Sensors help in measuring physical attributes like temperature, pressure, and proximity and convert them into an electric signal, which can be measured and quantified. Various types of sensors like temperature sensors, pressure sensors, touch sensors, motion sensors, etc. are used in smartphones, wearables, industrial equipment, automobiles, and IoT devices to measure and gather physical data about the environment.
The global sensor market is estimated to be valued at US$ 261.41 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in wireless connectivity technologies like Wi-Fi, Bluetooth, Zigbee, and LoRa have enabled the development of wireless sensor nodes and networks. Wireless sensors have the advantage of easy installation and provide greater flexibility compared to wired sensors. They are largely being used in IoT applications for smart agriculture, smart cities, industrial automation, smart homes, etc. The availability of low-power wide-area network (LPWAN) technologies has further propelled the adoption of wireless sensors. Long-range wireless technologies allow sensors to transmit data over large areas with low power consumption. This is driving the demand for wireless sensor nodes and networks and contributing to the growth of the overall sensor market.
Strength: Sensor technology is advancing rapidly allowing for better precision and accuracy. New applications in areas like autonomous vehicles are driving significant innovation.
Weakness: Developing highly accurate and reliable sensors for new frontiers like space exploration poses technical challenges and risks. Sensor miniaturization remains an ongoing area of research and development.
Opportunity: The adoption of IoT, AI and connected devices across industries is opening up massive opportunities for sensor integration. Advancing healthcare through remote patient monitoring also provides opportunities.
Threats: Geopolitical issues could disrupt supply chains for raw materials. Increased low-cost competition from emerging economies poses pricing pressures.
Global Sensor Market Size is expected to witness high growth over the forecast period driven by increasing applications across various industries like consumer electronics, automotive, healthcare among others. The global sensor market is estimated to be valued at US$ 261.41 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
Asia Pacific region currently dominates the global sensor market and is expected to witness the fastest growth over the forecast period supported by a large consumer base, reducing production costs and growing domestic manufacturing in countries like China and India. North America and Europe are established markets for sensors and continue to invest heavily in research and development for next generation sensor technologies.
Key players operating in the sensor market are EverZinc, S. Zinc, Numinor Chemical Industries Ltd., Hanchang, Silox India Private Limited, Metal Powder Company Limited (MEPCO), Toho Zinc Co., Ltd., Hakusui Tech Co., Ltd., Pars Zinc Dust Manufacturing Co. (PZD), and Jiangsu Shenlong Zinc Industry Co., Ltd. Major players are investing in expanding their product portfolios and manufacturing footprints especially in Asia to capitalize on the high growth opportunities. Strategic partnerships are also being formed to develop highly specialized sensors for emerging applications.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it