Global Sensor Market Overview:
Sensor market size was valued at USD 256.2 billion in 2023. The sensor industry is projected to grow from USD 250.2 Billion in 2024 to USD 652.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.30% during the forecast period (2024 - 2032). The increased usage of sensor technology in various applications such as cameras and medical equipment and technological advances in gas sensors are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sensor Market Trends
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Surging demand for smart sensors in loT-based devices to boost the market growth
The IoT has taken the evolution of sensors to an entirely different level. The IoT platforms deliver intelligence and data using a variety of sensors, making it possible for devices to function autonomously and for the whole ecosystem to become smarter. By integrating a set of sensors and a communication network, devices share knowledge and enhance their effectiveness and functionality.
Additionally, increasing sensor compatibility with the Internet of Things (IoT) platform is gradually becoming a prerequisite for facilitating remote monitoring and control. The IoT-connected devices have opened massive opportunities for sensors in several applications like industrial, medical, consumer electronics, automotive, etc. According to Cisco’s Annual Internet Report, by 2023, there are expected to be nearly 30 billion network-connected devices and connections, up from 18.4 billion in 2018. By 2023, IoT devices are expected to make up 50% (14.7 billion) of all networked devices, up from 33% (6.1 billion) in 2018. Such an increase in IoT devices would enhance the sensor market CAGR across the globe in the recent years.
However, the surge in the adoption of navigation & electronic compass systems in the transportation & logistics sectors is another factor driving the growth of the sensor market revenue. These devices are connected via satellite navigation systems to track logistics & transportation assets in real-time. These technologies are also used extensively in route guidance and vehicle asset information, further promoting product consumption.
Sensor Market Segment Insights:
Sensor Type Insights
The sensor market segmentation, based on type, includes image sensors, biosensors, optical sensors, motion sensors, pressure sensors, temperature sensors, humidity sensors, radar sensors, touch sensors, proximity sensors, and level sensors. The image sensors segment held the majority share in 2021 of the sensor market revenue. This is primarily owing rising adoption of technologies for improving anti-terror equipment and mitigating security lapses. However, humidity sensors are the fastest-growing category over the forecast period due to the increasing adoption of these sensors for moisture-sensitive uses in industries, such as healthcare, food and beverages, and textile.
May 2020: The Electronics and Telecommunications Research Institute (ETRI) announced that it had developed humidity sensor technology that can detect moisture, such as skin sweat or tidal volume, with high sensitivity using molybdenum sulfide (MoS2), an inorganic compound composed of molybdenum and sulfur. The sensitivity of the humidity sensor is more than 66,000 percent, the world's highest. It is more than 660 times higher than that of the sensor currently available. The detection time is 0.5 seconds, which is up to 12 times faster than conventional commercial sensors, which take five to six seconds.
Sensor Component Insights
The sensor market segmentation, based on components, includes microcontrollers, transceivers, amplifiers, and ADC & DAC. The microcontrollers segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the increasing awareness regarding smart energy management with technological advancements. However, transceivers are the fastest-growing category due to the growing demand for portable devices such as smart speakers and headphones, positively impacting the market growth.
Sensor Technology Insights
The sensor market data has been bifurcated by surgery into MEMS, CMOS, and NEMS. The CMOS segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. CMOS offers low power consumption, small size, faster frame rate, ease of integration, and inferior manufacturing cost. The performance of sensors has progressed due to the development of the CMOS sensor technology. However, MEMS is the fastest-growing category due to the growing usage of semiconductor devices in automobiles, consumer electronics, and healthcare technologies.
October 2022: TDK Corporation announced its ultrasonic Time-of-Flight (ToF) sensors that integrate MEMS PMUT (Piezoelectric Micromachined Ultrasonic Transducer) along with an ultra-low power SoC (System on Chip) in a miniature reflowable package.
Figure 1: Sensor Market, by Technology, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Sensor Verticals Insights
Based on verticals, the sensor industry has been segmented into consumer electronics, automotive, industrial IT & telecom, healthcare, aerospace & defense, food & beverages, and construction. Automotive held the largest segment share in 2021, owing to the increasing demand for a sensor for enhanced car safety features, convenience functions, and entertainment systems. However, consumer electronics is the fastest-growing category over the forecast period due to the increasing adoption of sensors in consumer electronic products such as cameras, televisions, washing machines, and microwave ovens.
Sensor Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific sensor market accounted for USD 87.69 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is due to the increased demand for sensors in the automotive industry. For instance, as per the International Organization of Motor Vehicle Manufacturers (OCIA), the total production of automobiles in India increased to 30%, total production of automobiles in China increased to 3%. Indonesia's total automotive output (including cars and commercial vehicles) increased to 63%.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SENSOR MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Europe sensor market accounts for the second-largest market share due to the rise in the purchase of camera modules and smartphones. This is expected to contribute to market development over the forecast period. Further, the Germany sensor market held the largest market share, and the UK sensor market was the fastest-growing market in the European region.
The North America sensor Market is expected to grow at the fastest CAGR from 2022 to 2030. Technological development and innovative technology adoption rate increased the popularity of advanced solutions in the region. Further, the automotive, consumer electronics, and healthcare industries show superior adoption of the sensor and products in the region. Moreover, US sensor market held the largest market share, and the Canada sensor market was the fastest-growing market in the North America region.
Sensor Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will assist the sensor market is growing even more. Market participants are also taking a range of strategic initiatives to grow their footprint globally, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Sensor industry must offer cost-effective items to enhance and survive in an increasingly competitive and growing market environment.
One of the primary business strategies manufacturers adopt in the sensor industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The sensor markets major players, such as Robert Bosch GmbH (Germany), ABB Group (Switzerland), STMicroelectronics NV (Switzerland), and others, are working on expanding the market demand by investing in research and development activities.
