The global report on the sensor market reveals the possibility of acquiring USD 222.67 bn valuation by the end of 2023 while registering a CAGR of 8.37% during the forecast period of 2018 to 2023. Market Research Future (MRFR), in its report, included discussion on factors like the rising of inclusion of advanced technologies, surging investment in defense, consumer electronics, and healthcare, support from the developing regions, improving the state of disposable income, use of smart technologies, and others.
However, complexity, reliability, and the high price of the end product can deter the market from having a smooth growth.
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Sensor Market - Segmentation
The global sensors market has been segmented based on type, component, technology, vertical, and region. Based on type, sensors are segmented into radar sensors, optical sensors, biosensors, touch sensors, image sensors, pressure sensors, temperature sensors, proximity and displacement sensors, level sensors, motion and position sensors, humidity sensors, and accelerometer and speed sensors. Based on component, the Sensor Market is segmented into analog to digital converters, digital to analog converters, transceivers, amplifiers, microcontrollers, and others. By technology, the sensors market is segmented into CMOS, MEMS, NEMS, and others. Based on the vertical, the global market for sensors is classified into consumer electronics, IT & telecommunication, healthcare, manufacturing, aerospace & defense, and others.
The Key Players of the Global Sensor Market include ABB Group (Switzerland), Robert Bosch GmbH (Germany), STMicroelectronics NV (Switzerland), Siemens AG (Ticker: SIE) (Germany), Honeywell International, Inc. (US), Samsung Electronics Co. Ltd. (South Korea), General Electric Company (Ticker: GE) (US), Emerson Electric Co. (Ticker: EMR) (US), OmniVision Technologies, Inc. (US), DENSO Corporation (Japan), International Sensor Technology (IST) (US), Delphi Technologies PLC (Ireland), Alphasense (UK), Ametek, Inc. (US), Texas Instruments Incorporated (US), OMRON Corporation (Japan), BAE Systems PLC (UK), Figaro Engineering, Inc. (Japan), Drägerwerk AG & Co. KGaA (Germany), and NXP Semiconductors (Netherlands).
Sensor Market - Regional Analysis
Global Sensor Market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia-Pacific accounted for the largest sensors market share of 37.6% in 2019, with a market value of USD 56.89 billion; the market is expected to register the highest CAGR of 7.23% during the forecast period.
In August 2020, Iowa State University researchers announced that they are researching to develop a no-touch, fast-scan test for COVID-19. The testing with this tool depends on applying samples on printed resonant sensors on paper, which can then be sent to a collection center to get results. The diagnostic kit is expected to come at around USD 1 and is so easy to operate that people themselves can test their own samples. The results can be read electronically without opening the carrier (like an envelope), which negates the chance of medical professionals coming in contact with the disease. The reader could then send the results to the user.
In August 2020, Sentient Energy®, Inc., a company known for being an eminent provider of advanced grid monitoring and analytics that are often used for electric utilities, declared the commercial launch of their upgraded underground sensor known as UM3+. This has already undergone a stringent testing and certification process and has been deployed in a number of the company’s partner customers. It is now available for global order and delivery. The device is deployable in both dead front and live front cabinets, which helps it meet industrial standards.
The global market for sensors is expected to gain notably from the onslaughts of COVID-19, as this has triggered innovations directed at finding not just a cure but everything related to it. This extensive investment in the research sector is bound to influence the sensor market in positive ways.
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