Sensor Market Set for 8.10% CAGR Surge, Reaching USD 411.83 Billion by 2031 | SkyQuest Technology
Westford, USA, July 09, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global Sensor Market will attain a value of USD 411.83 Billion by 2031, with a CAGR of 8.10% during the forecast period (2024-2031). Today the global sensor market is viewed as a rapidly expanding industry, fueled by new technology and automation, along with the widespread use of IoT devices. Sensors are growing more popular in a variety of applications, like automotive, consumer electronics, healthcare, industrial automation, and aerospace. The primary ones include sensor reduction and the incorporation of MEMS and CMOS technology. Another key aspect of this process is the ability to integrate sensors with AI and machine learning algorithms.
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Browse in-depth TOC on the “Global Sensor Market “
- Pages – 157
- Tables – 103
- Figures – 76
Global Sensors Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $220.86 Billion |
| Estimated Value by 2031 | $411.83 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.10% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Parameters Measured, Mode of Operation, and End-User Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | The introduction of Industry 4.0 and IIoT is driving market growth as it offers control and automation technologies on the factory floor |
| Key Market Opportunities | The need for environmental monitoring and improved energy efficiency is creating market opportunities |
| Key Market Drivers | High demand for smart sensors in IoT-based devices is driving the market growth |
High Demand Motion Sensors in the Automation Sector is Driving the Market Growth
The demand for motion sensors is increasing rapidly, especially in the automation sector boosting the market growth. In recent years, motion sensors have emerged as critical components of IoT devices for precise gesture identification, activity tracking, and security. Furthermore, the employment of movement sensors within the framework of a mature ADAS (advanced driver-assistance system) for automobile safety and in the robotics industry for industrial process automation could lead to the expanding adoption of this device, resulting in an increase in worldwide sensor demand.
Market of Sensors is Rapidly Growing as the Healthcare Sector is Moving Towards Personalized Medicine
In today’s world, one of the most critical requirements is personalized treatment for patients. Due to this demand for biosensors, wearable sensors, and medical imaging equipment is rising as remote patient monitoring and medical diagnostics are becoming increasingly essential. Sensors track a person’s health and provide better patient care, which closes a crucial gap in early disease detection techniques. There will be a high implementation of telemedicine-related healthcare system modification and digital transformation in several medical facilities. Thus, increasing the demand for sensors in the biomedicine and healthcare sectors.
China’s Growing Manufacturing Industry is Increasing the Demand for Sensors in the Asia-Pacific Region
The Asia-Pacific region holds the largest market share for their manufacturing sector. This region is the largest market for sensors in the automotive, infrastructure, consumer electronics, and pharmaceutical industries, with strong demand in China, India, and Japan. China’s manufacturing industry has grown substantially as a global production hub for a range of industries, including semiconductors and automobiles, which produce household items, smartphones, laptops, and other gadgets. This characteristic has created significant opportunities for the manufacturing and selling of sensing devices.
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Sensors Market Insights
Drivers:
- High demand for consumers electronics is driving the sensor market growth
- The emergence of Industry 4.0 and IIoT is moving the market forward as it has encouraged businesses to invest in digital technologies
- The combination of sensor technology with AI and data analytics to develop innovative platform for healthcare like predictive analytics
Restraints:
- The high expense of installation and maintenance of smart sensors can hinder the market growth
- The batteries of the sensors have limited life duration due to the requirement of high energy
- Technologies developed for short range application with limited battery life has to be used because of the sensor’s energy usage and insufficient radio range
Prominent Market Players in the Sensors Market
The following are the Top Sensors Companies
- STMicroelectronics N.V.
- Analog Devices, Inc.
- Infineon Technologies AG
- Texas Instruments Incorporated (TI)
- Honeywell International Inc.
- NXP Semiconductors N.V.
- Bosch Sensortec GmbH
- TE Connectivity Ltd.
- Omron Corporation
- Sensirion AG
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Key Questions Answered in Global Sensors Market Report
- Which country is increasing the demand for global sensors market in the Asia-Pacific region?
- Name the countries of Asia-Pacific region that have the largest sensors market
- What are the two primary drivers of the global sensors market?
- What are the major restraints hampering the growth of the sensors market?
This Report Provides the Following Insights:
- Analysis of key drivers (Increased demand for smart sensors in IoT-based devices, high demand for consumer electronics, emergence of remote patient monitoring, and high demand for motion sensors), restraints (Expensive installation and costly maintenance), opportunities (Arrival of Industry 4.0, emergence of Internet of Things, high investment in digital technologies, and the joining of sensor technology with AI and data analytics), and challenges (Requires high energy to operate and the batteries used in sensors have low life duration) influencing the growth of sensors market
- Market Penetration: Comprehensive information on the product offered by the top players in the sensors market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the sensors market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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