Sensor Market 2020 Global Analysis, Growth, Size, Share, Trends, Forecast 2023

Posted by Monica nerkar on March 9th, 2020

In the near future,  the  global  sensor  market appears to grow with tremendous  opportunities  in  various  sectors  such  as aerospace, automotive,  consumer electronics, defense industries, healthcare, and industrial. The sensor market has been anticipated to earn revenues worth USD 222.67 billion while expanding at a CAGR of 8.37% by 2023. Adoption of motion and position sensors in industrial automation, the proliferation of smart homes, and rising penetration of temperature and proximity sensors in advanced & portable healthcare equipment are the factors driving the market growth. Analyzing the market structure, this report offers insights about factors affecting the market growth. Estimating the market size and forecasting the revenue, this reports covers and observes the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R&D), and strategic alliances. Huge investments in terms of R&D have led to technological innovations and advancements. Integration of interaction sensors in various consumer electronic devices and industrial equipment and opportunity for smart sensors in industrial hygiene are boosting the growth of the global sensor market. However, the Scalability and reliability issues in the deployment of sensors in System on Chip (SoC) can hinder the market growth. Segmental Analysis         

The sensor market is segmented on the basis of component, technology, type, vertical, and region. Based on the component, this market has been segmented into amplifiers, analog to digital converters (ADCs), digital to analog converters (DACs), microcontrollers, and transceivers, and others. The technology-based segmentation segments the market into CMOS, MEMS, NEMS, and others. By type, the market has been segmented into biosensors, humidity sensors, image sensors, level sensors, motion & position sensors, optical sensors, pressure sensors, proximity sensors, radar sensors, temperature sensors, touch sensors, and others. Market segmentation on the basis of verticals covers aerospace & defense, automotive, consumer electronics, healthcare, industrial, IT & telecommunication, and others. The regions covered in the global market are Europe, Asia Pacific, North America, and the rest of the world (RoW).

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The regional analysis of the sensor market covers regions such as Europe, Asia Pacific, North America, and the rest of the world (RoW). The Asia Pacific is the greatest regional market. During the forecast period, is expected to grow at 7.39% CAGR due to the rapid urbanization and rising technological advancement. The crucial country-specific markets in this region are China, India, and Japan, followed by the remaining countries of the Asia Pacific region. India is the largest growing regional market, and it is expected to grow at 9% CAGR by the end of the forecast period.

North America is the second largest regional market. In 2017, its value was USD 37,633.1 million. During the forecast period, this market has been anticipated to grow at 8.86% CAGR, and its market value will most probably be USD 61,585.0 million. USA, Canada, and Mexico are the most important country-specific markets in this region. Technological advancement and the presence of many key players in this region boost the North American market. USA is the biggest country-specific market that is expected to grow at 7.22% CAGR, and its value is expected to rise to USD 24,084.9 million.

In Europe, the market is growing due to the presence of strong economies such as France, Germany, and the UK. Due to technological advancement second only to North America, Europe is one of the major regional markets. Thus, market growth for Europe is expected to register a 9.13% CAGR during the forecast period. Germany is the largest country-specific market in Europe, and during the forecast period, it is expected to grow at 8.91% CAGR, and its worth is expected to be USD 22,904 million. The outlook for growth in the sensor market is competitive due to the efficient application of strategies such as geographic expansion, new product launch, acquisitions, agreement, and R&D to strengthen their business portfolio. The market players are observed as being focused on increasing their operations globally and engage in strategic acquisitions to grow in organic cold pressed juices business. The key players profiled in the sensor market are Microchip Technology Inc., Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors NV, Robert Bosch GmbH, ROHM Semiconductor, STMicroelectronics NV, Taiwan Semiconductor Manufacturing Co. Ltd., TE Connectivity Ltd., Texas Instruments Inc., and Qualcomm Technologies Inc.

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Monica nerkar

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Monica nerkar
Joined: September 20th, 2019
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