USD 219.90 Bn growth in Sensor Market

The global sensor market size is expected to grow by USD 219.90 billion between 2021 and 2026. The market is anticipated to witness a year-over-year growth of 18.97% in 2022.

However, the growth momentum in the market is expected to decelerate at a CAGR of 16.81% during the forecast period. The report offers competitive intelligence about market leaders, key industry opportunities, trends and threats, information on marketing, brand, strategy and market development, sales, and supply functions.

By end-user, the electronics industry is exhibiting high demand for sensors. The growing global demand for smartphones, washing machines, air conditioners, water heaters, televisions, and other household appliances is driving the growth of the electronics segment. In addition, the incorporation of additional features such as gyroscopes, accelerometers, gesture recognition, biometrics, and motion detection in consumer electronics is fostering the growth of the segment.

In terms of geography, North America is generating maximum revenue in the market. The region currently holds 39% of the global market share. Factors such as increasing technological advancement, adoption of artificial intelligence in the manufacturing sector, and the adoption of automotive standards in the US and Canada are driving the growth of the sensors market in North America. In addition, the rapid growth of the consumer electronics, industrial, automotive, and healthcare sectors and the adoption of IoT in these industries are contributing to the growth of the regional market.