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The sensor market size is estimated to grow at a CAGR of 17.89% between 2022 and 2027. The market size is forecast to increase by USD 274.2 billion. The growth of the market depends on several factors, including rise in demand for IoT technology-based devices, rise in demand for sensors in the development of smart cities, and an increase in the usage of smartphones. A sensor is a device that detects and responds to physical environment input. The particular input may be light, heat, motion, moisture, pressure, or any of a variety of other environmental events. In general, the output is a signal that is transformed into a human-readable display at the sensor site or electronically transferred via a network for reading or additional processing.
This sensor market report extensively covers market segmentation by technology (CMOS, MEMS, NEMS, and others), end-user (electronics, it and telecom, automotive, industrial, and others), and geography (North America, Apac, Europe, middle east and Africa, and South America) It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rise in demand for IoT technology-based devices is the key factor driving the growth of the market. IoT technology facilitates the connection of many smart gadgets to facilitate their operation and share data between them. Various smart gadgets, such as smartphones, tablets, and wearables collect important data from the device, which is then used to improve the user experience. The growing need for data analytics and analytics integration is likely to drive the use of IoT-based devices.
Moreover, IoT plays an important role in improving process automation and improving operational efficiency in various industries. IoT is also improving its skills in cold chain monitoring for temperature-sensitive food and pharmaceutical products. Accordingly, the increasing use of IoT-based devices is expected to drive the growth of the global sensors market during the forecast period.
The rise in adoption of wearable devices is one of the key trends that shaping the market. A wearable device is an electronic device designed to be worn on a consumer's body and equipped with intelligent operational capabilities. Smart devices such as smartwatches, smart bracelets, and headphones are examples of wearable electronics. In the consumer electronics industry, wearables have overtaken smartphones in popularity. These gadgets allow users to perform common tasks such as checking messages and measuring physical activity.
Moreover, the sensor market is likely to be driven by the increasing use of wearable medical devices in developing economies. Sensors offer several advantages, including high accuracy, compact size, and low sensitivity to electromagnetic radiation, making them ideal for use in portable medical-grade devices. Due to the increasing usage of wearable devices, the global sensors market is expected to grow significantly during the forecast period.
Increasing usage of network-embedded systems is the key challenge that affects the growth of the market. Advances in digital telecommunications technology have led to the creation of integrated networks. Embedded networking refers to the network and topology, hardware devices, and communication/data-exchange protocols needed to link and transmit information across embedded systems. Today's embedded systems offer a variety of wired and wireless communication alternatives for integrating network functionality into devices.
Moreover, network-integrated systems are currently used in a wide variety of smart devices and electronic products, and they are linked with other devices to provide valuable communication and measurement knowledge information. through wireless sensor networks. On the other hand, embedding sensors into a gadget increases the cost and shortens the life of the device. Hence, this issue is expected to impede the growth of the global sensors market during the forecast period.
The market share growth by the CMOS segment will be significant during the forecast period. Complementary metal oxide semiconductors (CMOS) are known for their small form factor and integration capabilities. The growing use of CMOS sensors in smartphones, tablets, cameras, and other consumer electronics is an important driver for this segment.
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The CMOS segment showed a gradual increase in the market share of USD 52.98 billion in 2017 and continued to grow by 2021. The proliferation of IoT devices and applications requires a variety of sensors, including CMOS sensors, to enable data collection, monitoring, and control in a variety of environments. The rising popularity of virtual reality (VR) and augmented reality (AR) technologies rely on CMOS sensors to track user movements and interactions. Therefore, continued advancements in semiconductor manufacturing, leading to higher resolution, improved sensitivity, and improved performance of CMOS sensors, are expected to fuel the growth of the segment during the forecast period.
Sensors play an important role in the electronics industry by enabling devices to perceive and respond to changes in their environment. Sensors such as accelerometers, gyroscopes, ambient light sensors, proximity sensors, and fingerprint sensors allow various features to be performed, such as screen rotation, gesture control only, automatic brightness adjustment, and biometric security. The widespread adoption of electronic devices including smartphones, tablets, wearables, smart home devices, and IoT devices is creating significant demand for sensors to enable features in these products. The application of sensors in electronic devices enables energy-saving and environmentally friendly practices, in line with the growing consumer demand for sustainable products. Thus, such advantages are expected to propel the growth of the electronic segment of the global sensors market during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Sensors play an important role in converting physical parameters into measurable signals, enabling data collection and facilitating control and automation processes. North America is a global hub for technological advancements and innovations. The region's strong research and development ecosystem, coupled with a highly skilled workforce, drives continuous improvement and the development of cutting-edge sensor technologies.
Moreover, this region is at the forefront of smart manufacturing and Industry 4.0. Sensors play an important role in industrial automation, predictive maintenance, and data-driven decision-making in manufacturing processes. North America has a thriving healthcare sector, driving sensor adoption in medical devices, wearables, and remote patient monitoring solutions. Hence, these factors are expected to fuel the demand for sensors thus expected to boost the regional sensors market growth during the forecast period.
The COVID-19 outbreak had a negative impact on the sensor market in North America in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions, which led to the resumption of economic activity. Furthermore, post-vaccination, industries can continue to invest in IoT technology and remote monitoring solutions, driving demand for sensors to enable automation, data collection, and connectivity. Hence, these factors are expected to fuel the growth of the regional sensors market during the forecast period.
The Sensor Market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Sensor Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The sensor market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Sensor Market Scope |
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Report Coverage |
Details |
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Page number |
187 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17.89% |
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Market growth 2023-2027 |
USD 274.2 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
16.25 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 39% |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Amphenol Corp., ams OSRAM AG, Dwyer Instruments Inc., Honeywell International Inc., Johnson Controls International Plc, Microchip Technology Inc., NXP Semiconductors NV, OMRON Corp., Panasonic Holdings Corp., Qualcomm Inc., Robert Bosch GmbH, Rockwell Automation Inc., Siemens AG, Sony Group Corp., Spectris Plc, STMicroelectronics International N.V., TE Connectivity Ltd., Texas Instruments Inc., and Infineon Technologies AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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