Sensor Market Revenue, Opportunity, Forecast 2020 - 2025Posted by Monica nerkar on January 27th, 2020 The global sensor market can record a noteworthy growth rate of 8.37% from 2018 to 2023, which is considered as the forecast period in the Market Research Future (MRFR) report. MRFR also suggests that the market can touch a valuation of USD 222.67 Bn by the end of 2023 after having been valued at USD 139.90 Bn in 2017. Top Drivers and Key Barriers Sensors have become an integral component in almost every industry; however they find the highest demand in the consumer electronics sector, followed by IT & telecom as well as automotive. Smartphones are integrated with sensors like gyroscope, accelerometer, proximity sensor, temperature detector and ambient light sensor for tracking parameters, in addition to offering a centralized system for automatic control. The trend of rising use of robotics in production processes is expected to stimulate the growth of sensor market in the coming years. There has been a surge in the adoption rate of wearable devices for numerous purposes including heartbeat monitoring devices, wearable fitness trackers and health trackers. These devices make extensive use of different sensors, such as temperature detector, accelerometer and speedometer. Advancements in sensors paired with the increasing use of smartphones as well as other electronics devices, expansion of the automation sector, development of smart cities and rising popularity of IoT have taken the sensors market to greater heights in the past couple of years. On the downside, using sensors in devices can incur extra cost, a fact that can reduce its demand in the market over the forecast period. Having said that, high adoption of wearable devices coupled with the increasing application of sensors in the biomedical sector can ensure that the market retains its strong growth rate in the review period as well. Market Segmentation A comprehensive research of the worldwide sensor market has been conducted by MRFR experts, taking into account segments like component, technology, type and vertical. Considering the component segment, the market consists of analog to digital converters (ADCs), amplifiers, microcontrollers, transceivers, digital to analog converters (DACs), and others. The technology-wise market segments are MEMS, CMOS, NEMS, and others. Depending on the type segment, the market caters to humidity sensors, biosensors, level sensors, image sensors, optical sensors, motion & position sensors, proximity sensors, pressure sensors, temperature sensors, radar sensors, touch sensors, and others. Market segmentation, with respect to the verticals, includes automotive, aerospace & defense, healthcare, consumer electronics, IT & telecommunication, industrial, and others. Regional Insight The MRFR report provides the regional insight into the global sensor market, which includes Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW). APAC forms the largest market for sensor and is expected to attain a growth rate of 7.39% in the following years. Rapid urbanization along with surging technological advancements have been responsible for the strong growth of the market in the region. The leading sensor markets in the region include India, Japan, and China, among others. India, however, has gained the top spot among all the countries and holds the potential to achieve a CAGR of 9% during the conjectured timeframe. North America is the second most profitable market for sensor, and its value in 2017 was estimated at USD 37,633.1 million. During the given timeframe, the region market can demonstrate a growth rate of 8.86% CAGR and it can expand to a size of USD 61,585.0 million by 2023. The United States of America (USA), Mexico and Canada are the strongest sensor markets in the region. These markets are doing tremendously owing to the presence of a large number of renowned players. Among all the countries, USA is the leading sensor market with the potential of achieving a CAGR of 7.22% during the review period and its value to reach USD 24,084.9 million by the end of the review period. The Europe sensor market shows a lot of promise, with the strong back up of developed countries like Germany, France and the United Kingdom (UK). With the surge in technological advancements, Europe has managed to attain the second spot in the global market and can register a growth rate of 9.13% in the near future. Germany can be singled out as the most lucrative market for sensor in the region and is projected to exhibit a growth rate of 8.91. Moreover, the sensor market in Germany is estimated to reach a valuation of USD 22,904 million by 2023, reveals the MRFR report. Top Sensor Companies The prominent companies making their presence felt in the worldwide market for sensor include Taiwan Semiconductor Manufacturing Co. Ltd., NXP Semiconductors NV, Infineon Technologies AG, ROHM Semiconductor, Robert Bosch GmbH, Microchip Technology Inc., TE Connectivity Ltd., Honeywell International Inc., Qualcomm Technologies Inc., STMicroelectronics NV, Texas Instruments Inc., and others. Browse Complete Report "Sensor Market Research Report - Global Forecast to 2023" @ https://www.marketresearchfuture.com/reports/sensor-market-4392 Like it? Share it! More by this author |