Internet of Things (IoT) is expanding rapidly and relentlessly. Vehicles, machine tools, street lights, wearables, wind turbines, and a seemingly infinite number of other devices are being embedded with software, sensors, and connectivity. Sensor finds its extensive incorporation in IoT systems such as smart grids, smart homes, intelligent transportation, and smart cities which is estimated to garner high growth.
Sensor Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $241 billion by 2022, registering a CAGR of 11.3% during the period 2016-2022. Asia-Pacific dominated the global market and contributed over 45% of the overall market, owing to improved electronics industry infrastructure and
increase in demand for electronic products such as smartphones, handheld devices, PCs, laptops, and others.
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Sensor is a device that detects, measures or indicates any specific physical quantity such as light, heat, motion, moisture, pressure, or similar entities, by converting them into any other form which is mostly, electrical pulses. The demand for sensors is globally expected to rise during the forecast period due to growing trend of internet of things (IoT), advances in consumer electronic products, advancement in sensors and its increasing usage in smartphones, and robust demand in automation industry. Moreover, surge in the automotive sector and growing demand of wearable devices open opportunities in the market. However, incorporating the sensors in devices incurs extra value and reduces life of device, which acts as a restraint for the market. Sensors can be categorized based on their type and technology used to manufacture them.
By the type of sensor, radar sensor dominated the market in 2015 by contributing for over 15% of overall sensor market. This was attributed by the growth in IT & telecom industry and increasing usage of remote sensing devices in defense & aerospace, civil engineering applications and forestry & agriculture across the globe. However, image sensor is estimated to witness the highest growth rate in the market, owing to its utilization in camcorders, biometrics, digital cameras, virtual keyboards, video-conferencing applications, optical mice, and many more.
Technology wise, microelectromechanical systems (MEMS) garnered the maximum market share and claimed more than 45% market share in 2015 as they deliver real-world, motion-aware applications that enrich the consumers experience of electronic devices. In addition, MEMS find its utilization in automotive and industrial applications, and have quickly become ubiquitous in gaming controllers, smartphones, and tablets. However, nanoelectromechanical systems (NEMS) are estimated to display the highest growth in the market, owing to their technological superiority over others.
Electronics industry contributed over 60% of the overall sensor market in 2015. The manufacturers of consumer electronic appliances are incorporating more sensors in their devices to maintain a competitive advantage. However, healthcare is expected to grow fastest growing at a CAGR of 12.6% during the forecast period, owing to advances in sensors that can increase the intelligence of medical equipment, such as life-supporting implants, and can enable remote monitoring of vital signs & other health factors.
Asia-Pacific dominated the market in 2015, accounting over 45% of the total market revenue and it is expected to maintain its dominance throughout the forecast period. This is accredited to the presence of various manufacturing facilities, ongoing R&D, high consumption, and production of electronic products where sensor is steadily utilized. Further, North America and Europe are the second and third leading regions in sensor market, and are expected to witness slow growth owing to mature electronics and IT & telecommunication industry.
Key Findings of Sensor Market Study:
- Radar sensor dominated the market in 2015 with over 18% of market share witnessing the growth rate of 9.9%.
- Image sensor is the fastest growing segment in the overall sensor market by type at present
- Among the technologies, MEMS technology held over 45% of the market in 2015 and is anticipated to lead the market throughout the forecast period.
- NEMS is estimated to display the highest growth rate of 14.2%, owing to its technological superiority such as smaller size, high precision and low power consumption of the sensors.
- Electronics industry constituted over 60% of overall sensor market in 2015 which is the largest share among all the industry verticals.
- Asia-Pacific dominated the market in 2015, accounting over 45% of the total market revenue and it is expected to maintain its dominance throughout the forecast period.
The key players in the sensor market focus on expanding their business operations in the emerging countries with new product launches through various R&D facilities. Sensor manufacturing companies are designing the efficient sensors for the electronic product manufacturers for electric vehicles, healthcare equipment, household storage, and portable electronics to launch technologically advanced products in order to increase their market share.The major players profiled in this report include STMicroelectronics N.V., NXP semiconductors N.V., Infineon Technologies AG, Qualcomm Technologies, Inc., Atmel Corporation, Texas instruments Inc., Robert Bosch GmbH, Johnson controls international PLC, Sony Corporation, and Honeywell International, Inc. among others.