Sensor Fusion Market worth $18.0 billion by 2028 - Exclusive Report by MarketsandMarkets™
Consumer Electronics end use applications accounted for a larger share of the sensor fusion market in 2023.
CHICAGO, June 12, 2023 /PRNewswire/ -- The sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8% during the forecast period according to a new report by MarketsandMarkets™. The market growth is attributed to the increasing demand for integrated sensors in smartphones and increasing demand for smart homes and building automation. Furthermore, the growing demand for advanced driver assistance systems (ADAS) and the deployment of autonomous vehicles is expected to create lucrative opportunities for the market.
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Browse in-depth TOC on "Sensor Fusion Market"
80 – Tables
45 – Figures
240 – Pages
Sensor Fusion Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$8.0 billion |
|
Estimated Value by 2028 |
$18.0 billion |
|
Growth Rate |
Poised to grow at a CAGR of 17.8% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Algorithms, Technology, Offering, End-Use Application and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Security and safety concern |
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Key Market Opportunities |
Growing demand for advanced driver assistance systems (ADAS) and deployment of autonomous vehicles |
|
Key Market Drivers |
Increasing demand for integrated sensors in smartphones |
Consumer Electronics end use applications accounted for a larger share of the sensor fusion market in 2023.
The consumer electronics segment is a major market for sensor fusion. A wide range of consumer electronics devices use sensors, including smartphones, tablets, wearables, and gaming equipment. Sensor fusion technology is used in these devices to provide logically fused data from different sensors for various applications such as gesture recognition, image stabilization, navigation, and motion-based gaming.
Software is expected to grow at the highest CAGR in the forecast period.
The software segment is expected to grow at a higher CAGR during the forecast period. Sensor fusion software can be used in various applications, including robotics, autonomous vehicles, and virtual reality. In robotics, sensor fusion software combines data from sensors such as cameras, lidars, and sonars to create a more accurate representation of the environment, The robots can then use this information to navigate their surroundings and perform tasks. The process of sensor fusion can be implemented using AI-based and non-AI-based software.
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Asia Pacific market accounted for the highest CAGR in the sensor fusion market during the forecast period.
Asia Pacific is projected to dominate the market and record the highest CAGR during the forecast period due to the increasing sensor fusion applications in several verticals, such as consumer electronics, autonomous vehicles, and medical. The market growth in the region is also expected to be driven by the increasing demand for sensor fusion in China, Japan, and India and for the growing use of sensor fusion in autonomous vehicle applications. China is expected to be the largest market for sensor fusion in the Asia Pacific. The reason for the highest growth for the sensor fusion market in APAC is that this region is one of the largest manufacturing hubs for consumer electronics and automobile production in the world, and the growing integration of sensor fusion systems in consumer electronics and automobile application systems will boost sensor fusion industry in this region.
Key players
Key players in the sensor fusion companies include STMicroelectronics (Switzerland), InvenSense, Inc. (US), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), Bosch Sensortec GmbH (Germany), Analog Devices, Inc. (US), Renesas Electronics Corporation. (Japan), Amphenol Corporation (US), Texas Instruments (US), and Qualcomm Technologies, Inc. (US), among others.
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