Sensor Fusion Market: Current Analysis and Forecast (2023-2030)
Emphasis on Type (Radar Sensor, Image Sensor, IMU, Temperature Sensor, Others; Technology (MEMS, NON-MEMS); Industry Vertical (Automotive, Healthcare, Electrical and Electronics, Military & Defense, and Military & Defense); and Region/Country
Sensor Fusion Market was valued at USD 6.72 billion in 2022 & is expected to grow at a CAGR of 18.99% from 2023-2030. The increasing sales of smartphones globally directly contribute to the expansion of the sensor fusion market. As smartphones continue to evolve, producers are constantly seeking out approaches to enhance the consumer experience by means of incorporating multiple sensors into their devices. Sensor fusion, which includes combining data from multiple sensors to improve accuracy and reliability, plays an important function in allowing numerous smartphone features and functionalities. For example, the integration of accelerometer, gyroscope, and magnetometer sensors enables correct movement monitoring, facilitating immersive gaming experiences and superior health monitoring programs. Moreover, the fusion of camera sensors with depth sensors or LiDAR technology allows advanced augmented reality (AR) competencies, developing a continuing mixture of digital and actual-world experiences. For instance, in 2022, according to the report published by SellCell, the total number of smartphones sold in the year 2009 was 172.38 million reached 1510.3 million in 2021, and is expected to reach 1676.1 million in 2027. Therefore, the growing demand for smartphones propels the demand for the sensor fusion market in the coming years.
Some of the major players operating in the market include Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, NXP Semiconductor, Infineon Technologies, Denso Corporation, Renesas Electronics Corporation, Aptiv, TDK Corporation, ST Microelectronics. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the radar segment dominated the market in 2022”
Based on type, the market is divided into radar sensors, image sensors, IMU, temperature sensors, and others. The radar segment dominated the market in 2022 and is expected to show the same trend in the forecast period. Radar sensors are usually used in object detection and tracking in aviation and other industries especially in extreme weather conditions where visibility is very low. Moreover, the radar sensor is precisely used in the autonomous vehicle to detect and track pedestrians, and other obstacles. Therefore, the rising aviation industry and the burgeoning adoption of autonomous vehicles cater to the demand for fusion sensors.
“Amongst technology, the MEMS segment is currently the leading the market in 2022”
Based on technology, the market is segmented into mems and non-mems. The mems is currently the leading segment and is expected to dominate the segment in the forecast period. The major factor for the growth of the segment is the rising demand for microelectronic devices due to the increasing demand for digital technologies in today’s era, the growing demand for automation in various end-user industries, and advancement in technologies. Additionally, MEMS sensors are produced using the batch fabrication process and leveraging semiconductor techniques.
“Amongst industry verticals, the automotive segment dominated the sensor fusion market in 2022”
Based on industry vertical, the market is bifurcated into automotive, healthcare, electrical and electronics, military & and defense, and industrial. Among these, the automotive segment has dominated the market in 2022 and is expected to follow the same pattern in the forecast period. The major factors behind the growth of the segment are the ongoing demand for advanced driver assistance systems (ADAS). The automotive industry has invested heavily in ADAS technology amid growing demand for improved vehicle safety and autonomous driving capabilities. Sensor fusion plays a vital role in ADAS by integrating data from ultrasonic, radar, camera, and lidar sensors. This integration improves data accuracy and reliability, enabling more complex ADAS functions to be developed
“Asia Pacific expedites highest CAGR for the sensor fusion market in 2022”
The Asia Pacific region would exhibit the highest CAGR during 2023-2030 owing to the growing demand for autonomous vehicles, the emergence of digitalization in countries such as India and China, and the increasing investments to build smart cities. One of the primary factors fueling the growth of the Asia Pacific sensor fusion market is the increasing demand for autonomous vehicle sales in the region particularly in Japan, and China. The aviation industry has also undergone a revolution and digitalization has disrupted traditional aviation approaches, improving protection, performance, and passenger experience. Sensor fusion performs an important function right here as well. By way of merging data from numerous sensors, along with weather radars, avionics systems, and surveillance systems, airways can make informed decisions, detect potential dangers, and improve standard situational recognition. For instance, in 2023, Air India, the Tata Group-owned airline recently placed a massive order of 470 aircraft with plane makers Airbus and Boeing in a deal value of USD 68 billion. Moreover, the rise of smart cities within the Asia Pacific region has fueled the demand for sensor fusion technology. Smart city tasks goal to leverage digitalization and IoT (Internet of things) to beautify urban residing, sustainability, and mobility. Sensors play a critical role in gathering information about site visitors, air quality, infrastructure, and public safety. By using data from diverse sensors, authorities can gain real-time insights, optimize aid allocation, and improve the overall excellent of life in these cities. For instance, in February 2023, the Indian government allocated USD 1717.36 million towards its smart cities mission and announced the establishment of an urban infrastructure development fund for smaller towns and reforms in urban planning and property tax to improve sustainability. Therefore, the Asia-Pacific region witnessing significant growth in the fusion sensor market and is expected to act in the same fashion in the forecast period.
Sensor Fusion Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global sensor fusion market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Sensor Fusion Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global sensor fusion market were the three major steps undertaken to create and analyze the adoption of sensor fusion in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global sensor fusion market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the sensor fusion market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the sensor fusion market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, car type, application, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the sensor fusion market. Further, we conducted factor analysis using dependent and independent variables such as type, technology, and industry vertical of the sensor fusion market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the sensor fusion market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global sensor fusion market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the sensor fusion market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global sensor fusion market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global sensor fusion market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the solution, application, and end-user in the global sensor fusion market.
The main objective of the Global Storage Tank Market Study
The current & future market trends of the global sensor fusion market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the sensor fusion market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the type, technology, and industry vertical
- Define and analysis of the regulatory framework for the sensor fusion industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the sensor fusion market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the sensor fusion market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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