Top 5 Key Sensor Market Drivers Fueling Growth in The Coming Years: Explore More With Spherical Insights
RELEASE DATE: Oct 2024 Author: Spherical Insights Request Free Sample
What Is Sensor?
A sensor is an apparatus that receives input from the external world and processes it. Light, warmth, movement, humidity, pressure, and a variety of other environmental phenomena can all be used as inputs. IIoT is dependent on real-time data; industrial sensors gather copious volumes of real-time data from multiple locations throughout production processes. Parameters including temperature, pressure, vibration, and flow are included in this data.
Key Market Insights:
The global sensor market size was valued at USD 212.25 billion in 2023 and is projected to USD 450.12 billion by 2033, exhibiting a CAGR of 7.81% during the forecast period 2023-2033. The top companies in the global sensor market include Bosch Sensortec, STMicroelectronics, Texas Instruments, Honeywell International Inc., Analog Devices, Infineon Technologies, Emerson Electric Co., ABB, Siemens, and NXP Semiconductors.
Growth Factors and Future Prospects in the Sensor Industry
1. Growing Market Due to Increasing Need for Smart Sensors in IoT Devices
It is anticipated that growing demand for smart sensors in consumer electronics and IoT-enabled products will propel the expansion of the global sensor market. The Internet of Things has given the sensors unparalleled acceleration. With the aid of numerous sensors that gather data and give devices intelligence, the Internet of Things ecosystem may function independently. Devices that integrate a collection of sensors with a communication network share data and become more useful and effective. All consumer sectors and industries use IoT devices, with the consumer sector expected to account for a significant portion of all IoT-connected devices.
2. Advancements in Sensory Technologies for the Medical Field
Patients seeking personal therapies are growing more and more common as individuals want for improved quality of life and longer lifespans. These days, medical equipment is getting smaller, more affordable, technologically advanced, and easier to operate. Instead of staying in hospitals, more people are choosing to employ smart medical services at home. Consequently, advances in smart medical devices have been made. The gadgets are equipped with various sensors that gather crucial data for the prompt treatment of infections-related illnesses. This guarantees treatment precision and the economical usage of such sensors, which could increase demand for advancements in sensing technology.
3. Improvements in technology within the automotive industry
Sensors have made a case for themselves as an essential component of self-driving cars. Despite their high cost, light identification and distance (LIDAR) sensors are often regarded as the necessary technology for fully autonomous vehicles. Radar technology has advanced recently, allowing modern sensors to monitor their surroundings with higher detail. This greatly enhances the quality of a sensor fusion system's environment perception. More advanced sensors will be required for autonomous cars as time goes on due to their reasonable price, reliability, and performance.
4. Growing consumer demand for sensors for smartphones
The growing need for industrial sensors is mostly being driven by the manufacturing sector's adoption of Industry 4.0 and the Internet of Things (IIoT). IIoT is dependent on real-time data; industrial sensors gather copious volumes of real-time data from multiple locations throughout production processes. Parameters including temperature, pressure, vibration, and flow are included in this data. Subsequently, sophisticated software and algorithms are employed to examine this data to obtain a better understanding of process performance, spot possible problems, and enhance production procedures. Programs for predictive maintenance are made possible by sensors, which continuously track the condition and functionality of equipment.
5. Growing IIoT and Industry 4.0 usage in the manufacturing sector
Many sensor types, including gyroscopes, motion sensors, ambient light sensors, proximity, biometric sensors, and temperature detectors, are integrated into smartphones and are used to measure orientation, motion, and a variety of environmental variables. These sensors can provide very accurate and precise data, which helps with autonomous control. In an effort to improve the overall user interface experience and contribute to the anticipated market expansion, smartphone manufacturers have included more sensors in their handsets.
List of Key Companies in the Sensor Industry
- Bosch Sensortec
- STMicroelectronics
- Texas Instruments
- Honeywell International Inc.
- Analog Devices
- Infineon Technologies
- Emerson Electric Co.
