Future Growth of the Sensor Hub Market
Posted by Tom C on December 21st, 2020
The sensor hub market is expected to reach USD 32.53 Billion by 2023, at a CAGR of 18.9% between 2017 and 2023. The growth of this market is propelled by the steady growth in the number of integrated sensors in smartphones, the need for a low-power solution, and the use of sensor fusion in devices.
The discrete sensor processor dominated the sensor hub market in 2016. This dominance is attributed to the use of discrete sensor processor hubs in wearable devices as well as the higher power saving advantages offered by this processor type. The application sensor processor is expected to hold the largest size of the sensor hub market during the forecast period as it is being deployed by a large number of smartphone manufacturers such as Apple, Inc. (US).
The consumer electronics end-use application is the largest market for sensor hubs. This growth is attributed to the extensive use of sensor hubs in smartphones, tablets, smart TVs, wearables, and gaming consoles. All these devices use sensors for different activities such as gesture recognition, image stabilization, navigation, motion-based gaming, and health monitoring.
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North America dominated the overall sensor hub market in 2016. Owing to the rising awareness for driver's safety and influence of regulations and safety ratings for original equipment manufacturers (OEMs), the system such as advanced driver-assistance systems (ADAS) is highly adopted by automobile manufacturers, thereby driving the growth of the sensor hub market in this region. The US is an important market in North America that provides sensor hub solutions to OEMs of consumer electronics and automobiles. North America is an important hub for consumer electronics products, especially for smartphones and wearable devices, which prominently use the sensor hub technology. This region has the highest number of end users for healthcare wearable devices.
Technical complexity in sensor hub deployment is one of the major challenges witnessed by the sensor hub market. There is a need for advanced technical expertise for the effective deployment of sensor hubs in products. Thus, emphasis needs to be given on the ease of integration of sensors with microcontrollers as well as complete sensor hub systems for the growth of the sensor hub market.
Market players such as Microchip Technology, Inc. (US), Inc., NXP Semiconductors N.V. (Netherland), STMicroelectronics N.V.(Switzerland), Robert Bosch GmbH (Germany), and Intel Corp (US) are focusing on product launches and developments, mergers, acquisitions, and collaborations to enhance their product offerings and expand their business.
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About the AuthorTom C
Joined: July 2nd, 2020
Articles Posted: 347
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