Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Sensors are devices that collect data from the external environmental parameters like temperature or humidity and provide an output by converting it in the form of electrical signals. They can be used for control, as well as to enhance comfort, reliability, and performance in a variety of applications. A wide range of sensors are available in the market. Magnetic sensors, current sensors, proximity sensors, pressure sensors, motion sensors, image sensors, temperature sensors, environmental sensors, force sensors,, traffic sensors, and vibration sensors are a few of them.
They are widely used in automotive, consumer electronics industry, healthcare, aerospace & defence, infrastructure, agriculture industry, IT & telecom industry and other industries. The industries prefer sensors that have considerably better accuracy, higher sensitivity, greater selectivity, and likely improved stability at a lower cost. MEMS, NEMS, and others are the key technologies used. Honeywell International, Rockwell Automation, NXP Semiconductors, STMicroelectronics, Texas Instruments, Amphenol Corporation, Siemens, First Sensor, Denso Corp, and Bosch are among the top ten manufacturers in the same.
The increasing demand for emerging technologies such as wireless networks and IoT-based technologies has opened up the market for sensors. Though the pandemic halted the market, but it gradually saw an increase in the consumer electronics & healthcare industry. This mainly happened because of the high demand & growing usage of healthcare appliances, smartphones, large screen TVs, big size refrigerators and other appliances.
The sensor market completely depends upon the end user market. The automobile industry has seen downfall since past 3 years, mostly in Asia-pacific region and the downfall got worse with pandemic. The sensor market got tapped by consumer electronics because of which automotive industry lacked behind. This was due to people's limited purchasing power, who preferred to invest in low-cost items like smartphones, Television sets, laptops, etc. over high-cost items such as vehicles. The damage was exacerbated by temporary trade restrictions and disrupted supply lines. Due to COVID-19, smartphones also saw a drop in overall smartphone shipment but still increase in image sensor market was observed overall. The demand for consumer electronics & healthcare have been rising because of which the sensor market is also growing. Rising disposable income and easy access to credit, increasing online sales, high demand in medical electronics, growing usage of smartphones and other consumer durable are the major key factors for growth of sensor market .
Due to the ongoing Covid-19 outbreak, industries have seen their own ups and downs. Because of the lockdown and supply chain issues, industries experienced a significant slowdown at first, but as the situation improved, some industries saw an increase. Where automobile sales had subsequently declined, consumer electronics & healthcare sector saw the rise in demand & sales. The health safety concerns due to COVID-19 has increased the demand for healthcare equipment Similarly, continuance of work from home culture and online lectures/classes supported the demand of goods that enhance convenience at home such as refrigerators, electric cooking appliances, washing machines and ACs.
The report analyses the global sensors market based on application, technology, type, industry, and geography.
Micro electro-mechanical device or simply a MEMS sensor, nano electro-mechanical sensor or NEMS and others make up the majority of the global sensor market by technology. MEMS are used in a wide range of applications, including regulating and handling machines, operating robots, vehicles, and grippers, among others. This technology is used in most sensors, including accelerometers, magnetometers, pressure sensors, fuel sensors, temperature sensors, and many others. Modern ink jet printers, colour projectors, projection systems, clocks, and scanning equipment all use these sensors. NEMS are similar to MEMS but they function at nanoscale. They give greater efficiency with reduced size and lower power consumption. They are mostly used in accelerometers & sensors which detect chemical substances.
Magnetic sensors, current sensors, proximity sensors, pressure sensors, motion sensors, image sensors, temperature sensors, environmental sensors, force sensors, traffic sensors, and vibration sensors are among the types of sensors covered in the global sensor market. Pressure sensors are the most commonly used sensors, with applications in automotive, medical, industrial, consumer, and building devices that rely on precise and stable pressure measurements to work properly. Demand for pressure sensors has skyrocketed as more businesses rely on them to monitor and control their applications, putting the global pressure sensor market at $11.4 billion by 2024.
The global market for sensors comprises of automotive, consumer electronics, healthcare, aerospace & defence, infrastructure, agriculture industry, IT & telecom industry and some more with less market share. Sensors are highly used in automotive sector. They monitor vehicle engines, fuel consumption and emissions, along with aiding and protecting drivers and passengers. With technological advancements, autonomous cars have also come in demand which has simultaneously bring in the demand in smart sensors. Apart from this, consumer electronics sector, in particular, are currently experiencing high growth due to increased demand for items such as smartphones, televisions, laptops, and other consumer electronics. COVID-19 ushered in a sea change in customer behaviour, and with it, a shift in their needs came along.
Based on application, the market is segmented into smartphones, wearable, autonomous cars, blood pressure machines & others. In consumer electronics, the sensor market is spread over smartphones, computers/laptops where image sensor, temperature sensors, sound sensors and others are used to maintain the camera functions, level of temperature & to monitor sound waves respectively. Similarly, the autonomous vehicle in automotive industry uses radar to gauge their distance and speed in relation to the vehicle in real time, camera to interpret the objects in the road & lidar sensors to measure the distance & map the surrounding by 3D-images. In medical and industrial, oxygen sensors are used for incubators, respiratory systems & combustion optimisation.
Geographically, the Global sensor market is over across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world regions. North America holds the dominant position with the major contributing country – The USA. Due to the rapid development in the smart technology & the high demand of smart homes has given a good rise to the industries like consumer electronics and automotive industry. The autonomous vehicles are also in demand as people are more inclined towards road safety, reducing pollution& energy expenditure. Because of this a rise in the demand of smart sensor is also expected. European tech firms have traditionally faced scaling difficulties when compared to their American counterparts because of factors such as smaller local markets, various languages and payment systems, higher regulatory burdens, and a lack of resources. Experts are seeing Asia Pacific, mainly developing nations like China & India as the next tech hub because of its high number of young population & fast adoption of the digital world. These factors when considered indicate that sensor market might take a boom in Asia- Pacific region in coming years.
Some of the major players operating in this market include Honeywell International, Rockwell Automation, NXP Semiconductors, STMicroelectronics, Texas Instruments, Amphenol Corporation, Siemens, First Sensor, Denso Corp, and Robert Bosch, Analog Devices , Infineon Technologies, Sony Electronics, ABB Ltd, Omron Corporation & others.
The report analyses the sensor market based on application, technology, type, industry, and geography. Various types available in the market are magnetic sensors, current sensors, proximity sensors, pressure sensors, motion sensors, , image sensors, temperature sensors, environmental sensors, force sensors, , traffic sensors, and vibration sensors and others. Micro electro-mechanical sensor or simply a MEMS Sensor, nano electro-mechanical sensor NEMS, and others are some of the technologies used in these sensors. The major end use industries of the market include automotive, consumer electronics, healthcare devices, aerospace & defence, infrastructure, agriculture industry, IT & telecom industry and other.
Some of the major players operating in the market include Honeywell International, Rockwell Automation, NXP Semiconductors, STMicroelectronics, Texas Instruments, Amphenol Corporation, Siemens, First Sensor, Denso Corp, and Robert Bosch, Analog Devices , Infineon Technologies, Sony Electronics, ABB Ltd, Omron Corporation & Others. Geographically, the sensor market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world regions.
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