July 24, 2024
Sensor Market

Sensor Market is Estimated to Witness High Growth Owing to its Usage Across Diverse Industries

The Sensor market is estimated to be valued at US$ 88.1 billion in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Sensors are devices that detect and respond to some type of input from the physical environment. The main applications of sensors include industrial, consumer electronics, automotive, healthcare, and many more industries. Sensors measure physical quantities like temperature, pressure, light, motion and convert them into signals which can be read by an observer or an instrument. Temperature sensors measure the temperature of its environment, pressure sensors detect and measure pressure, light sensors detect the amount of light, and motion sensors detect motion or movement.

Market Dynamics:

Rising usage of sensors across industries is expected to drive the global sensor market growth over the forecast period. Sensors have wide range of applications in industries like industrial automation for quality control, automobiles for safety features, smart homes for connectivity and convenience. According to The International Energy Agency, the number of sensors used for industrial automation is projected to increase annually by 5% between 2022–2030. Growing automation and internet of things is also expected to boost the demand for sensors to connect machines, appliances and exchange data over the network. Additionally, rapid development of wearable devices including smartwatches and fitness trackers is fueling the adoption of motion sensors, pressure sensors and biometric sensors which will propel the sensor market growth during the forecast period.

Segment Analysis

The sensor market can be segmented into temperature sensors, pressure sensors, position sensors, motion sensors, image sensors, and others. Among these, temperature sensors dominate the market with the largest share. Temperature sensors are used widely across various industries like automotive, consumer electronics, chemicals, oil & gas, food & beverages, and healthcare to monitor and control temperature. The increasing need for temperature sensing and controlling temperature levels in critical systems and processes is driving the dominance of this segment.

PEST Analysis

Political: The sensor market is positively impacted by government initiatives and regulations regarding industrial automation, IoT, and autonomous vehicles which require advanced sensing technologies.
Economic: The growth of the global economy and increasing investments in industries like automotive, consumer electronics are fueling the demand for sensors. Emerging applications of sensors in new fields are further promoting market growth.
Social: Changing lifestyles, increasing health awareness, and growing user demand for advanced technologies are augmenting the social drivers for sensors in consumer electronics, healthcare, and other industries.
Technological: Advancements in sensor fabrication technologies, miniaturization, integration capabilities, data processing, and connectivity options are supporting new product development and the integration of sensing into diverse applications.

Key Takeaways

The Global Sensor Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period 2023-2033, due to increasing automation and digitization across industries. The market size is projected to reach US$ 188.1 billion by 2033 from US$ 88.1 billion in 2023.

Regional analysis

Asia Pacific dominates the global sensor market with the largest share, led by countries like China, Japan, South Korea, and India. This is attributed to strong manufacturing base for automotive, consumer electronics, and industrial equipment in the region. Government initiatives to develop smart cities and industries 4.0 are also driving regional market growth. North America stands as the second largest market for sensors due to substantial automotive production and early adoption of advanced technologies in various industries.

Key players

Key players operating in the sensor market are STMicroelectronics N.V, NXP Semiconductors N.V., Infineon Technologies AG, Qualcomm Technologies, Inc., Atmel Corporation, Texas Instruments Inc., Robert Bosch Gmbh, Johnson Controls International Plc., Sony Corporation, and Honeywell International Inc. Manufacturers are focusing on new product development through R&D and strategic partnerships to gain greater market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it