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| Global Sensor Market Size |
Sensors are instruments that detect or sense a physical stimulus and transmit a
resulting signal as output. Commonly used in industrial, automotive and
consumer electronics industries, sensors help measure or detect pressure,
temperature, position, chemical composition, motion, light intensity and sound
intensity. Their small size, low power consumption and compatibility with
various end-use devices make them ideal for integration into smart home
appliances, industrial machines, HVAC systems and automobiles for real-time
monitoring of key parameters.
The global Sensor Market is estimated to be valued at US$ 261.41 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing industrialization across sectors such as automotive, healthcare,
manufacturing and oil & gas has been a key growth driver for the sensor
market. As industrial processes become more automated with the integration of
robotics, IoT and machine learning technologies, the demand for sensors to
monitor various operational parameters has risen substantially. Advanced
sensors play a crucial role in enabling predictive maintenance, remote
monitoring and optimized control of industrial equipment and machinery. The
development of miniaturized sensor nodes for integration into industrial
infrastructure is expected to further accelerate the adoption of sensors across
factories and production plants going forward.
Segment Analysis
The global sensor market is dominated by image sensors sub segment accounting
for around 43% share of the overall market in 2024. Image sensors find wide
application in cameras, smartphones, surveillance systems etc. Its demand is rising
sharply owing to increasing adoption of cameras and smartphones. Pressure
sensors hold around 18% share and constitute the second largest sub segment.
Pressure sensors are used across various end use industries like automotive,
industrial equipment manufacturing etc.
Key Takeaways
Global
Sensor Market Size is expected
to witness high growth over the forecast period of 2024 to 2031. In 2024, the
market size was valued at US$ 261.41 Mn and is projected to grow at a CAGR of 6.0% during the forecast period.
Regional analysis: North America dominated the global market with around 35%
share in 2024 owing to high penetration of sensors across industries like
automotive, healthcare, consumer electronics etc in the region. Asia Pacific is
expected to witness fastest growth during the forecast period with a CAGR of
over 7%. China, India, Japan and South Korea are major countries contributing
to growth of the sensor market in Asia Pacific region. Rising smartphone and
electronics manufacturing is supporting growth of sensors in Asia Pacific.
Key players: Key players operating in the sensor market are EverZinc, S. Zinc,
Numinor Chemical Industries Ltd., Hanchang, Silox India Private Limited, Metal
Powder Company Limited (MEPCO), Toho Zinc Co., Ltd., Hakusui Tech Co., Ltd.,
Pars Zinc Dust Manufacturing Co. (PZD), and Jiangsu Shenlong Zinc Industry Co.,
Ltd. Major players are focusing on new product development and capacity
expansion strategies to cater growing demand and strengthen their market
position.
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