasks like gesture recognition, activity monitoring, speech recognition, and context-based alerts due to this AI and sensor hub integration. Furthermore, the Internet of Things (IoT) market is overgrowing, with a wide range of applications in sectors including healthcare, transportation, manufacturing, and agriculture.
Sensor hubs play a significant role in IoT devices by gathering and processing data from various sensors, allowing the connection, and permitting intelligent edge decision-making. The demand for sensor hubs is rising in tandem with the deployment of IoT devices.
Asia Pacific is predicted to lead the global market for sensor hubs during the forecast period. In terms of technical advancement, the Asia Pacific region has been at the forefront, especially in the domain of consumer electronics.
The development of semiconductor technologies, including sensors and sensor hub integration, is well recognized among companies in nations like Japan and South Korea. With the support of these technical developments, the region is strengthening its position in the worldwide sensor hub market.
Key Takeaways from Sensor Hub Industry:
- The global sensor hub industry size developed at a CAGR of 18.4% from 2018 to 2022.
- In 2018, the global market size stood at US$ 11.3 billion.
- The global market size stood at US$ 22.2 billion in 2022.
- The application sensor processor segment is predicted to expand at a 14.4% CAGR from 2023 to 2023.
- The consumer electronics segment is expected to grow remarkably from 2023 to 2033.
- China is predicted to register a CAGR of 15.6% from 2023 to 2033.
- Japan is predicted to thrive at a CAGR of 13.9% during the forecast period.
- South Korea is anticipated to expand at a CAGR of 15.0% during the forecast period.
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Key Players in Global Market:
- Qualcomm Technologies Inc.
- STMicroelectronics N.V.
- Robert Bosch GmbH
- Bosch Sensortec
- InvenSense Inc.
- Analog Devices Inc.
- NXP Semiconductors N.V.
- Infineon Technologies AG
- Microchip Technology Inc.
- RoHM Co. Ltd.
- Memsic Inc.
- Others
Recent Developments Observed by FMI:
- In June 2022, CEVA, Inc., the industry's top licensor of wireless connectivity, smart sensing technologies, and integrated IP solutions, unveiled the FSP201. It is a high-performance and low-power sensor hub MCU that offers precise, accurate sensor fusion for motion tracking, heading, and orientation detection.
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Market Segmentation:
By Process Type:
- Application Sensor Processor
- Discrete Sensor Processor
- Sensor Integrated Microcontroller
- Others
By End-use Application:
- Consumer Electronics
- Automotive
- Industrial
- Military
- Healthcare
- Telecommunications
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
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