Sensor Market to Reach $345.77 Bn, Globally, by 2027

Rise in trend of Internet of Things (IoT), increase in demand for sensors in development of smart cities, advancement in sensors and its growing usage in smartphones, and other electronics devices, and emerging applications of radar in remote sensing fuel the growth of the global sensor market. On the other hand, the fact that sensors reduce the lifespan of devices restrains the growth to some extent. However, surge in adoption of wearable devices and emergence of innovative applications in the biomedical sector are anticipated to pave the way for lucrative opportunities in the industry.

Based on type, the radar sensor segment contributed to nearly one-fifth of the global sensor market share in 2019, and is expected to lead the trail by 2027. Increase in adoption of radar sensors for various applications and their safety & assistance features fuel the segment growth. The image sensor segment, on the other hand, would register the fastest CAGR of 10.6% throughout the forecast period. This is because these sensors are extensively used in industrial quality control applications.

Based on region, Asia-Pacific, followed by North America, held the major share in 2019, generating around half of the global sensor market. The same region would also exhibit the fastest CAGR of 9.9% from 2021 to 2028. This is attributed to the high-end technological advancements and a rise in the automotive standards in developing countries such as India, China, and Indonesia.