Sensor fusion market to reach $ 19.84 billion, globally by 2030 at 19.7% CAGR: Allied Market Research
Rising demand for sensors embedded in smartphones, increasing demand for ADAS systems, and miniaturization of electronic components are driving the growth of the global sensor fusion market.
PORTLAND, Ore., September 20, 2021 / PRNewswire / – Allied Market Research published a report titled, “Sensor fusion market By type (radar sensors, image sensors, IMU, temperature sensor and others), technology (MEMS and non-MEMS) and vertical sector (automotive, healthcare, consumer electronics, military and defense and industrial): analysis of global opportunities and Industry Forecast, 2021-2030 “. According to the report, the global level sensor fusion industry generated $ 3.55 billion in 2020, and is expected to reach $ 19.84 billion by 2030, witness a 19.7% CAGR from 2021 to 2030.
Drivers, constraints and opportunities
Rising demand for sensors embedded in smartphones, increasing demand for ADAS system, and miniaturization of electronic components are driving the growth of global sensor fusion market. However, the lack of standardization hinders the growth of the market. On the other hand, the increase in the number of IoT and interconnected devices presents new opportunities in the years to come.
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- Production facilities in the electronics and semiconductor industry have been totally or partially shut down due to lockdowns and disrupted supply chains across the world. This has affected the overall production volumes of Sensor Fusion.
- Demand from verticals such as automotive, industrial, consumer electronics and others has declined significantly due to the shutdown of daily activities during the lockdown. However, demand is expected to pick up during the post-containment period.
- Market players are rethinking their business strategies to ensure optimal continuity and adopting rapid response strategies to regulate the supply chain.
The IMU segment to offer lucrative opportunities
On the basis of type, the IMU segment held the highest share in 2020, accounting for nearly two-fifths of the global sensor fusion market, and is expected to maintain its leading status during the forecast period. Moreover, this segment is expected to register the fastest CAGR of 20.6% from 2021 to 2030. This is due to the high number of products using these sensors for accuracy of results. The research also analyzes segments, including radar sensors, image sensors, temperature sensors and others.
The consumer electronics segment will continue to dominate during the forecast period
Based on industry vertical, the consumer electronics segment accounted for the highest share in 2020, contributing nearly a third of the global sensor fusion market, and is expected to continue to dominate in terms of income during the forecast period. This is due to the increase in the number of applications such as smartphones, tablets and portable devices. However, the automotive segment is expected to experience the highest CAGR of 21.1% from 2021 to 2030. This is attributed to an increase in the use of sensor fusion in autonomous vehicles.
North America maintain its leadership position by 2030
Depending on the region, North America contributed to the highest market share in 2020, holding nearly two-fifths of the global sensor fusion market, and is expected to maintain its leading position by 2030. This is due to the early adoption of technologies and the strong penetration of sensor fusion in autonomous vehicles. However, Asia Pacific is supposed to represent the biggest CAGR by 21.2% over the forecast period, driven by a huge consumer base and high adoption of consumer devices.
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The main players in the market
- Analog Devices Inc.
- NXP semiconductor
- Renesas electronics company
- Bosch Sensortec GmbH
- InvenSense, Inc.
- Infineon Technologies
- Micro-devices Asahi Kasei
- Maxim integrated
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