The Global Sensor Market was valued at USD 151.40 billion in 2020, and is expected to reach USD 431.21 billion by 2030, registering a CAGR of 11.3%, during the period of 2021-2030.
Sensor is a semiconductor device that detects sudden changes in surroundings and provides subsequent response. Sensor is widely used for detecting various physical changes in the environment such as the amount of light, heat, moisture, motion, and pressure among others. Its application areas include electronic devices, avionics, military hardware, industrial automation, mobile phones, medical equipment, security, transportation, IT infrastructure and communication among others. There are specific types of sensors available for specific applications in different industries. For example, motion sensors are used mostly in transportation sector, while optical sensors are mostly used in military applications, whereas electromagnetic sensors are used to monitor CO2 emissions in various industries.
The highest consumption of sensor is found in consumer electronic products, followed by automotive, and IT & telecom. A single smartphone alone may contain multiple sensors such as accelerometer, gyroscope, ambient light sensor, proximity sensor, and temperature detector for accomplishing different tasks.
Access Full Description of this report at:-
https://www.nextmsc.com/report/sensor-market
Competitive Landscape
The global sensors market, which is highly competitive, consists of a few major players such as Hewlett Packard Enterprise (HPE), Infineon Technologies AG, Samsung Electronics, NXP Semiconductor, Panasonic Corporation, Qualcomm Technologies, Inc., STMicroelectronics, Sony Corporation, TE Connectivity, Texas Instruments and Taiwan Semiconductor Manufacturing Company Limited. Strategic alliances, acquisitions and innovations along with R&D are key strategies used by market players to maintain market dominance. For instance, in July 2021, Samsung Electronics developed an automotive image sensor ‘ISOCELL Auto 4AC’. The sensor delivers advanced 120-decibel (dB) high dynamic range (HDR) and LED flicker mitigation (LFM) especially for surround-view monitors (SVM) or rear-view cameras (RVC) in high-definition resolution (1280 x 960). Also, in July 2021, Sony declared the release of a compact and portable mirrorless camera ‘ZV-E10’ with a feature-set optimized for vloggers and content creators.
Market Dynamics and Trends:
The global sensor market has witnessed rapid growth in recent times. This is due to the numerous advantages of sensor like high current capability, long life, ease of installation, increased productivity and reduced total cost of ownership among others. Also, factors like technological advancements, development of smart cities, surge in IoT technologies, rising usage of smartphones and other electronic devices are expected to propel the growth of sensor market. However, increasing use of sensors leads to rise in device cost and reduction in the life of device batteries, which is expected to hinder the market growth during the forecast period to some extent. On the contrary, surge in adoption of wearable devices, innovative application of sensors in various sectors, government strategies and advancements in the automotive sector will create ample opportunities for the market players in the coming future.
Request sample copy of this report at:-
https://www.nextmsc.com/sensor-market/request-sample
Market Segmentations and Scope of the Study:
The global sensor market trends are analyzed across various segments including type, technology, end user and region. By type, the market is categorized into radar sensor, optical sensor, biosensor, touch sensor, image sensor, pressure sensor, temperature sensor, proximity & displacement sensor, level sensor, motion & position sensor, humidity sensor, accelerometer & speed sensor, and other sensors. The technology sub segment covered in this report includes CMOS, MEMS, NEMS, and others. The end users discussed in this study are electronics, IT & telecommunication, industrial, aerospace & defense, healthcare, and others. Geographically, the sensor market is analyzed across North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
The Asia-Pacific region is anticipated to maintain its dominance in the global sensors market owing to the rapid adoption of digital technologies in countries such as China, Taiwan, and South Korea. Moreover, the healthcare sector in this region has been thriving, which is further expected to fuel the adoption of sensor-enabled wearable products over the forecast period.
However, the European region is expected to witness the second-highest CAGR over the forecast period due to advanced infrastructure and heavy investments by numerous established as well as new players in Germany and France in sensor manufacturing.
Contact:
Phone Number: +1-217-650-7991
E-mail: info@nextmsc.com
About Next Move Strategy Consulting:
Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.
We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.
For more insights, please visit, https://www.nextmsc.com
