Sensor Market size to grow by USD 274.2 billion from 2022 to 2027 | Market is driven by the rise in demand for IoT technology-based devices - Technavio

NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The "Sensor Market by Technology (CMOS, MEMS, NEMS, and Others), End-user (Electronics, IT and telecom, Automotive, Industrial, and Others), and Geography (North America, APAC, Europe, Middle East and Africa, and South America) - Forecast and Analysis 2023-2027" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the sensor market between 2022 and 2027 is USD 274.2 billion. The rise in demand for IoT technology-based devices is the major factor notably driving the growth of the market. IoT technology facilitates the connection of multiple smart devices to streamline their function and share data between them. Multiple smart devices, such as smartphones, tablets, and wearables collect essential data from the device, which is then used to enhance the user experience. In addition, the rising requirement for data analytics and analytics integration is likely to drive the use of IoT-based devices. However, the Internet of Things plays an integral role in enhancing process automation and enhancing operational efficiency in various industries. IoT is also enhancing its skills in cold chain monitoring for temperature-sensitive food and pharmaceutical products. Therefore, the rising use of IoT-based devices is anticipated to fuel the growth of the global sensors market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge

Increasing usage of network-embedded systems is a significant challenge that limits the growth of the market. Advancements in digital telecommunications technology and the integration of multiple smart devices have led to the creation of integrated networks. Today's embedded systems deliver a combination of wired and wireless communication alternatives for integrating network functionality into devices. However, network-integrated systems are currently used in a broad variety of smart gadgets and electronic products, and they are connected with other smart devices to provide valuable communication and measurement knowledge information. through wireless sensor networks. In contrast, embedding sensors into a gadget expands the cost and shortens the life of the device. Therefore, such factors are anticipated to hinder the growth of the global sensors market during the forecast period. 

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The sensor market has been segmented by technology (CMOS, MEMS, NEMS, and Others), end-user (Electronics, IT and telecom, Automotive, Industrial, and Others), and geography (North America, APAC, Europe, Middle East and Africa, and South America). 

• The market share growth by the CMOS segment will be significant during the forecast period. Complementary metal oxide semiconductors (CMOS) are known for their small form factor and integration capabilities. The growing use of complementary metal oxide semiconductor sensors in all smart devices is an important driver for this segment. The expansion of IoT devices and applications needs a variety of sensors, including CMOS sensors, to facilitate data collection, monitoring, and control in a variety of environments. The growing popularity of virtual reality (VR) and augmented reality (AR) technologies depend on CMOS sensors to track user movements and interactions. Thus, continued improvements in semiconductor manufacturing, leading to higher resolution, enhanced sensitivity, and improved performance of CMOS sensors, are anticipated to drive the growth of the segment during the forecast period.
• North America is estimated to account for 39% of the global market during the forecast period.

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Key Companies in the sensor market:

ABB Ltd., Amphenol Corp., ams OSRAM AG, Dwyer Instruments Inc., Honeywell International Inc., Johnson Controls International Plc, Microchip Technology Inc., NXP Semiconductors NV, OMRON Corp., Panasonic Holdings Corp., Qualcomm Inc., Robert Bosch GmbH, Rockwell Automation Inc., Siemens AG, Sony Group Corp., Spectris Plc, STMicroelectronics International N.V., TE Connectivity Ltd., Texas Instruments Inc., and Infineon Technologies AG

Related Reports:

The temperature sensor market size is estimated to grow at a CAGR of 5.41% between 2022 and 2027. The market size is forecast to increase by USD 1,963.5 million.

The water quality sensor market size is estimated to grow at a CAGR of 6.72% between 2023 and 2027. The market size is forecast to increase by USD 1,581.85 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Technology 

Market Segmentation by End-user

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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