What is the current Sensors Market size?

The Sensors Market is projected to register a CAGR of 7.80% during the forecast period (2024-2029) Read More

Who are the key players in Sensors Market?

Texas Instruments Incorporated, TE Connectivity Ltd, Omega Engineering Inc., Honeywell International Inc. and Rockwell Automation Inc. are the major companies operating in the Sensors Market. Read More

Which is the fastest growing region in Sensors Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Sensors Market?

In 2024, the North America accounts for the largest market share in Sensors Market. Read More

What years does this Sensors Market cover?

The report covers the Sensors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sensors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Which sector is expected to provide the most opportunities for the Sensors Market?

The automotive sector is projected to offer significant opportunities due to the increasing integration of sensors in autonomous and electric vehicles. Read More

Sensors Market Trends

Market Trends of Sensors Industry

The Consumer Electronics Segment is Anticipated to Drive the Growth of the Studied Market

The global demand for smartphones has been witnessing an uptick due to several factors, like the advent of 5G, increasing disposable income, and the development of telecom infrastructure. As per the Ericsson report, the number of smartphone subscriptions globally amounted to 6,259 million in 2021 and is expected to reach 7,690 million in 2027.
Sensors in smartphones are employed to detect various aspects of the environment. Several types of sensors include motion sensors, environmental sensors, position sensors, ambient light sensors, proximity sensors, accelerometer sensors, gyroscope sensors, and barometer sensors. etc., are utilized in smartphones. As a result, the increasing penetration of smartphones would offer robust opportunities for boosting the studied market. The use of image sensors for smartphones has increased, and companies such as Sony and Samsung are the front runners in these markets. In July 2022, Sony announced the development of a new 100 MP CMOS sensor that will be seen on upcoming mid-range smartphones.
Biometric sensors have been an integral factor contributing to the market's growth. There is a solid positive growth trend in demand for biometric authentication in PCs, which various launches and agreements can illustrate. For example, in March 2022, Fingerprint Cards AB announced that the company's biometric PC solution would be integrated into the power button of the Lenovo ThinkBook 14 and ThinkBook 15 G4 laptops. Considering Lenovo is one of the prominent players in PC making, such agreements would hugely aid in the growth of the studied market.
Further, Smart wearable devices like fitness trackers, smartwatches, smart wristbands, VR headsets, sports watches, and activity trackers are integrated with advanced technologies such as artificial intelligence (AR) and IoT (IoT), which employ a huge number of sensors. For example, fit bits, smartwatches, and pulse oximeters are among the wearable systems incorporated with optical sensors to provide real-time patient health tracking solutions. Therefore, with increased use of these devices, the overall sensors market is impacted positively, exhibiting a steady growth.
To that extent, in April 2023, Samsung's Galaxy launched the Watch5 series, which comes with advanced sensors that can track physical activities (in terms of steps walked and calories burned), monitor heart rate, SpO2 (blood-oxygen saturation), and even menstrual cycle. It also has a unique BioActive Sensor. It can measure the skeleton-muscle ratio and fat mass of the body. This helps in getting a better understanding of the body's fitness level.
Moreover, the use of sensors for health monitoring has been imperative for the rise of the sensors market. Acquisitions and developments in this regard have been an essential factor. In June 2022, AliveCor announced joining the Medidata Sensor Cloud Network to facilitate and expand access to clinical trials for a diverse range of severe conditions. Medidata and AliveCor are democratizing clinical research by offering a reliable way to remotely capture and share important heart health data through the intelligent use of Sensor Cloud Network.
In June 2022, embedded systems company SolidRun announced a partnership with Renesas and launched the first system-on-module (SoM) based on Renesas' RZ/G2LC system-on-a-chip. The SoMs are aimed at AI-enhanced human-machine interface (HMI) applications, industrial and building automation, smart video surveillance, and IoT solutions. Targeted devices include intercoms, video doorbells, network cameras, handheld POS systems, and more. Such developments are crucial for the growth of the overall sensor market globally.

Sensors Market : Number of smartphone mobile network subscriptions, millions, worldwide, 2016 to 2022, with forecasts from 2023 to 2028

Understand The Key Trends Shaping This Market

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Asia-Pacific is Expected to Drive the Growth of the Market Studied

Due to significant consumer electronics manufacturers in this region, analysts predict that Asia-Pacific will dominate the sensors market. The market is anticipated to be driven by increasing smartphone penetration, 5G penetration, and advancements across numerous end-user industries. China, South Korea, Japan, and India, among others, are major Asia-Pacific countries.
Moreover, the promise of smart cities has captivated the APAC region's technology industry. As per the recent report by Equinix, "Smart Cities: Shifting Asia," UBS projects that APAC is likely to account for about 40 percent of the global addressable market evolution for smart city projects, or USD 800 billion, by 2025. This prompt urbanization drives IT buildout and interconnection bandwidth growth to sustain APAC's expanding digital market. As a result, smart city applications like smart buildings and grids, air and water monitoring, smart waste collection, smart transportation, and disaster response are likely to expand the opportunity areas for the sensor market.
With the growing advancements of Advanced Driver Assistance Systems in the automotive market, automotive sensor demand has been growing similarly with an aim to offer precise and accurate detection of vehicles' surroundings by combining data from several sensors like radar, cameras, and LiDAR. In line with the growing demand for ADAS systems in vehicles, it is expected to promote the adoption of sensors.
In August 2022, Renesas Electronics, a premier supplier of advanced semiconductor solutions, acquired Steradian Semiconductors Private Limited, a fabless semiconductor company that offers 4D imaging radar solutions based in Bengaluru, India. The acquisition would enable Renesas to expand its market presence in the radar market and augment its industrial and automotive sensing solution portfolio. Moreover, the company also aims to expand its leadership in the automotive segments. Renesas would also leverage Steradian's technology for industrial applications to support its mid-term and long-term business growth in the automotive sensing and industrial segments.
Furthermore, the increasing applications of a wide range of sensors in the smartphone market are expected further to increase the demand for sensors in the market. In June 2022, Sony Group announced its plan to enhance its image sensor technology with an aim to expand its product portfolio along with strengthening its market position. The company has been investing in its R&D capabilities to provide its customers with a solution for focusing on multiple targets when taking a picture via a smartphone. Such initiatives by the companies in the market are expected to increase the demand for sensors in the smartphone, thereby fueling the demand growth of sensors in the Asia-Pacific region.