- ABB
- Siemens
- NXP Semiconductors
Top 5 Players in the Sensor Industry
1. Bosch Sensortec
Headquarters: Reutlingen, Germany
Bosch Sensortec is now the industry leader in MEMS technology in the areas it serves, having emerged from its establishment in 2005. From 1995 till the present, Bosch has led the global MEMS sensor market and has been a pioneer in the field. A wholly owned subsidiary of Robert Bosch GmbH, Bosch Sensortec GmbH creates and distributes a broad range of microelectromechanical systems (MEMS) detectors as well as solutions for smartwatches, cellphones, tablets, AR/VR headsets, autonomous vehicles, smart homes, and Internet of Things (IoT) uses. The product line consists of optical microsystems, atmospheric pressure detectors, moisture sensors, sensors for gases, intelligent sensors, combined 6- and 9-axis sensors, gyroscopic magnetometers, and 3-axis accelerometers.
2. Texas Instruments
Headquarters: Texas, United States
Texas Instruments Incorporated creates, produces, and markets transistors to producers and creators of electronics both domestically and abroad. The headquarters of the American global semiconductor firm Texas Instruments Incorporated (TI) are located in Dallas, Texas. In terms of sales volume, it ranks among the top 10 semiconductor businesses globally. More than 80% of the company's income comes from the development of embedded CPUs and analog circuits. In addition, TI manufactures devices include processors with multiple cores, microcontrollers, and calculators under the TI digital light processing (DLP) technology and education technology.
3. Honeywell International
Headquarters: North Carolina, United States
Honeywell International, Inc. is a software-industrial business that provides automotive and aerospace products and services with solutions tailored to their respective industries. It offers overhauls of propulsion engines and other components as well as spare repair parts. Home and Building Technologies provides tools, goods, and services that let homeowners control their energy use, comfort, and security. Based in Charlotte, North Carolina, Honeywell International Inc. is a publicly held global multinational firm in the United States. Its main company domains are aircraft, enhancing automation, performing technologies and materials (PMT), and productivity and security solutions (SPS). These comprise illumination, moisture burning, climate control and heating, air circulation, and controls. They also regulate pressure and temperature. For control of structures and optimization, there are also sophisticated software programs available.
4. Analog Devices
Headquarters: Massachusetts, United States
The global pioneer in technology for semiconductors, Analog Devices, Inc. (NASDAQ: ADI), connects the digital and physical realms to promote innovations at the Intelligent Edge. The company produces integrated circuits (ICs) for digital signal processing (DSP), mixed-signal, and analog applications in electronic devices. Real-world phenomena including light, sound, temperature, motion, and pressure are all converted, filtered, and processed into electrical signals using these technologies. Clients of Analog Devices include the communications, computer, equipment, automobiles military/aerospace, and electronic sectors, totaling about 100,000.
5. Infineon Technologies
Headquarters: Neubiberg, Germany
The biggest semiconductor producer in Germany is called Infineon Technologies AG. A wide range of semiconductors and system solutions are designed, developed, manufactured, and marketed by Infineon Technologies AG, which has its headquarters at Am Campeon 1-15, Neubiberg, Germany. Its operations are concentrated on the areas of mobile devices, RF applications, industrial electronics, automotive electronics, and hardware-based security. The division of Digital Security Solutions creates, develops, produces, and sells security products based on semiconductors for use in network systems and card applications. Munich, Germany serves as the company's headquarters. It was established on April 1, 1999.
Recent Development
1. In July 2024, STMicroelectronics has rendered development easier with its ST BrightSense global-shutter imaging sensors by introducing a range of plug-and-play hardware kits, assessment camera modules, and software.
2. In June 2024, the $4.95 billion acquisition of Carrier Global Corporation's (NYSE: CARR) Global Access Solutions division has been finalized by Honeywell. With prospects for faster innovation in the quickly expanding field of cloud-based services and solutions, Honeywell is positioned as a leading supplier of security solutions for the digital age as a result of the acquisition.
3. In May 2023, Infineon Technologies AG revealed the acquisition of Imagimob AB, a Stockholm-based business that provides an innovative platform for artificial intelligence applications on edge devices.
4. In April 2023, TDK Corporation has stated that it will expand the capacity for manufacturing at its TDK Asama Techno Factory (Saku-shi, Nagano, Japan) to enhance its TMR magnetic sensors manufacturing process in anticipation of rising demand.
5. In December 2023, Neuranics, a new company specializing in electromagnetic sensors, recently revealed that it will release a development set for magnetic detectors that can wirelessly send the magnetic activity of the heart using Bluetooth, allowing for real-time, round-the-clock monitoring and analysis on a mobile device, tablet, or laptop.
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