The incorporation of sensors into any device increases its functionality, accuracy, and efficiency, increasing its automation. This, in turn, contributes to the high growth rate in the sensor market.
There is an increase in demand for sensors due to their wide usage in consumer electronic appliances. Manufacturers of consumer electronic appliances are incorporating more sensors in their devices to add additional features and keep ahead of other players in the highly competitive sensor market. Also, automotive companies such as Audi, BMW, and Volkswagen among others, are extending their R&D budgets every year to stay ahead in the sensor competition. These vehicle manufacturing companies are increasing the number of sensors used in their vehicles to make them more comfortable and increase the overall automation. The rise in demand for automation in vehicles, high competition in the automotive industry, a surge in demand for electric cars to control pollution and an increase in trend of driverless cars are a few prime factors fueling the demand for sensors in the automotive industry across the globe.
The U.S. is the fastest adopter of technology owing to which the growth of consumer electronics devices, electric & hybrid vehicles, and healthcare monitoring systems, among other upcoming IoT technology-based devices, is high. Sensors are used in various consumer electronics to automate and increase usability.
The increase in disposable income of the people in the U.S. drives the sale of these electronics in North America. Radar sensors segment contributed the highest revenue share in the global market during 2018, owing to a rise in benefits of radar sensors compared to other remote sensing technologies, increase in adoption of radar sensors for various applications, and comfort, safety & assistance features offered by the usage of radar sensors.
The MEMS technology holds the largest share in the sensor market across the globe. The implementation of sensors made with MEMS technology in consumer electronic devices is driving the sensor market growth.
By region, the sensor market trends are analyzed across North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific occupies a considerable market share in the global sensor market. For instance, In March 2018, Chandigarh became the first city in North India to install Automatic Speed Gun Cameras with advanced image sensors and digital displays for traffic management. This system was also adopted by Kolkata. The high-tech speed cameras are equipped with vision sensors that are expected to record the speed of the oncoming traffic, helping Chandigarh Police to issue challans to anyone driving above the city speed limits.
Key Findings of the Study:
- In 2018, the radar sensor sub-segment generated the highest revenue in the global sensor market;
- In 2018, the MEMS segment generated the highest revenue among the technology in the market;
- In 2018, the electronics segment generated the highest revenue among the end-user in the market.
"The global sensor market is expected to witness considerable growth, due to a rise in demand for sensors in the development of smart cities and emerging application of radar in remote sensing," said Ankit Prajapati
lead analyst, Semiconductors & Electronics at Allied Market Research. "The sensor industry is projected to witness significant growth, especially in emerging economies such as Asia-Pacific and LAMEA, owing to the development of the semiconductor industry in these regions."