Robert Bosch GmbH, commonly comprehended as BOSCH, is a German international engineering and technology company headquartered in Gerlingen, Germany. Robert Bosch launched the company in Stuttgart in 1886. Bosch's core operating areas are scattered across four business sectors mobility, consumer goods, industrial technology and energy and building technology. In March 2021, Robert Bosch GmbH's Bosch Sensortec announced the launch of the BME688 sensor, which combines humidity, gas, temperature, and barometric pressure sensing with Artificial Intelligence (AI). The BME688 detects the presence of many gases, including VOCs, hydrogen, and carbon monoxide, in the part per billion (ppb) range.
Also, Renesas Electronics Corp is a Japan-based company that manufactures and distributes semiconductor components and other products for use in automotive, healthcare, computer peripherals, connectivity, home appliance, and industrial end markets. In June 2022, Renesas Electronic Corporation announced the development of sensor solutions for IoT applications. Renesas is also launching the ZSSC3281 sensor signal conditioning (SSC) IC for highly accurate amplification, digitization, and sensor-specific correction of sensor data in addition to the new HS4XXX family of relative humidity and temperature sensors.
Key Companies in the Sensor market include
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Robert Bosch GmbH (Germany)
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ABB Group (Switzerland)
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STMicroelectronics NV (Switzerland)
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Honeywell International Inc. (US)
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Siemens AG (Germany)
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Samsung Electronics Co. Ltd. (South Korea)
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Emerson Electric Co. (US)
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General Electric Company (US)
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OmniVision Technologies Inc. (US)
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International Sensor Technology (IST) (US)
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DENSO Corporation (Japan)
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Delphi Technologies PLC (Ireland)
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Texas Instruments Incorporated (US)
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Alphasense (UK)
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Ametek Inc. (US)
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OMRON Corporation (Japan)
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Figaro Engineering Inc. (Japan), among others
Sensor Industry Developments
July 2023: Luna Ring from Noise contains a SpO2 sensor, heart rate monitor, and other features. It has a titanium body & is advertised as being ideal for all skin types thanks to its smooth, hypoallergenic inner shell. Wireless charging is also supported by the Luna Ring. Luna Ring offers automatic software updates and is compatible with the iOS 14/Android 6 & later. It is Bluetooth Low-Energy (BLE) 5 powered and about 50 meters (164 feet) underwater. The maker claims that the smart ring may run for up to 7 days on one 60-minute charge. The 3mm-thick smart ring from Noise is advertised as having a lightweight construction.
July 2023: The non-invasive glucose sensor being developed by Welsh startup Afon has the potential to completely change how blood glucose levels are measured. Afon takes a very different tack. Glucowear is the name of its blood glucose sensor. This is an RF sensor which resides at the wrist's base. The device collects signals from under the skin using radio frequencies. This technology, as opposed to optical sensors, offers real-time monitoring but with no latency. The business indicated that they hoped to make the product available by the beginning of 2024. Given the strict standards set by health regulators, this objective is incredibly idealistic.
March 2023: The SHT40I-Analog humidity sensor was recently introduced by Sensirion and is intended for use in tough environments and demanding industrial applications where the use of digital solutions may be hindered by excessive noise levels. For high-volume applications, the novel sensor offers simple design-in and output characteristics tailored to the needs of the user. It is a cutting-edge humidity and temperature sensor designed for usage in demanding industrial apps, like air conditioning and refrigeration systems, and other settings where using digital sensors is tough due to system noise.
September 2022: SICK introduced its next-generation, intelligent, and powerful WLL80 Fibre Optic Sensors. It is designed for easy configuration and highly versatile integration into machinery and conveyor systems in electronics manufacturing, wherever rapid, high-accuracy detection in confined spaces is required. The SICK WLL80 fiber optic amplifier could be used with SICK's new LLX portfolio of cutting-edge fibers.
Sensor Market Segmentation:
Sensor Type Outlook
Sensor Component Outlook
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Microcontrollers
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Transceivers
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Amplifiers
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ADC & DAC
Sensor Technology Outlook
Sensor Verticals Outlook
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Consumer Electronics
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Automotive
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Industrial IT & Telecom
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Healthcare
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Aerospace & Defense
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Food & Beverages
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Construction
Sensor Regional Outlook
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North America
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 256.2 billion |
| Market Size 2024 |
USD 250.2 billion |
| Market Size 2032 |
USD 652.2 billion |
| Compound Annual Growth Rate (CAGR) |
17.30% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2020 & 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Component, Technology, Verticals and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Robert Bosch GmbH (Germany), ABB Group (Switzerland), STMicroelectronics NV (Switzerland), Honeywell International Inc. (US), Siemens AG (Germany), Samsung Electronics Co. Ltd. (South Korea), and Emerson Electric Co. (US) |
| Key Market Opportunities |
Increase in demand for miniaturized consumer devices. |
| Key Market Dynamics |
The rise in the usage of IIoT solutions Increase in demand for miniaturized consumer devices. |
Sensor Market Highlights:
Frequently Asked Questions (FAQ) :
The sensor market size was valued at USD 256.2 Billion in 2023.
The market is projected to grow at a CAGR of 17.30% during the forecast period, 2024-2032.
Asia-Pacific had the largest share of the market
The key players in the market are Robert Bosch GmbH (Germany), ABB Group (Switzerland), STMicroelectronics NV (Switzerland), and Honeywell International Inc. (US).
The image sensor category dominated the market in 2021.
Microcontrollers had the largest share of the market.
The CMOS had the largest share of the market.
Automotive had the largest share of the market.
