Sensor Market to Grow at 11.3% CAGR by 2030

Increasing popularity of internet of things (IoT) and rise of smart wearables for health monitoring are the factors expected to drive the growth of sensor market globally.

Global Sensor Market was valued at USD 151.40 billion in 2020, and it is expected to reach USD 431.21 billion by 2030, registering a CAGR of 11.3%, during the period of 2021-2030.

A sensor is a semiconductor device that converts stimuli such as heat, sound, motion and light into electrical signals. Sensors have wide range of applications across industries such as avionics, military, industrial automation, consumer electronics, healthcare, security, transportation, and IT infrastructure among others. Factors such as chip-level integration, wireless connectivity, low power consumption and cost are driving the growth of sensor market globally. However, increasing use of sensors leads to rise in device cost and reduces the life of the device, which is expected to hinder the market growth during the forecast period.

The global sensor market trends are analyzed across various segments including type, technology, end user and region. By type, the market is categorized into radar sensor, optical sensor, biosensor, touch sensor, image sensor, pressure sensor, temperature sensor, proximity & displacement sensor, level sensor, motion & position sensor, humidity sensor, accelerometer & speed sensor, and other sensors. The technology sub segment covered in this report includes CMOS, MEMS, NEMS, and others. The end users discussed in this study are electronics, IT & telecommunication, industrial, aerospace & defense, healthcare, and others. Geographically, the sensor market is analyzed across North America, Europe, Asia-Pacific, and RoW.

Geographically, Asia-Pacific region is anticipated to maintain its dominance in the global sensor market owing to the rapid adoption of digital technologies in countries such as China, Taiwan, and South Korea. However, the European region is expected to witness the second-highest CAGR over the forecast period due to advanced infrastructure and heavy investments by numerous established and new players in Germany and France in sensor manufacturing.

According to the report, the global sensor market, which is highly competitive, consists of a few major players such as Hewlett Packard Enterprise (HPE), Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductor, Panasonic Corporation, Qualcomm Technologies, Inc., STMicroelectronics, Sony Corporation, TE Connectivity, Texas Instruments and Taiwan Semiconductor Manufacturing Company Limited.

Key Insights:

• This study comprises analytical depiction of the global sensor market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

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