The global sensor hub market is one of the fastest evolving markets of the current time. The estimated valuation of the sensor hub market will reach approximately USD 33.77 billion towards the end of 2023, with a Compound annual growth rate of 20.9 percent in the forecast period from 2017 to 2023.
The sensor hub refers to a microcontroller unit that utilizes different sensors to facilitate information and knowledge. Recent developments and trends impact the sensor hub market, such as heavy demand consumers, always-on sensing, power management, algorithm, and contextual awareness, connectivity, price of the components, and many more. The global sensor hub market is booming at a faster rate due to the immense usage of low-power sensor processing tasks in recent times. The sensor hub industry provides sensors that consist of multiple sensors that utilize a multi-point control unit, digital signal processor, or coprocessor to process and compile the data. All these features lead to the expansion of sensor hub market size.
Sensor hubs are integrated on SoC or system on chip and designed for a wide range of applications in wearable healthcare devices and other applications. The sensor hub market also consists of different sensors like proximity sensors, gyro sensors, hall sensors, magnetic sensors, temperature sensors, and many more sensors. These sensors are commonly applied in smartphones and smartwatches. The processor of the smartphones connected to the sensors of the camera enables to reduce the excessive consumption of power. The sensor hub chip allows running advanced activity recognition algorithms in the phone, which facilitates users to check their notifications. The broad range of applications of the sensor hub industry propels the sensor hub market potential.
In smartwatches, the trends of sensor hub are emerging rapidly. With the high penetration of the microcontroller unit, the power saving requirements also enhances, which makes it extremely suitable for smartwatches. As the demand of sensor hub in smartwatches is escalating, other wearable devices sector has also started opting for these chips. The rising demand for sensor hubs in the wearable devices market boosts the sensor hub market growth.
The market for USB sensor hub is also surfacing at a faster rate as more and more people are using computer and electronic gadgets nowadays. In the aeronautics, automotive, and aviation sector, hub speed sensors are widely used. The usage of sensor fusion hub is several devices give more precise and accurate information due to the sensor's ability to fuse data from multiple sensors. Such an advantageous wide range of applications escalates the sensor hub market share.
The report describes the in-depth insights of the global sensor hub market and gives an idea about the forecasted growth rate and valuation. It provides an analysis of the COVID19 impact on the global sensor hub market. The report also includes the dynamics of the sensor hub market along with certain opportunities and restraints. It discusses different segments and sub-segments of the global sensor hub market and highlights prominent key players of the market. It sheds light on different geographies that will have a greater influence on the sensor hub market share in the forecast years.
The coronavirus epidemic has adversely affected the global economy, and the growth rate declined to lower levels. Businesses and other working sectors have faced several challenges during the pandemic and have suffered from heavy financial losses. The lockdown restrictions forced industrial operations and production units to shut down for an uncertain time period. However, the global sensor hub market sustained these harsher situations and maintained a steady growth rate. During the pandemic, the world shifted more towards advanced technologies, which escalated the demand for the sensor hub industry.
The development of the internet of things and automated systems require sensor hub systems. The rise in utilization of advanced devices and smart gadgets propels the sensor hub market growth.
The COVID19 pandemic created a global health crisis which increased the demand for wearable health devices. In smart gadgets, the usage of sensor hub is growing due to increased proximity, position, altitude, direction, and capabilities of touch screen sensitivity. Such abilities raised the usage of smart gadgets. The elevated requirement of wearable devices and smart devices will project the sensor hub market to greater heights in upcoming years.
Major drivers of the market
The global sensor hub market is evolving at a rapid pace over the years, and developments in the trends of smart gadgets are a prominent driving force of the market. The sensor hub uses multiple sensors for multipoint control to process data which provides excellent direction, position, proximity, altitude, and touch sensing capabilities. These features make the sensor hub extremely suitable for smart gadgets, and the rapid adoption of smart technologies all over the world fuels the sensor hub market growth.
