New York, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The global electronic sensors market is expected to reach $52.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.7% from 2022 to 2032. The Asia Pacific region is the largest market for electronic sensors, and it is expected to remain the dominant region throughout the forecast period.
Sensors are used in a wide variety of applications, from measuring temperature and pressure to detecting motion and light. They are essential components of many of the technologies that we rely on every day, and their capabilities are constantly evolving. These include automotive, home appliances, healthcare, and industrial.
The use of sensors has expanded thanks to connected devices in the Internet of Things (IoT). The adoption of robotics in different industries plays a crucial role in the increased use of sensors.
Robotics has evolved from being limited to industrial settings to taking on various roles in different fields. These roles include unmanned aerial vehicles, helpers in surgery, exoskeletons, personal assistants, delivery vehicles, and self-driving cars. Electronic sensors play a key role in enhancing the capabilities of these applications.
Advancements in sensor technology enable automated systems to smartly interpret images, sounds, and various data types without requiring heavy processing. The growing popularity of IoT and connected devices is driving the demand for sensors.
While adding sensors enhances industrial automation, there are challenges. Cost can be a barrier, limiting the use of sensors in areas where budget constraints are a concern.
Additionally, significant research expenses, especially for smaller sensor manufacturing companies with limited resources, pose a hurdle in developing new products.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 22.8 Billion | |
| Estimated Revenue 2033 | US$ 52.6Billion | |
| Growth Rate – CAGR | 7.5% | |
| Forecast Period | 2022-2032 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Type, Application and Region, | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Market Dynamics:
1. Drivers for the Electronic Sensors Market:
Increasing Demand for Smartphones and Wearables: The rise in demand for smartphones and smaller consumer gadgets is a key driver for electronic sensors. With rapid digitalization, wearable devices are getting smaller, and smartphones are constantly evolving with new features. For example, the Vivo IQOO 9 Pro, launched in January 2022, introduced Qualcomm's 3D Sonic Max ultrasonic fingerprint sensor, unlocking the phone in just 0.2 seconds. Such innovations positively impact the outlook of the Electronic Sensors industry.
Technological Advancements and New Sensor Development: Continuous advancements in sensor technology are steering consumer preferences toward innovative electronic products. Innovations like motion sensors, pressure sensors, smart sensors, position sensors, and biosensors find applications across various industries such as industrial, automotive, and medical. For instance, Abbott's FreeStyle Libre 3, a biosensor-based glucose monitoring technology, received FDA approval in May 2022 after being operational in Europe since September 2020. These developments contribute to the growth of the Electronic Sensors market.
2. Challenges for the Electronic Sensors Market:
Fluctuating Prices of Semiconductor Materials and Designing Complexities: The Electronic Sensors Market faces challenges due to the fluctuating prices of semiconductor raw materials, leading to higher costs for electronic sensors. Additionally, as electronic devices become smaller, the fabrication process becomes more intricate, increasing maintenance and repair expenses. These factors collectively pose significant challenges to the growth of the Electronic Sensors market in the forecast period.
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Competition Overview:
Key Players in the Electronic Sensors Market:
Major players in the global electronic sensors market are investing significantly in developing new technologies. Their focus is on creating advanced sensors that are reliable and accurate.
Capacity Expansion and Collaborations:
Some key players are also increasing their production capacities to meet the growing demand. A few companies are expanding their reach by forming partnerships and collaborations with local players in the market.
Recent Developments:
Endress+Hauser introduced five new lab sensors in January 2023. These sensors are compatible with the Liquiline CML18 handheld laboratory analysis tool. The Memosens CPL51E was joined by CLL47E, CPL57E, COL37E, CPL53E, and CPL59E liquid analytical sensors. These additions aim to enhance good laboratory practices, user-friendly operation, and reliable measurements.
In March 2023, Charity Rainforest Connection and Infineon Technologies AG expanded their collaboration. Both companies share the goal of using advanced sensor technologies to monitor Earth's vulnerable areas. Rainforest Connection uses Guardian solar-powered devices that broadcast real-time recordings of rainforest sounds. Artificial intelligence is then employed for data analysis to identify potential hazards.
Scope of the Report:
In the consumer electronics market, image sensors are widely used, especially in smartphones and digital cameras. However, fingerprint sensors are expected to grow the fastest between 2016 and 2022. They provide an extra layer of security in devices like smartphones and laptops, becoming crucial for safe access. With the rise of mobile applications for e-commerce and financial transactions, fingerprint sensors are becoming essential. They might also find their way into computer peripherals like mice and keyboards soon.
In consumer electronics, the communication & IT application, including smartphones, tablets, laptops, and desktop PCs, is expected to fuel market growth. The need for smartphone-friendly content leads to the integration of innovative features for an enhanced user experience. The competition among smartphone suppliers further boosts the growth of this segment. Wearable devices, like smartwatches, have opened new opportunities for sensor suppliers, especially motion sensors. Improved processing capabilities in wearables also increase the demand for environment sensors like temperature and pressure sensors.
In 2015, the Asia-Pacific (APAC) region led the electronic sensors market for the consumer industry, featuring key players like Sony Corporation, Samsung Electronics, and Murata Manufacturing. The region's rapid urbanization and increasing disposable income drive the demand for consumer electronics, fostering the growth of electronic sensors.
The global demand for smartphones is a major driver for the electronic sensors market in the consumer industry. Challenges include the lack of a standardized process for making MEMS-based sensors. Opportunities lie in the increasing adoption of wearable devices such as smartwatches, activity trackers, and VR headsets. Smartphones primarily use image sensors, motion sensors, proximity sensors, and fingerprint sensors, while home appliances deploy temperature sensors, pressure sensors, and level sensors.
Key Questions Answered in the Report:
- What factors contribute to the growth trends in the market?
- What is the present market size, and how is it anticipated to change in the forthcoming years?
- What key elements are influencing the market?
- How is the Electronic Sensors market divided, considering types, fuels, applications, or other relevant factors?
- Who are the primary participants in the Electronic Sensors market?
- What strategies are these players employing to establish a competitive edge?
- What factors are driving the expansion of the Electronic Sensors market?
- Which regions are expected to experience notable growth, and what are the reasons behind it?
- What recent technological advancements are impacting the Electronic Sensors industry?
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