ID: MRFR/SEM/2983-CR | October 2020 | Region: Global | 302 pages
Global sensor market is expected to reach USD 228.08 Billion by 2026, registering a 6.22% CAGR during the forecast period. In 2019, the market valuation was reached USD 151.42 Billion marks.
The sensor market is driven by the rising demand from some of the burgeoning industries such as electronics, automotive, healthcare, and defense. Besides, increasing applications of sensors in medical and biomedical devices and smart connected devices provide tremendous opportunities for market growth.
The sensor market has been garnering significant traction across the globe, mainly due to the massive prominence that Sensors have gained over the past few years. However, the COVID-19 outbreak has created hurdles in the growth of the market, bringing the world to a halt. With the lockdown imposed due to the pandemic causing huge revenue losses to end-use industries like healthcare, automotive, electronics, and more, sensor’s prices got spiked, and the demand was lowered.
However, post lockdown limitations getting relaxed with time, the sensor market is again gearing up gradually. Innovative industry players actively started to look for increasing application areas of sensors in monitoring and tracking devices developed for COVID 19. For instance, recently, researchers from the University of California announced the development of a wearable sensor that can signal if the user is developing COVID-19, even without any symptom being present.
Such novel researches are proving to be detrimental in boosting the Sensor market share. Simultaneously, the steadily increasing demand for pharma product packaging and healthcare products to address SARS-CoV-2 can be favorable for the Sensor market in the years ahead. Also, it is expected that the product demand in end-use sectors could pick up following the uplift of the lockdown in numerous countries.
Proliferation of industry 4.0 and the advent of 5.0 Impact the Market Growth Positively
The Sensor market outlook appears promising, demonstrating tremendous opportunities in the automotive, consumer electronics, healthcare, industrial, and aerospace & defense sectors. The rising automation due to the spurring rise in various industries influences the dynamics of the sensors industry. Additionally, emerging trends, such as the miniaturization of sensors, the rising development in IoT & IIoT technology, and the proliferation of industry 4.0 and the advent of 5.0, foster the growth of the market.
Increased uses of image sensors in various applications like cameras and medicinal devices, advancements in gas sensors, and many other sensors impact the market growth. Due to the rapid surge in hospitalization, sensors are increasingly finding use in medical devices and equipment. Additionally, increasing uses of sensors in smart grids, smart homes, and intelligent transportation systems and advances in information and communication technologies foster the growth of the market.
Advent of Industry 5.0 to Present Robust Opportunities, Especially in Emerging Nations
Industry 4.0/ the Fourth Industrial Revolution refers to the ongoing automation of traditional industrial and manufacturing practices using modern smart technology. Industrial automation substantiates the integration of machine-to-machine communication (M2M) and the internet of things (IoT) to allow improved communication between self-monitoring devices and production machines, letting the machines to analyze, diagnose, and repair issues on their own without the need for human intervention.
Emerging markets across the globe present untapped opportunities for different kinds of sensors. The adoption of automation in manufacturing sectors across developing regions is expected to propel the market growth, witnessing strong demand from several industries like healthcare and automotive. It is seen that the significant demand from manufacturing industries in emerging countries would offer a host of lucrative opportunities to global firms in the near future.
Restraints & Challenges
Complexities in Sensor Incorporation to Restrain Market Growth
Nowadays, various smart devices and electronics products have network embedded systems interconnected to devices to transmit useful measurement information and control instructions via distributed sensor networks. However, incorporating sensors in a device incur extra value and reduces the life of the devices. This factor, as a result, restrains the market growth, acting as a major headwind.
Cumulative Growth Analysis
Market Share to Expand at a Strong Rate
The industrial landscape is characterized by unprecedented levels of volatility, uncertainty, complexity, and ambiguity. Resultantly, the operational effectiveness of sensors and lower cost and enhanced security has become important for both machineries and personal devices. Sensing technology and its advancements are playing a major role in maintaining industrial operations competitive and efficient. Resultantly, the global sensor market is expected to witness exponential growth over the next few years.
Inorganic Sensor to Witness Significant Demand
The market is segmented into five major dynamics, by type, by component, by technology, by vertical, and by region. By type, the market is sub-segmented into image sensors, optical sensors, biosensors, motion sensors, temperature sensors, pressure sensors, humidity sensors, touch sensors, radar sensors, level sensors, proximity sensors, and other sensors.
Among these, the image sensor segment accounts for the largest share, followed by biosensors and optical sensors, respectively. Rising uses of image sensors in smart grids, smart homes, and intelligent transportation systems drive segment growth.
