 |
Global Sensor Market Size |
Growth Accelerated by Rising Demand for Sensors Market in Consumer Electronics Sensors are an
integral part of our lives and have enabled the development of many innovative
technologies and smart electronic devices in recent years. Sensors are
microelectromechanical devices that help detect and respond to electrical or
optical signals. Different types of sensors like temperature sensors, pressure
sensors, touch sensors and motion sensors are increasingly being used in
consumer electronics such as smartphones, wearables, home appliances and more.
Sensors help provide many functionalities in electronic devices like
touchscreen capability, movement tracking, health monitoring and environmental
control.
The global
Sensor Market is estimated to be valued at US$
226.91 Bn in 2024 and is expected to
exhibit a CAGR of 6.0% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends: The growing demand for sensors from the consumer electronics
industry is one of the major trends driving the growth of the global sensor
market. Advancements in technologies like artificial intelligence, internet of
things and 5G connectivity have fueled the development of smart home devices,
wearables and other smart electronic gadgets. This has propelled the demand for
various types of sensors as they play a critical role in enabling key
functionalities of these devices. Furthermore, the miniaturization of sensors
has allowed their incorporation in small and portable devices. The steady
decline in sensor production costs is also increasing their usage across
various consumer electronics. The proliferation of smart and connected devices
will continue fostering the demand for different types of sensors in the
forecast period.
Segment Analysis
The global sensor market can be segmented by type, technology, and end use. The
MEMS sensors segment currently dominates the market and is expected to continue
its dominance over the forecast period. MEMS sensors have wide usage in
consumer electronics, automotive, healthcare, industrial and other sectors. Its
small size, low power consumption and compatibility with integrated circuit
processing techniques have resulted in MEMS sensors gaining more preference
across different applications compared to other types of sensors.
Key Takeaways
Global
Sensor Market Size is expected to witness high growth supported by increasing
penetration of sensors across various end use industries like consumer
electronics, healthcare, industrial and automotive. Growth in IoT connected
devices and autonomous vehicles will further propel the demand for different
types of sensors.
Regional analysis
Asia Pacific is currently the largest and fastest growing market for sensors
globally. Countries like China, Japan, India and South Korea have strong
manufacturing presence for electronics as well as automotive industries which
are major end use sectors for sensors. Increasing overseas investments by
sensor manufacturers to tap the growth potential offered by these countries is
further supporting the regional market. North America and Europe are also
significant markets however their growth is expected to be lower than Asia
Pacific.
Key players
Key players operating in the sensor market are Robert Bosch GmbH,
STMicroelectronics, TE Connectivity Ltd., NXP Semiconductors N.V., Infineon
Technologies AG. Robert Bosch GmbH is one of the leading players in the market
with strong presence across different sensor types. STMicroelectronics and
Infineon Technologies AG have extensive MEMS sensor portfolio catering to
automotive and industrial applications.
The global sensor market is expected to grow at a steady pace supported by
developments in various end use industries. Continuous technology advancements
will further aid the adoption of new type of sensors.
Explore More Related Article On This
Topic: https://www.pressreleasebulletin.com/sensor-market-share/
Explore More Related Article: https://medium.com/@gauri.cmi01/global-asia-pacific-communication-platform-as-a-service-market-growth-accelerated-by-continuous-f5c395993ae4