The sensor is a device that detects instant changes in physical environment. They are capable of detecting all key physical input such as temperature, speed, heat, motion, humidity, and others. It also detects changes as per the input and then converts it to the electrical signals. There are variations of sensors that are used over the optical sensor, biosensor, touch sensor, pressure sensor, temperature sensor, accelerometer & speed sensor and many others. The growing usage of sensors in the smartphones industry and substantial rise in demand from the automation industry has supported the growth of the sensor market.
According to study, “Sensor Market by Type (Radar Sensor, Optical Sensor, Biosensor, Touch Sensor, Image Sensor, Pressure Sensor, Temperature Sensor, Proximity & Displacement Sensor, Level Sensor, Motion & Position Sensor, Humidity Sensor, Accelerometer & Speed Sensor, and Others), Technology (CMOS, MEMS, NEMS, and Others), and End User (Electronics, IT & Telecom, Industrial, Automotive, Aerospace & Defense, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2012-2025”. Some of the key companies operating in the global sensor market are ABB Ltd., Eaton, Honeywell, Analog Devices, STMicroelectronics, Infineon Technologies, Renesas Electronics, NXP Semiconductors N.V., Siemens, and Texas Instruments. There are numerous players engaged and further entering the smart sensor market by using innovative products. The emerging development of IoT based product and autonomous products are further expected to drive the market growth over the forecast period.
Based on type, sensor market is categorized as radar sensor, biosensor, touch sensor, optical sensor, image sensor, pressure sensor, proximity & displacement sensor, temperature sensor, level sensor, motion & position sensor, accelerometer & speed sensor, humidity sensor, and other sensors. Based on component, market is categorized as Analog to Digital Converters (ADCs), transceivers, Digital to Analog Converters (DACs), microcontrollers, amplifiers and others. Based on technology, market is categorized as CMOS, NEMS, MEMS, and others. In addition, based on end users, market are categorized as electronics, industrial, aerospace & defense, IT & telecommunication, healthcare, and others.
The sensor market is driven by rise in demand for sensors in development of smart cities, followed by growth in trend of Internet of Things (IoT), rise in advancement in automation sector, increase in applications of radar in remote sensing and growth in advancement in sensors and its increasing usage in smartphones, and other electronics devices. However, incorporating the sensor in devices incurs extra value and reduces life of device may impact the market. Moreover, surge in the automotive sector and rise in adoption of wearable devices are key opportunities for market.
Based on geography, the North-American and European regions hold major share in global sensor market owing to substantial buying power coupled with high standard of living amongst the population in the regions. Whereas, the Asian-Pacific regions is estimated to exhibit higher CAGR due to low manufacturing cost as well as rise in availability of manpower at low cost and low shipment cost over the forecast period. In near future, it is anticipated that the global sensor market will be reached at rapid pace on account of increase in adoption of green energy technologies during the forecast period.
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Ankur Gupta, Head Marketing & Communications