Sensor Market Analysis

Market Research Future (MRFR) presumes the global sensor market to reach USD 228.08 Billion, registering a 6.22% CAGR from 2020 to 2027 (forecast period).

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Several Factors Contributing to Market Growth

The sensor market outlook appears promising, with significant prospects in the automotive, consumer electronics, healthcare, industrial, aerospace, and defense industries. The increasing automation as a result of the accelerating increase in numerous industries has an impact on the dynamics of the sensors industry. Furthermore, increasing trends such as sensor miniaturization, the rising development in IoT & IIoT technology, and the proliferation of industry 4.0 and the arrival of 5.0 drive market growth.

Increased use of image sensors in numerous applications such as cameras and medical devices, as well as developments in gas sensors and other sensors, all have an impact on market growth. Sensors are increasingly being used in medical devices and equipment as a result of the significant increase in hospitalization. Furthermore, the increasing usage of sensors in smart grids, smart homes, intelligent transportation systems, and advancements in information and communication technologies drive market expansion.

Sensor Market Key Players

Robert Bosch GmbH (Germany), Honeywell International Inc. (US), ABB Group (Switzerland), STMicroelectronics NV (Switzerland), Siemens AG (Germany), General Electric Company (US), Samsung Electronics Co. Ltd. (South Korea), Emerson Electric Co. (US), OmniVision Technologies Inc. (US), Delphi Technologies PLC (Ireland), International Sensor Technology (IST) (US), DENSO Corporation (Japan), Texas Instruments Incorporated (US), Alphasense (UK), BAE Systems PLC (UK), Ametek Inc. (US), OMRON Corporation (Japan), Figaro Engineering Inc. (Japan), Drägerwerk AG & Co. KGaA (Germany), NXP Semiconductors (Netherlands)

COVID-19 to have Temporary Impact on the Global Market

The sensor market has acquired enormous traction around the world, owing primarily to the massive popularity that Sensors have earned in recent years. However, the COVID-19 pandemic has stymied market expansion, bringing the entire world to a halt. With the pandemic causing massive revenue losses to end-use industries as healthcare, automotive, electronics, and others, sensor prices skyrocketed, and demand fell.

However, as lockdown restrictions are gradually eased, the sensor business is steadily ramping up again. Innovative industry companies began aggressively looking for expanding application areas for sensors in COVID 19 monitoring and tracking systems. For example, researchers at the University of California recently reported the invention of a wearable sensor that can detect if a user is developing COVID-19 even if no symptoms are evident. Such novel research is proving to be beneficial in increasing Sensor market share. Simultaneously, the gradually rising demand for pharma product packaging and healthcare items to combat SARS-CoV-2 could be beneficial to the Sensor industry in the following years. Furthermore, it is projected that product demand in end-use sectors will increase as a result of the lifting of the lockdown in a number of nations.

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Sensor Market Segmentation

Regional Analysis

The Asia Pacific Market Will Continue to Win

APAC has remained the market leader since 2018 and may continue to do so during the evaluation period. Sensor market growth is being driven by the region's expanding industrial sector and an increasing number of small and medium-sized companies (SMEs). Furthermore, the increasing use of consumer electronics and medical devices, as well as the increased manufacturing and sales of luxury automobiles, drive market demand in the region. The region's key sensor markets are Japan, China, India, and South Korea.

Industry News

On December 23, 2020, a research team from Osaka University (Japan) announced the invention of a transparent electronics sensor sheet, marking a significant achievement in the field of flexible, transparent devices. The sheet demonstrates nanowires' potential involvement in future electronics, including important applications such as head-up displays (HUDs) and wearable electronics.