Sensor Market Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, Japan, Germany, France - Size and Forecast 2024-2028

Sensor Market Size 2024-2028 

The sensor market size is projected to increase by USD 422.7 billion at a CAGR of 21.92% between 2023 and 2028. Market growth is contingent on several pivotal factors, notably the continuous advancements within the semiconductor industry, substantial investments in telecommunication network infrastructure, and the increasing recognition of the advantages associated with maintaining a healthy lifestyle. These factors collectively contribute to the burgeoning demand for innovative technologies, drive the expansion of telecommunication capabilities, and foster heightened consumer interest in health-conscious products and services. With ongoing developments in semiconductor technology, such as the evolution of more efficient and powerful chips, the telecommunication sector is poised for substantial growth, enabling enhanced connectivity and communication. Moreover, investments in robust network infrastructure further strengthen telecommunication networks, paving the way for improved reliability and performance. Concurrently, the growing awareness of health-related issues prompts individuals to seek out products and services that promote wellness, thus driving market expansion in the health and wellness sector.

The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 10 market companies, including Amphenol Corp., ams OSRAM AG, Honeywell International Inc., Infineon Technologies AG, Johnson Controls International Plc, Microchip Technology Inc., NXP Semiconductors N.V., 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., and Texas Instruments Inc.. Additionally, ABB Ltd. company offers sensors such as temperature-sensors, pressure-sensors, and position-sensors.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics 

The market is witnessing exponential growth across various sectors like consumer electronics, healthcare, and automotive & transportation. With a focus on smart devices and measuring and controlling devices, sensors play a pivotal role in enhancing security and surveillance systems. They are integral to medical equipment and industrial sensors, enabling precise monitoring and control. In the realm of IoT, sensors facilitate remote monitoring and power IoT-connected devices. Advanced technologies like RFID sensors, CMOS sensors, and NEMS sensors are driving innovation in this dynamic market. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market  Driver

The rise in demand for IoT technology-based devices is a key driver in the market. To stay competitive, sports software vendors are adopting customer-centric pricing strategies, leveraging technology. Many are moving to value-based pricing models, focusing on customer demand and value perception. Economic factors like ROI focus and constrained IT budgets, along with free alternatives like open source, are driving this shift.

Further, market players are adjusting pricing and delivery models to accommodate customer preferences, offering term licensing, SaaS, and open-source options. This flexibility aims to increase adoption across various industries. The competition among vendors has intensified, prompting the need for faster processes to develop competitive strategies. Sports software enables information sharing and supports decision-making, helping leagues and clubs gain a competitive edge. These factors are expected to drive market growth in the forecast period.

Significant Market Trends

The rise in adoption of wearable devices is a major trend in the market. One of the key trends in the global sports software market is the growing influence of technologies like blockchain, virtual reality, and AI, particularly machine learning. Market growth is expected as consumer demand improves due to technological advancements. Major vendors are investing heavily in machine learning tools for predictive analytics, which can create accurate models for sporting event outcomes.

Thus, such models utilize real-time data from various sources like player performance and weather, often surpassing human experts in accuracy. As machine learning continues to penetrate the market, sports event outcomes are predicted to become more predictable. Future market dominance is expected for automated tools driven by massive data volumes. This trend will benefit sports bettors, who will increasingly rely on machine learning algorithms for game predictions. Overall, machine learning's emergence is a positive trend for the market.

Major Market Restrain

Increasing usage of network-embedded systems is a significant challenge in the market. Data privacy and security risks pose significant challenges to the adoption of cloud services in sports organizations, particularly in the public cloud. Cloud security management is complex due to the potential for online hacking and breaches. Cloud infrastructure, often built on open-source codes, is prone to introducing flaws.

Moreover, public clouds, being multi-tenant, are more susceptible to such issues, potentially affecting multiple applications. Hackers can exploit the open architecture and shared resources of cloud-based storage systems. To mitigate risks, vendors should encrypt client data and implement multi-factor authentication, like biometrics. These concerns are likely to hinder market growth in the forecast period.

