The global sensor market size was exhibited at USD 204.8 billion in 2022 and is projected to hit around USD 508.64 billion by 2032, growing at a CAGR of 8.40% during the forecast period 2023 to 2032.
Key Pointers:
Outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are estimated to remain closed in 2021 as well. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers. The overall production process is adversely affected, however, increase in demand from healthcare and automotive sectors boost growth of the market globally.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market, leading to fall in business confidence, massive slowdown of supply chain, and increase panic among customers.
Sensor Market Report Scope
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Report Coverage |
Details |
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Market Size in 2023 |
USD 226.91 Billion |
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Market Size by 2032 |
USD 508.64 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 8.40% |
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Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
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Segments Covered |
By Type, By Technology and By End User |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
STMicroelectronics NV, Bosch Sensortec GmbH., ABB Group, Siemens AG, OMRON Corporation, Texas Instrumental Incorporated, Drägerwerk AG & Co. KGaA, Samsung Electronics Co Ltd., International Sensor Technology, DENSO Corporation, NXF Semiconductors, Honeywell International Inc. and Others. |
Increasing use of Internet of Things (IoT) and rising adoption of temperature & proximity sensors in portable and advance healthcare devices and motion & position sensors in various industries are major factors driving market revenue growth. sensors are devices that responds to a certain measurement by producing a useable output and are used in most IoT device architectures and to detect objects, machinery, and other things. These sensors acquire a physical parameter and transforms it into a signal that can be processed (e.g., electrically, mechanically, or optically) to detect the presence of a specific physical quantity. These sensors's output is a signal that is translated into human-readable forms such as variations in characteristics, resistance, capacitance, impedance, etc. IoT sensors are hardware components that monitor changes in environment and gather information. They are components of an IoT ecosystem that connect virtual and physical worlds. If IoT sensors are connected to a network, they can share data with network to detect things such as temperature, pressure, and motion.
In addition, increasing use of sensors in smart cities is another factor driving market revenue growth. Smart cities' fundamental infrastructure consists of a network of sensors, cameras, wireless devices, and data centers, for civic authorities to deliver important services more quickly and effectively. Smart cities are also far more environment-friendly as they employ sustainable building materials and use less energy. A robust communication network that connects all businesses, individuals, and goes beyond relationships between central and sub-national levels of government, which is developed through efficient use of technology. This network also helps to improve healthcare facilities and management of transportation systems. A new type of intelligent infrastructure is necessary for a smart city to become both ecologically sustainable and appealing to residents and businesses. This new infrastructure is an innovative and open platform built on smart sensors networks that can assist forward-thinking communities more.
High installation costs of sensors network is a major factor expected to restrain market revenue growth growth. Although, price of sensors systems is falling, it is still high enough to have an impact on how widely they are used in certain industries. Devices and network of wires must be professionally installed in accordance with market norms and owner-operator best practices. Some non-industrial segments can build fly-by-night installations, but industrial segments often avoid them, since they are thought to be of low quality, deteriorate quickly, and require routine maintenance. As a result, high-quality installations are necessary, which in turn, rises price of sensors networks.
A recent trend in the market is rising demand for sensors in autonomous vehicles. These vehicles with ever-increasing levels of autonomy are poised to transform both passenger and cargo transportation, cutting down on the amount of time they spend stuck in traffic and bringing in new modes of transportation such as robo-taxis. Naturally, autonomy calls for vehicles to always have a clear view of their surroundings, with redundant data from many sensors. Lidar and radar are also used in this sensors fusion procedure along with cameras. Although Lidar receives a lot of attention in the technology world, there are plenty of opportunities to apply other cutting-edge image sensing methods such as Short-Wave Infrared (SWIR) imaging. Given the high cost of Indium Gallium Arsenide (InGaAs) sensors, there is a strong incentive to create considerably more affordable substitutes that are capable of detecting light at the lower end of SWIR spectral range.
Some of the prominent players in the Sensor Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Sensor market.
By Type
By Technology
By End User
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers