Sensor Fusion Market to Reach $19.84 Billion, Globally, By 2030
However, lack of standardization hinders the market growth. On the other hand, surge in number of IoT and interconnected devices present new opportunities in the coming years.
According to the report, the global sensor fusion industry generated $3.55 billion in 2020, and is estimated to reach $19.84 billion by 2030, witnessing a CAGR of 19.7% from 2021 to 2030.
Production facilities in the electronics and semiconductors industry have been halted completely or partially due to lockdown measures and disrupted supply chains across the globe. This affected the overall production volumes of sensor fusion.
The demand from industry verticals such as automotive, industrial, consumer electronics, and others have been decreased significantly due to stoppage of daily activities during the lockdown. However, the demand is estimated to recover during the post-lockdown.
Market players have been rethinking their business strategies to ensure optimum continuity and adopting rapid response strategies for regulating the supply chain.
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