Market Segmentation 

The market is experiencing robust growth, fueled by demand from sectors like smartphone and consumer electronics sector. With smartphone OEMs integrating advanced features, gas sensors are crucial for safety and efficiency. In the era of IoT (Internet of Things), sensors form the backbone of communication network and enable connectivity for network-connected devices like surveillance cameras and indoor navigation applications. Emerging technologies such as high-accuracy motion sensors cater to diverse needs, from video games to green energy technologies, driving innovation in the Internet of Things (IoT) landscape of the industrial sensors market. 

By Technology

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 60.40 billion in 2018. 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.

By End-user

The electronics?segment will account for the largest share of this segment.? Sensors are integral to the electronics industry, facilitating devices to detect and react to environmental changes. They enable diverse functionalities, from screen rotation to health tracking in wearables like smartwatches. In VR and AR devices, sensors enhance immersion through motion-tracking and eye-tracking capabilities. In smart home gadgets, sensors monitor environmental conditions and energy usage. With the increasing adoption of electronic devices, the demand for sensors rises, driven by innovations such as augmented reality and sustainable practices, boosting market growth.

Regional Overview

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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 provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.  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. They 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 the adoption of 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 market growth during the forecast period. 

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market trends and analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Market Companies

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.

• Dwyer Instruments Inc.: The company offers sensors such as the Dwyer 626 / 628 and Dwyer 605 Series.

Market analysis and report of 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.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Technology Outlook 
  • CMOS
  • MEMS
  • NEMS
  • Others
• End-user Outlook 
  • Electronics
  • IT and telecom
  • Automotive
  • Industrial
  • Others
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile 
    • Brazil 
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview:

The market is experiencing robust growth across various sectors, including biomedical applications, consumer products, and the automotive sector. Leveraging MEMS technology-based sensors and analog-to-digital converters (ADC), these sensors are integral components in smart pills, healthcare applications, and weather forecast systems, facilitating remote connectivity and real-time monitoring. They play a crucial role in IoT platforms and control systems, enabling tire monitoring systems (TPMS), airbags, and electric vehicles with automated intelligent controls. In the industrial sectors, these sensors contribute to analytics solutions and security & surveillance, while in the transportation markets, they power navigation systems and electronic compasses. With a diverse range of applications spanning from pressure sensors to optical sensors, the sensor market continues to drive innovation and efficiency in various industries.

Further, the market continues to witness significant advancements, catering to diverse industries such as transportation & logistics, industrial IT & telecom, and aerospace & defense. With semiconductor and electronic devices at its core, this market integrates cutting-edge technologies like wearable electronics and wireless networks to enhance functionalities in motor vehicles and navigation systems. Sensors play a pivotal role in monitoring physical parameters such as temperature, humidity, and proximity, facilitated by innovations like gesture recognition and ambient light sensing (ALS). From temperature sensors to radar sensors and ultrasonic Time-of-Flight (ToF) sensors, each component, including microcontrollers, transceivers, and amplifiers, contributes to the market's growth and evolution. Furthermore, advancements like MEMS PMUT and Luna Ring reflect the industry's commitment to innovation and performance in diverse sectors.

Market Scope
Report Coverage	Details
Page number	188
Base year	2023
Historic period	2018 - 2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 21.92%
Market growth 2024-2028	USD 422.7 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	17.71
Regional analysis	North America, APAC, Europe, Middle East and Africa, and South America
Performing market contribution	North America at 39%
Key countries	US, China, Japan, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	ABB Ltd., Amphenol Corp., ams OSRAM AG, Dwyer Instruments Inc., Honeywell International Inc., Infineon Technologies AG, Johnson Controls International Plc, Microchip Technology Inc., NXP Semiconductors N.V., 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., and Texas Instruments Inc.
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 the forecast period.
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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the size of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, APAC, Europe, Middle East and Africa, and South America
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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