DALLAS, April 21, 2023 /PRNewswire/ — According to a new market report published by Lucintel, the future of the global sensor market looks attractive with opportunities in the industrial, healthcare, electronics, automotive, and aerospace/defense industries. The global sensor market is expected to reach an estimated $295 billion by 2027 with a CAGR of 11.5% from 2021 to 2027. The major drivers for this market are the growth of internet of things (IoT), increasing need of automation in various industries, and miniaturization of sensors.
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In this market, radar sensor is expected to witness the highest growth in the forecast period supported by increasing demand for sensors in advanced driving assistance system (ADAS) applications.
Within sensor market, industrial will remain the largest end use industry due to increased demand for automation and control in various industries, including oil and gas, chemical, and food & beverages. Healthcare industry is expected to witness the highest growth over the forecast period due to the increasing demand for Electrocardiography (ECG) sensors in cardiac treatment.
Asia Pacific is expected to remain the largest region during the forecast period due to growth in smart city projects, wearable devices, and increasing demand for ADAS in automotive industry.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of new product technologies, increasing usage of sensors in ADAS application, and advances in gas sensor materials and manufacturing. Sony Corporation, STMicroelectronics, Analog Devices, Inc., ABB Ltd, NXP Semiconductors, Sensata Technologies, Texas Instruments, Robert Bosch Gmbh, and Infineon Technologies AG are among the major players in this market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global sensor market by product type, end use industry, and region. Lucintel has prepared a comprehensive research report entitled “Sensor Market Report: Trends, Forecast and Competitive Analysis“
For any questions related to sensor market or related to TPMS sensor, 02 sensor, mass air flow sensor, oxygen sensor, mass flow light sensor, knock sensor, tire pressure sensor, motion sensor, proximity sensor, sensor companies, sensor market size, sensor market share, sensor analysis, write Lucintel analyst at email: [email protected].
Related Reports:
If you wish to deep dive on some other segments of sensor or related market then look into below relevant reports from Lucintel.
Pressure Sensor Market – https://www.lucintel.com/pressure-sensor-market.aspx
Radar Sensor Market – https://www.lucintel.com/radar-sensor-market.aspx
Piezo Film Sensor Market – https://www.lucintel.com/piezo-film-sensor-market.aspx
Temperature Sensor Market – https://www.lucintel.com/temperature-sensor-market.aspx
Motion Sensor Market – https://www.lucintel.com/motion-sensor-market.aspx
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