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Sensor Market Global Size, Share, Trends, Business Growth, Industry Overview, Competitive Analysis, Key Players Review and Forecast 2019 To 2023

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Sensor Market Global Size, Share, Trends, Business Growth, Industry Overview, Competitive Analysis, Key Players Review and Forecast 2019 To 2023

August 28
19:21 2019
Sensor Market Global Size, Share, Trends, Business Growth, Industry Overview, Competitive Analysis, Key Players Review and Forecast 2019 To 2023

Sensor Market
Sensor Market, By Product Type (Radar Sensors, Optical Sensors, Biosensors, Touch Sensors, Image Sensors, Pressure Sensors, Temperature Sensors, Proximity Sensors, Level Sensors, Motion & Position Sensors, Humidity Sensors, Others), By Component (Analog to Digital Converters (ADCs)

Market Overview

As per a detailed analysis by Market Research Future (MRFR), the global sensor market is estimated to surpass a valuation of USD 222.67 billion, registering a CAGR of 8.37% during the forecast period (2018-2023). Sensors can be defined as devices that can detect changes or events in the surrounding environment and offer the corresponding output. Sensors can sense the physical input like heat, light, moisture, motion, pressure, or any other entity. The sensor market is observed to gain tremendous opportunities across sectors like automotive, aerospace, defense, consumer electronics, industrial, and healthcare. The increased adoption of position and motion sensors in the industrial automation, proliferation of proximity and temperature sensors, and penetration of smart homes are influencing the market.

Market Potential and Pitfalls

The sensors market has witnessed a tectonic surge over the past few years. Technological advancements have assisted in the development of sophisticated devices, which helps to respond and detect optical and electronic signals. This can be done with the help of sensors, which converts the physical parameters like humidity, temperature, speed, and others to electrically measurable signals. The rapid implementation of sensors in consumer electronics, medical devices, automation of industries, and others has resulted in the optimization of services and functions in several industrial sectors. The surging focus on industrial automation along with the development of electronic devices with System on Chip (SoC) technology are some of the major factors dictating the growth trajectory of the market. The implementation of interactive sensors in consumer electronic devices based on machine learning and artificial intelligence technologies have created growth opportunities for the market across the globe.

On the contrary, the reliability issues and complexities associated with the development of sensors in SoC is considered to restrict the growth of the market. Moreover, the high cost of premium-quality sensors is predicted to curb the growth of the market in the foreseeable future.

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Global Sensor Market: Segmental Analysis

The global sensor market is segmented on the basis of product type, component, technology, and vertical.

By mode of product type, the market is segmented into optical sensors, radar sensors, touch sensors, biosensors, pressure sensors, image sensors, proximity sensors, temperature sensors, motion & position sensors, level sensors, humidity sensors, and others.

The component segment comprises digital to analog converters, analog to digital converters, amplifiers, transceivers, microcontrollers, and others.

Based on technology, the sensor market constitutes of CMOS, NEMS, and MEMS.

The vertical segment comprises IT & telecommunication, consumer electronics, industrial, healthcare, aerospace & defense, automotive, and others.

Regional Frontiers

Geographically, the sensor market spans across Asia Pacific, Europe, North America, and the Rest-of-the-World (RoW).

Considering the global scenario, the Asia Pacific region acquires the lion’s share. The region is estimated to garner a CAGR of 7.39% owing to the advancing technology and rapid urbanization. India, Japan, and China are the country-specific markets in this region, with India expected to be the largest growing region.

North America bagged the second spot and was valued at USD 37,633.1 million in 2017. The regional market is anticipated to garner a CAGR of 8.86% during the forecast period and is likely to surpass a valuation of USD 61,585.0 million. Canada, the U.S., and Mexico are the country-specific markets in this region. The existence of several industry bigshots and advancing technology is considered to provide a tailwind to the regional market. The U.S. is considered to be the largest country-specific region and is likely to gain a CAGR of 7.22%, surpassing a valuation of USD 24,084.9 million in the coming years.

The European region is likely to gain prominence in the coming years owing to the existence of strong countries like Germany, France, and the U.K. Technological advancements in this region are creating a huge impact on the growth of the market. The regional market is predicted to register a CAGR of 9.13%, with Germany being the largest country-specific market.

Industry Updates

June 05, 2019: Silicon Microstructures, Inc. (SMI) has recently unveiled the SM923X Series of ultra-low-pressure sensor systems. The SM923X Series SMI extends the limit of ultra-low gauge pressure sensing to 250 Pa (1 inH2O). The fully pressure calibrated and temperature compensated sensor allows precise pressure sensing in HVAC, industrial, and medical applications.

Competitive Dashboard

The prominent players operating in the global sensor market comprises TE Connectivity Ltd., STMicroelectronics NV, NXP Semiconductors NV, Qualcomm Technologies Inc., Texas Instruments Inc., Infineon Technologies AG, Microchip Technology Inc., Robert Bosch GmbH, Honeywell International Inc., ROHM Semiconductor, and Taiwan Semiconductor Manufacturing Co. Ltd.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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