Advanced Sensor Market Report

Market Insights

The Advanced Sensor Market is estimated to grow from USD 1.8 billion in 2020 to USD 2.8 billion by 2026 at a healthy CAGR of 7.6% during the forecast period.

Figure: Global Advanced Sensor Market Size, 2020-2026 (USD Million)

Wish to know more about the study? Click here to get a free sample.

What is an Advanced Sensor?

A sensor is a device which is used to detect an occurrence of any event or change in environmental condition, and if found, it provides a corresponding output. Advanced sensors are the smart sensors which is grouping of simple sensor and meddling circuits. These smart sensors are primarily used for digital applications, namely for converting analog to digital signals.

Key Players

Key players operating in the global advanced sensor market are-

• ABB (Switzerland),
• Honeywell International (The U.S),
• Eaton (Ireland),
• Baumer Customer Sensor and Technologies (The U.S),
• Balluf (Germany),
• Analog Devices (The U.S),
• Infineon Technologies (Germany), and
• NXP Semiconductors. (Germany).

Market Dynamics

Growing demand for advanced sensors in automobile, industrial, and consumer electronics along with technological developments to cater to advanced modern requirements, are likely to boost the market growth. Also, the rising adoption of advanced sensors in defense and healthcare for advanced security solutions and target detection in military drones and aircraft further augments the product demand. However, lack of privacy and product complexity is expected to hinder the industry growth in the following years.

Segments Analysis

End-Use Trends

Based on end-use, the advanced sensor market is categorized into industrial, consumer electronics, medical, automotive, security and defence, entertainment.

• The consumer electronics segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline.
• The consumer electronics sector is a dynamic sector with growing competition among players.
• Advanced sensors such as temperature, motion, touch, image, and pressure sensors are the vital components uses in all these products to ensure comfort and control for the user, among others, thus bolstering the segment growth.

Regional Trends

By region, the Asia-Pacific market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to the strong presence of key players in China, South Korea, and Taiwan. Also, a robust consumer electronic base, favourable government investments, easy availability of raw material, and strong automobile sector, further proliferates the regional market growth.

COVID-19 Impact on Global Advanced Sensor Market

The COVID-19 outbreak has moderately affected the advanced sensor industry. This is mainly due to soaring coronavirus cases, implementation of stringent lockdown measures, and limited movement of people to curb the spread of the virus. Stringent government regulations on people gathering and traveling barriers have largely affected the demand for vehicles.

Critical Questions Answered in the Report

• What are the key trends in the global advanced sensor market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on the global advanced sensor market?
• What are the key strategies adopted by the major vendors to lead in the global advanced sensor market?
• What is the market share of the top vendors?

Get the full scope of the report. Register Here

Target Audience

The following is a list of the customers that the Advanced Sensors market aims to convert the most:

• Advanced sensor vendors
• Advanced sensor retailers
• Consumer electronic companies
• Automotive companies

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.