Based on the component, the report is sub-segmented into transceivers, microcontrollers, ADC, DAC, amplifiers, and others. By vertical, the market is sub-segmented into consumer electronics, industrial, automotive, IT & telecom, aerospace & defense, healthcare, and others.
Automotive, construction, healthcare, food & beverage, packaging textile, and others are the top market end-users considered in the study. In 2018, the top position was secured by the healthcare segment, on account of the rising uses of smart connected monitoring devices.
By region, the market is bifurcated into Americas (US, Canada, Mexico, Rest-of-North America), Europe (Germany, UK, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
Healthcare to be the Top End-Use Industry
The Asia Pacific Market to Maintain its Winning Streak
APAC has remained the market leader since 2018 and could continue to maintain its winning streak throughout the assessment period. The growing industrial sector and the increasing numbers of small and medium-sized enterprises (SMEs) in the region drive sensor market growth. Besides, growing uses of consumer electronics and medical devices, alongside the rising production and sales of luxury cars, boost the market demand in the region. Japan, China, India, and South Korea are the major sensor markets in the region.
Augmenting demand for sensors due to the increasing awareness about industrial safety issues and toxic gases contribute to the growth of the humidity and gas sensors market share. Significant expansion of prominent end-use industries like healthcare, automotive, food & beverage, and packaging and increasing automation in manufacturing sectors influence the regional market growth. The APAC sensor market is expected to register7.23% CAGR during the forecast period.
Europe Seizes Second Highest Share in Global Market
Europe holds the second-leading share in the global sensor market. Factors such as the rising demand for sensors in the food & beverage and healthcare industry due to strict regulations and considerable healthcare spending push the regional market growth. Additionally, the extensive pool of medical device manufacturers in the region induces market expansion. The burgeoning manufacturing sector in the region accelerates the considerable growth.
Players Focus on M&A Activities and R&D Investments to Gain a Larger Competitive Share
The sensor market appears extremely competitive, considering the strong presence of established industry players. Global vendors are increasingly facing fierce rivalry from each other and from local firms, who are growing aware of the regulations and suppliers in the industry. Therefore, eminent players seek opportunities to deeply integrate across the extended value chain while focusing on the expansion of production facilities, R&D investments, and M&A activities to gain impetus.
BAE Systems plc (the UK) is a global defense, security, and aerospace company. Its strategy is comprised of five key long-term areas of focus that would help the company to achieve its vision and mission. BAE is centered on maintaining and growing core franchises and securing growth opportunities.
Its three strategic priorities, which are embedded throughout the Group, provide the link between our longer-term strategy and near-term business objectives for all employees. Recently, on Nov.30, 2020, the company was awarded a £2.4 billion munitions contract to equip UK Armed Forces.
Scope of the Report
The report features unique and relevant factors expected to significantly impact the sensor market during the forecast period. The detailed and considerable amount of information in the report would help industry players understanding the market better. The MRFR report elaborates on the historical and current trends boosting the growth of the sensor market. Besides, the analysis of COVID-19 impact on the sensor market is also included in the report.
This report examines the demand-supply scenario, pricing structure, profit margins, production, and value chain analysis influencing the sensor market growth. Regional assessment explained in this report unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling in the region enables users to evaluate company shares analysis, emerging product lines, the scope of the product in new markets, pricing strategies, innovation possibilities, and much more.
|Market Size||USD 228.08 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Component, Technology, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Robert Bosch GmbH (Germany), ABB Group (Switzerland), STMicroelectronics NV (Switzerland), Honeywell International Inc. (US), Siemens AG (Germany), Samsung Electronics Co. Ltd. (South Korea), Emerson Electric Co. (US), General Electric Company (US), OmniVision Technologies Inc. (US), International Sensor Technology (IST) (US), DENSO Corporation (Japan), Delphi Technologies PLC (Ireland), Texas Instruments Incorporated (US), Alphasense (UK), Ametek Inc. (US), OMRON Corporation (Japan), Figaro Engineering Inc. (Japan), BAE Systems PLC (UK), Drägerwerk AG & Co. KGaA (Germany), NXP Semiconductors (Netherlands)|
|Key Market Opportunities||Increasing applications of sensors in medical and biomedical devices and smart connected devices provide tremendous opportunities.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
As per MRFR analysis, the global sensor market is likely to thrive at 6.22% CAGR over the forecast period (2019-2026).
Asia Pacific is likely to lead the global sensor market and is expected to thrive at 7.23% CAGR during the review period due to high adoption of modern technologies.
Microchip Technology Inc., Infineon Technologies AG, and Honeywell International Inc. are some of the contenders of the global sensor market.
The sensor market is expected to value at USD 228.08 Billion by 2026.
The growing inclination towards automation is expected to drive the global sensor market.