Sensor market projected to grow by USD 422.7 billion from 2024-2028

The global sensor market size is estimated to grow by USD 422.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  21.92%  during the forecast period. Rise in demand for IoT technology-based devices is driving market growth, with a trend towards rise in adoption of wearable devic.

Wearable gadgets, including smartwatches, smart bands, and headsets, have become increasingly popular in the consumer electronics industry. These devices, which are designed to be worn on the body, offer intelligent operation capabilities. In the healthcare sector, wearable electronics featuring sensors have gained significant traction, particularly in developing economies. Sensors, such as those found in fitness trackers, pulse oximeters, and medical-grade wearables, provide real-time health monitoring solutions with benefits like high accuracy, compact size, and resistance to electromagnetic radiation. The global sensor market is poised for growth due to the rising adoption of these devices.

The sensor market is thriving with innovative technologies like Humidity sensor tech, led by Molybdenum sulfide (MoS2), reducing detection time. Sensor components such as microcontrollers, transceivers, amplifiers, ADC & DAC, and NEMS are key players. Industries like Industrial IT & telecom, Aerospace & defense, and Consumer electronics are major consumers. Trends include Luna Ring tech for noise reduction, Glucowear for healthcare, Sensirion for surveillance cameras, and RFID sensors for retail. NEMS sensors in IT/telecom, industrial sector, and aerospace & defense sector are game-changers. Smart devices, healthcare, security, automotive, and industrial sensors market are growing. Smartphone OEMs and biomedical applications use MEMS technology-based sensors. Weather forecast systems and IoT platforms also leverage sensor tech.