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.
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.