Description
Sensor Market Research Report – Global Forecast till 2026
Market Overview
The global sensor market is anticipated to register a 6.22% CAGR to surpass USD 228.08 Billion by 2026, during the review period. The global market growth is attributed to the increasing requirement from various burgeoning industries such as electronics, automotive, healthcare, and defense. Furthermore, the rising applications of sensors in medical and biomedical devices and smart connected devices are expected to create major lucrative growth opportunities. Owing to the fastest growth in hospitalization, sensors are increasingly finding use in medical devices and equipment. Additionally, increasing uses of sensors in smart grids, smart homes, and intelligent transportation systems and advances in information and communication technologies foster the growth of the market.
The global sensor market is expected to register a healthy market growth owing to the market valuation was reached USD 151.42 Billion in 2019. The global market growth is driven by the increasing automation because of the spurring rise in various industries infl. Moreover, emerging trends, such as the miniaturization of sensors, the increasing development in IoT & IIoT technology, and the proliferation of industry 4.0 and the advent of 5.0 are expected to propel the growth of the market during the review period. Furthermore, the increased use of image sensors in various applications like cameras and medicinal devices, advancements in gas sensors, and many other sensors impact the market growth. However, the major restraining factor of the market is incorporating sensors in a device incurs extra value and lowers the life of the devices.
Market Segmentation
The global sensor market has been classified into five major types namely type, component, technology, vertical, and region. Based on type segment the global market is sub-divided into image sensors, optical sensors, biosensors, motion sensors, temperature sensors, pressure sensors, humidity sensors, touch sensors, radar sensors, level sensors, proximity sensors, and other sensors.
In terms of the component type, the market is divided into transceivers, microcontrollers, ADC, DAC, amplifiers, and others.
Based on vertical, the market is sub-segmented into consumer electronics, industrial, automotive, IT & telecom, aerospace & defense, healthcare, and others.
Regional Analysis
Geographically, the global sensor market has been studied across the Americas (US, Canada, Mexico, Rest-of-North America), Europe (Germany, UK, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
Asia-Pacific is expected to dominate the global sensor market register7.23% CAGR during the review period. The regional market growth is attributed to the rising industrial sector and the growing numbers of small and medium-sized enterprises (SMEs). Additionally, growing uses of consumer electronics and medical devices, increasing awareness about industrial safety issues and toxic gases, increasing production and sales of luxury cars, boost the market demand in the region. Japan, China, India, and South Korea are the major sensor markets in the region.
Major Players
The Key Companies Covered in the Sensor Market Report includes Robert Bosch GmbH (Germany), ABB Group (Switzerland), STMicroelectronics NV (Switzerland), Honeywell International Inc. (US), Siemens AG (Germany), Samsung Electronics Co. Ltd. (South Korea), Emerson Electric Co. (US), General Electric Company (US), OmniVision Technologies Inc. (US), International Sensor Technology (IST) (US), DENSO Corporation (Japan), Delphi Technologies PLC (Ireland), Texas Instruments Incorporated (US), Alphasense (UK), Ametek Inc. (US), OMRON Corporation (Japan), Figaro Engineering Inc. (Japan), BAE Systems PLC (UK), Drägerwerk AG & Co. KGaA (Germany), and NXP Semiconductors (Netherlands).
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
