Sensor Market to Reach $345.77 Billion, Globally, by 2027

- Advertisement -

Asia-Pacific, followed by North America, had the major share in 2019. The radar sensor segment contributed to nearly one-fifth of the global sensor market share in 2019

The global sensor industry was estimated at $166.69 billion in 2019. It, as per a report by Allied Market Research, is expected to hit $345.77 billion by 2028, registering a CAGR of 8.9 per cent from 2021 to 2028.

Based on region, Asia-Pacific, followed by North America, held the major share in 2019, generating around half of the global sensor market. The same region would also exhibit the fastest CAGR of 9.9% from 2021 to 2028. This is attributed to the high-end technological advancements and a rise in the automotive standards in developing countries such as India, China, and Indonesia.

- Advertisement -

Rise in trend of Internet of Things (IoT), increase in demand for sensors in development of smart cities, advancement in sensors and its growing usage in smartphones, and other electronics devices, and emerging applications of radar in remote sensing fuel the growth of the global sensor market.

On the other hand, the fact that sensors reduce the lifespan of devices restrains the growth to some extent. However, surge in adoption of wearable devices and emergence of innovative applications in the biomedical sector are anticipated to pave the way for lucrative opportunities in the industry.

Radar sensor segment to retain its dominance

The radar sensor segment contributed to nearly one-fifth of the global sensor market share in 2019, and is expected to lead the trail by 2027. Increase in adoption of radar sensors for various applications and their safety & assistance features fuel the segment growth. The image sensor segment, on the other hand, would register the fastest CAGR of 10.6 per cent throughout the forecast period.

This is because these sensors are extensively used in industrial quality control applications to improve product yield and spot defective units on the production line.

Based on technology, the MEMS segment accounted for more than two-fifths of the global sensor market revenue in 2019, and is anticipated to dominate by the end of 2027. Increase in implementation of sensors made with MEMS technology in consumer electronic devices drives the growth of the segment.

Simultaneously, the CMOS segment would manifest the fastest CAGR of 11.8 per cent during the forecast period. Growing industrialization has considerably increased the need of cameras for security and surveillance, most of which use CMOS image sensors owing to its easy availability and less price. This factor has driven the segment growth.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Breathing Through “First-Time Silicon Success”

0
No one is born a leader, but the choices we make in life propel us to become a leader. For Chitra Hariharan, an innocent...

Worldwide Chip Sales Increased By 1.1% In April, Marking First 2024 Growth

0
A new forecast predicts robust annual growth, and the semiconductor market shows strong momentum, especially in the Americas and China. The Semiconductor Industry Association (SIA)...

Buzz

Goenka Green’s ElectroRide To Raise $10-15M In FY25, Expanding To 4Ws

0
Electroride has set ambitious goals for FY25 to expand its business significantly. The company targets a revenue range of USD 12-15 million in FY25...

MAHLE Launches X30 Drive System For Electric Bikes

0
The system maintains compatibility with all components, accessories, and the digital ecosystem of the existing X20 system. MAHLE SmartBike Systems has unveiled its X30 drive...

MeitY Plans Billion-Dollar Subsidy Scheme For Component Manufacturing

0
Reports indicate that the Government will offer subsidies for lands obtained to manufacture electronics components in categories where the investment-to-output ratio is not high. The...

Important Sectors

Goenka Green’s ElectroRide To Raise $10-15M In FY25, Expanding To 4Ws

0
Electroride has set ambitious goals for FY25 to expand its business significantly. The company targets a revenue range of USD 12-15 million in FY25...

MAHLE Launches X30 Drive System For Electric Bikes

0
The system maintains compatibility with all components, accessories, and the digital ecosystem of the existing X20 system. MAHLE SmartBike Systems has unveiled its X30 drive...

MeitY Plans Billion-Dollar Subsidy Scheme For Component Manufacturing

0
Reports indicate that the Government will offer subsidies for lands obtained to manufacture electronics components in categories where the investment-to-output ratio is not high. The...

Government Revamps PLI Scheme To Boost Telecom Manufacturing

0
The government revamps the PLI scheme for the telecom sector, boosting exports and incorporating more MSMEs, with increased allocation from Rs 1,000 crore to...

Honeywell, PwC India Empowers Businesses With Honeywell Forge

0
Honeywell and PwC India collaborate to enable companies with Honeywell Forge IoT software, leveraging analytics, machine learning, and AI to tackle industrial challenges and...

Manufacturing

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...