Global Multi-Axis Sensor Market 2023-2030

Global Multi-Axis Sensor Market 2023-2030

Global Multi-axis Sensor Market Size, Share & Trends Analysis Report by Type (Workforce Scheduling and Workforce Analytics, Time and Attendance Management, Performance and Goal Management, Absence and Leave Management, and Others) by Deployment Mode (On-premise, and Cloud) by Enterprise Size (Large Enterprises, and Small and Medium Enterprises) and by End User (BFSI, Consumer Goods and Retail, Automotive, Energy and Utilities, Healthcare and Life Sciences, Manufacturing, and Others) Forecast Period (2024-2031)

The global multi-axis sensor market is anticipated to grow at a CAGR of 25.7 % during the forecast period (2024-2031). The market’s growth is attributed to the growing demand for technological advances in sensor integration. Continuous improvements in sensor integration technologies help to drive the multi-axis sensor industry. The MiniONE Pro demonstrates how advanced sensing capabilities can be simply incorporated into a small package, reflecting larger developments in sensor technology. For instance, in June 2023, Bota Systems, launched the MiniONE Pro. This advanced six-axis force-torque sensor offers exceptional sensitivity and compactness, empowering small robotic systems with enhanced feedback capabilities. The MiniONE Pro is a sensor that connects robot arms and probes, providing sensitive feedback and precise measurements.

Segmental Outlook

The global multi-axis sensor market is segmented on the type, and application. Based on the type, the market is sub-segmented into MEMS gyroscopes, MEMS accelerometers, digital compass, motion sensor combos, and others (force and tactile sensors, and tilt sensors). Furthermore, on the basis of end-user, the market is sub-segmented into consumer electronics, automotive, aerospace and defense, medical and healthcare, industrial and manufacturing, and others (navigation and geolocation, and marine and underwater applications). The MEMS accelerometers subcategory is expected to capture a significant portion of the market share within the type segment. The growth can be attributed to the growing demand for efficiency in healthcare. The globally healthcare sector's growing reliance on precision instruments and gadgets drives up demand for advanced sensors such as the ADXL367. The requirement for precise mobility data in vital sign monitoring is consistent with the broader trend of improving patient care through technology. in May 2022, Analog Devices, Inc. (ADI) has released a three-axis MEMS accelerometer designed for a wide range of healthcare and industrial applications, including vital signs monitoring, hearing aids, and motion-enabled metering devices. The ADXL367 accelerometer enhances power consumption, noise performance, and field time, enhancing battery life and reducing maintenance frequency and cost.

The MEMS Gyroscopes Sub-Segment is Anticipated to Hold a Considerable Share of the global Multi-axis Sensor Market

Among the type, the MEMS gyroscopes sub-segment is expected to hold a considerable share of the global multi-axis sensor market. The segmental growth is attributed to the growing demand for technological advancements in MEMS gyroscope. Continuous technical developments in MEMS gyroscope technology propel innovation in the globally multi-axis sensor market. The development of temperature-resistant and lightweight sensors demonstrates the industry's commitment to pushing technological frontier areas. For instance, in November 2022, TDK Corp. launched the Smart Automotive line of ASIL and non-ASIL motion sensors and the availability of InvenSense IAM-20380HT high temperature automotive monolithic 3-axis Motion Tracking sensor platform solution for non-safety automotive applications, that includes the IAM-20380HT 3-axis MEMS gyroscope and the DK-20380HT developer kit. Furthermore, IAM-20380HT is a lightweight, temperature-resistant gyroscope suitable for various automotive non-safety applications, including navigation, vehicle tracking, telematics, door control, and vision systems.

Regional Outlook

The global multi-axis sensor market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the rapidly expanding car sector and urbanization.

The North America Region is Expected to Grow at a Significant CAGR in the global Multi-axis Sensor Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the increasing demand for industrial internet of things (IIoT) across the region. The MEMS sensors are the basis of the IIoT, enabling data-driven decision-making in businesses. Pressure, temperature, and vibration sensors monitor machinery health, optimize operations, and increase overall industrial efficiency. According to MDPI, in March 2023, the current market size value of MEMS in 2022 is 14.32 billion USD, and it is projected to reach 75 billion USD by 2032, with a global growth rate of 18.01% from 2022-2032. Advancements in new technology, such as sensor fusion, big data, AI, and the industrial internet of things, have created opportunities for new application areas, including smart homes, connected cars, and autonomous vehicles. MEMS components encompass microelectronics, microactuators, microsensors, and microstructures, all integrated into a single chip, with microsensors detecting physical parameters and microelectronics processing the collected information. The calibration and packaging processes of MEMS components are complex due to their integration with application-specific integrated circuits (ASICs), that serve as electrical interfaces for analog and digital information transmission. However, it is important to note that this paper solely focuses on MEMS-based sensors.

Market Players Outlook

The major companies serving the multi-axis sensor market Parker Hannifin, L3Harris Technologies, Inc., STMicroelectronic, Robert Bosch GmbH, Texas Instruments Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2021, PNI Sensor has launched a new gyro-stabilized digital magnetic compass that combines high-sensitivity magnetometers with a high-stability 3-axis MEMS accelerometer and 3-axis MEMS gyroscope to provide accurate heading and orientation for UAVs (unmanned aerial vehicles) and robotics in any environment.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global multi-axis sensor market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.