A sensor hub is an SoC or system on a chip that provides a wide range of applications in wearable health devices and other wearable gadgets. Similarly, hall sensors, gyro sensors, proximity sensors, magnetic sensors, temperature sensors, and other sensors are mostly used in smartphones and smartwatches. It allows smartphones to run an activity recognition algorithm that enables users to check notifications. The processor of phones connected to the sensor helps to reduce the consumption of power. These advantageous features expand the sensor hub market size. In recent years, the aviation and automotive sectors are immensely utilizing the hub speed sensor, which is surging the sensor hub market growth.
Significant opportunities for the market:
With the emergence of advanced technologies, the requirement for sensor hubs is also rising. The sensor hub is a system-on-chip that provides a wide range of applications in wearable health devices and other gadgets, which increases the growth of the sensor hub market. Different sensors like hall sensors, proximity sensors, temperature sensors, magnetic sensors, and other sensors are extremely useful in smartphones and smartwatches. The increased usage of sensor hubs in smart gadgets is raising the sensor hub market share.
In smartphones, the sensors connect with the processors to lessen the power consumption rate. The sensors are also used in wireless digital devices to provide direction, altitude, proximity, touch sensing capabilities, and position, which in turn results in propelling the potential of the global sensor hub market.
In the aviation and automotive sectors, the hub speed sensors are largely implemented, and the requirement of such sensors will escalate more and more in the near future. In the modern era, people are shifting more towards the adoption of new technologies and electronic devices, which elevates the USB sensor hub applications. These opportunities will help in boosting the sensor hub market growth.
The COVID19 outbreak has impacted the global sensor hub market and act as a major market restraint. The lockdown restrictions imposed the closure of industrial operations, due to which the supply chain got disturbed. However, the sensor hub market maintained a stable growth rate as the demand for sensor hub applications is increasing in the smart gadgets industries.
Market growth challenges:
The global sensor hub market is attaining optimum levels due to the numerous opportunities that fuel the market growth. However, the lack of awareness about the sensor hub in different industries is hindering the growth of the sensor hub market.
Value Chain Analysis:
In recent years, the global sensor hub market revenue is reaching greater levels and is anticipated to attain its momentum in the upcoming years. The value of the sensor hub market share towards the end of 2023 will escalate to stupendous heights and will surpass the historical growth rates.
The global sensor hub market is divided into several parts on the basis of processor types, devices, types, end-users, applications, and region. By processor type, the sensor hub market segmentation includes application sensor processor, programmable and fixed logic, discrete sensor processor, sensor integrated microcontroller, and others. On the basis of devices, the sensor hub market size segmentation involves IoT devices, tablets, wearable devices, smartphones, etc. The types segment comprises hall sensors, gyro sensors, proximity sensors, temperature and magnetic sensors, and others.
On the basis of application, the sensor hub market segmentation includes health fitness, voice command, gaming and augmented reality, gesture navigations, positioning and navigations, and many more. The end-users segment of the sensor hub market involves the telecommunications industry, entertainment, healthcare, automotive, education, government, and other sectors. The region segment of the global sensor hub market includes certain areas like North America, Asia-Pacific, the United Kingdom, Europe, and the remaining parts of the world.
The global sensor hub market is studied in certain regions like North America, Asia-Pacific, the United Kingdom, Europe, and the remaining parts of the world. The UK Company HIS inc. is leading in the sensor hub market. Sensor hub with Bluetooth enabled the feature to drive the sensor hub market growth in North America. Companies like Apple, Samsung, and Motorola are already utilizing sensor hubs. Europe is also showing positive growth due to the presence of companies like Bosch Sensortec. In Asia-Pacific region, companies like Samsung are implementing sensor hub and is expected to raise the sensor hub market share in the forecast years.
Competitive Landscape of the market
The prominent players of the global sensor hub market are:
The global sensor hub market valuation is expected to attain USD 33.77 billion by 2023.
The global sensor hub market is projected to register a moderate 20.9% CAGR in the forecast period.
The proximity sensors segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global sensor hub market are Robert Bosch GmbH (Germany), Broadcom .Limited (U.S), Analog Devices, Inc.(U.S), and Qualcomm Technologies (U.S) among others.