Sensor Market worth USD 316,491.5 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Sensor Market by Type (Radar Sensor, Optical Sensor, Biosensor, Touch Sensor, Image Sensor, Pressure Sensor, Temperature Sensor, Proximity & Displacement Sensor, Level Sensor, Motion & Position Sensor, Humidity Sensor, Accelerometer & Speed Sensor, and Others), by Technology (CMOS, MEMS, NEMS, and Others), by End User (Electronics, IT & telecom, Industrial, Automotive, Aerospace & Defense, Healthcare, and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global sensor market was valued at USD 176,993.5 million in 2020 to USD 316,491.5 billion by 2027, at a CAGR of 8.90% from 2021 to 2027. Safety, fast identification, reliable notification, and warning messages are of prime importance in autonomous vehicles, monitored and controlled by embedded MEMS sensors used in autonomous vehicles. Sensors have become a vital part of the production process as they help increase efficiency and precision through automation. They are used to keep track of various parameters such as temperature, pressure, flow, level, and other parameters to control the process and ease it through robots. Smart sensors such as pressure sensors and sensors used in accelerometers are used in vehicles in the automobile industry to provide safety and fuel efficiency benefits. For instance, a smart sensor processes real-time data and notifies engine-related problems. The rise in the adoption of sensors technology in the automotive industry is expected to drive the growth of the sensors market. IoT is a technology used to provide internet or internetworking for almost all applications such as smartphones, microwaves, refrigerators, and buildings. IoT uses electronic software, sensors, and actuators for connecting all these things to a common network. It incorporates several sensors such as touch, proximity, and temperature.

Global Sensor Market Segmentation

The overall sensor market has been segmented into type, technology, end user, and region.

• By Type (Radar Sensor, Optical Sensor, Biosensor, Touch Sensor, Image Sensor, Pressure Sensor, Temperature Sensor, Proximity & Displacement Sensor, Level Sensor, Motion & Position Sensor, Humidity Sensor, Accelerometer & Speed Sensor, and Others)
• By Technology (CMOS, MEMS, NEMS, and Others)
• By End User (Electronics, IT & telecom, Industrial, Automotive, Aerospace & Defense, Healthcare, and Others), and by Region - Global Trends, Market Share, and Forecast to 2027
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

CMOS, by technology, is estimated to hold the largest market share during the forecast period

By technology, the market is classified into CMOS, MEMS, NEMS, and others. In 2020, CMOS accounted for the largest market share of 41.8% in the global sensor market and had a CAGR of 11.80% during the forecast period. Innovations in consumer electronics have increased the adoption of cameras in daily life through smartphones, tablets, laptops, and personal computers. These low-end cameras use CMOS image sensors as they comparatively incur less cost and produce decent image quality. Growth in industrialization has considerably increased the need for security and surveillance cameras, most of which use CMOS image sensors owing to its easy availability and lower price. The rise in the smartphone industry and growth in security and surveillance has opened new opportunities for CMOS image sensors. The market is anticipated to grow in the years to come. For instance, in March 2021, Sony Corporation launched a large format 56.73mm diagonal CMOS image sensor for industrial equipment with a global shutter function and the industry's highest effective pixel count of 127.68 megapixels. This product features Sony's original global shutter pixel technology "Pregius", which captures motion distortion-free images.

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The Asia Pacific accounts for the largest market share during the forecast period in the sensor market

Based on the regions, the global sensor market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific was accounted for the highest market share of 51.0% in the global sensor market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and North America.

An increase in technological advancement, development in the healthcare sector, a surge in the healthcare cost, and an increase in the geriatric population are the key factors for the market's growth. North America is the top manufacturing hub for sensor devices & services, such as variable devices, mHealth, telehealth & telemedicine, which drives the development of the regional sensor market. According to the U.S. Census Bureau, in 2019, it was reported that more than 54 million people are above the age of 65 years. The geriatric population is more prone to chronic disease, such as diabetic and hypertension, due to aging effects, which surge the need for sensors and boost the market's growth. For instance, in 2020, Sensyne Health, the clinical AI technology company, launched GDm-Health in the U.S. to provide remote monitoring solutions for diabetic patients in pregnancy. Moreover, an increase in the cost of healthcare systems and a surge in demand for sensor devices and services, which are available at affordable prices, drive the market's growth.

Some of the major companies that operate in the global sensor market are Hewlett Packard Enterprise (HPE), Infineon Technologies AG, and Microchip Technology Inc., NXP Semiconductors N.V., First Sensor AG, Qualcomm Technologies, Inc., Panasonic Corporation, Taiwan Semiconductor Manufacturing Company Limited (TSMC), Sony Corporation, STMicroelectronics, and Texas Instruments Inc.

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