Global Sensor Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Sensor Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

A sensor is a device that produces an output signal for the purpose of sensing a physical phenomenon. In the broadest definition, a sensor is a device, module, machine, or subsystem that detects events or changes in its environment and sends the information to other electronics, frequently a computer processor. Sensors are used in everyday objects such as touch-sensitive elevator buttons (tactile sensors) and lamps that dim or brighten by touching the base, and in innumerable applications of which most people are unaware. With advances in micromachinery and easy-to-use microcontroller platforms, sensors have expanded beyond the traditional fields.

Market Overview:

The latest research study on the global Sensor market finds that the global Sensor market reached a value of USD 179331.29 million in 2023. It’s expected that the market will achieve USD 287605.01 million by 2029, exhibiting a CAGR of 8.19% during the forecast period.

The growth of the sensor market is driven by the demand market. With the development of the global economy and the advancement in technology, growing market demand plays an active role in the expansion of the Sensor market. Higher product quality and wider uses including the medical field, will be the future growth opportunities of this market, At the same time, High R&D capital investment may become riskier. This may become a factor hindering market growth.

Prominent factors that impact the sensor market growth include an increase in demand for IoT technology-based devices, advancements in sensors, an increase in the use of smartphones and other electronic devices, and so on. IoT sensors market high demand for connected are factors propelling the sensor growth. The Internet of Things (IoT) describes devices with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks. Increasing use of sensors in IoT applications due to cost and size reduction, and technological advancements. In addition, IoT sensors are used to measure physical, chemical, or biological quantities with accuracy and repeatability. Their reliability has resulted in widespread adoption and use across various industries ranging from healthcare to infrastructure to manufacturing.

The price of sensors is high, particularly, if they're excessive-precision or specialized. The use of the sensor cost is also relatively high, after the purchase of the product also requires high installation and maintenance costs, otherwise, it will affect the normal use of equipment. Besides, sensors have their own disadvantages when used, sensors may be fragile and can want to be covered from bodily harm or severe temperatures and be tormented by interference from different sources, electromagnetic fields, or sensors. In addition, sensors also require ordinary calibration to make certain accuracy and sensors might also have restrained ranges. Especially, sensors also enhance privacy issues if they're used to collect non-public records, together with area or biometric information.

Region Overview:

In 2022, the share of the Sensor market in Asia Pacific stood at 35.28%.

Company Overview:

Keyence Corporation
Keyence Corporation is a Japan-based direct sales organization that develops and manufactures equipment and solutions for factory automation, sensors, measuring instruments, vision systems, barcode readers, laser markers, and digital microscopes. Keyence is fabless — although it is a manufacturer; it specializes solely in product planning and development and does not manufacture the final products. Keyence products are manufactured at qualified contract manufacturing companies. As a leading supplier of sensors, measuring systems, laser markers, microscopes, and machine vision systems worldwide, KEYENCE is at the forefront of factory automation.

Will Semiconductor Co., Ltd.

OmniVision Technologies Inc. is an American subsidiary of Chinese semiconductor device and mixed-signal integrated circuit design house Will Semiconductor. [The company designs and develops digital imaging products for use in mobile phones, laptops, netbooks and webcams, security and surveillance cameras, entertainment, automotive, and medical imaging systems. Headquartered in Santa Clara, California, OmniVision Technologies has offices in the US, Western Europe and Asia. Since being founded in 1995 OMNIVISION has been at the leading edge of technology, developing and delivering advanced digital imaging, analog, and touch & display solutions for multiple applications across several industries. As a global fabless semiconductor organization, OMNIVISION's award-winning innovative technologies have enabled smoother human/machine interfacing solutions within the automotive, medical, security & surveillance, computing, mobile phone, and emerging technology spaces.

Keyence Corporation is one of the major players operating in the Sensor market, holding a share of 1.50% in 2023.

Segmentation Overview:

By type, Optical Sensor segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Consumer Electronics segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Sensor market covered in Chapter 3:

Hans Turck GmbH & Co. KG
Will Semiconductor Co., Ltd.
Baumer Group
NXP Semiconductors N.V.
Texas Instruments Incorporated
Omron
BorgWarner Inc.
Rockwell Automation Inc.
Honeywell International Inc.
TE Connectivity Ltd
Sick AG
Bosch
Siemens AG
STMicroelectronics N.V.
Yageo Group
WIKA Alexander Wiegand SE & Co. KG
TDK Corporation
AMETEK.Inc
Denso Corporation
Pepperl+Fuchs GmbH
Murata Manufacturing Co., Ltd.
Infineon Technologies AG
Balluff GmbH
Amphenol Corporation
Keyence Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Sensor market from 2019 to 2030 is primarily split into:

Radar Sensor
Optical Sensor
Biosensor
Image Sensor
Temperature Sensor
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Sensor market from 2019 to 2030 covers:

Automotive
Consumer Electronics
Energy
Industrial
Medical and Wellness
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)