The sensor fusion market all over the world was estimated at USD 2.25 billion in 2017 and is poised to reach a valuation of USD 6.37 billion by 2023, says Market Research Future (MRFR). MRFR also reports that the market can attain a growth rate of 19.45% between 2018 and 2023, which is the forecast period.
Top Drivers and Key Challenges:
Fusion sensors make it possible to derive error-free information from sensors, which are usually prone to inaccuracy, owing to working in a noisy environment. Fusion sensors gather information backed by the combination of different sensors present on the system board that act as standalone sensors. It also facilitates data analysis, using the combination of various sensors to enhance the system performance, and hence finds widespread use in diverse applications. Sensor fusion is picking up immense speed in the worldwide market, given its outstanding properties as well as advancements.
In today’s times, almost every smartphone is equipped with various sensors that help gather accurate indoor positioning information. Therefore, given the surging number of smartphones across the globe, the market for sensor fusion is projected to have a successful run throughout the review period.
Some of the prominent companies making their mark in the worldwide market for sensor fusion are STMicroelectronics (Switzerland), Baselabs (Germany), Robert Bosch GmbH (Germany), Cummins, Inc. (US), NXP Semiconductor N.V. (Netherlands), Kionix, Inc. (Japan), Analog Device, Inc. (US), Senion (Sweden), Microchip Technologies Inc. (US), Renesas Electronics Corporation (Japan), MEMSIC, Inc. (US), to mention a few.
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The worldwide market for sensor fusion has been extensively evaluated on the basis of segments like technology, product type, axis, and application.
Given the technology segment, the market has been split into MEMS and non-MEMS. Non-MEMS technology has the potential to garner the fastest growth rate during the review period, on account of the mounting demand for radar and image-based products in automotive safety systems.
Depending on the product type, the market consists of accelerometer + magnetometer, inertial combo sensor, environmental sensor, accelerometer + magnetometer + gyroscope, and others.
Axis-wise, the market has been considered for 6-axis and 9-axis.
The market, by application, caters to automotive, medical, home automation, consumer electronics, military, and others. Surging penetration and the use of smartphones all over the world make consumer electronics the highest gaining segment in the market.
The sensor fusion market has been geographically distributed into North America, Asia Pacific (APAC), Europe, in addition to the Rest of the World (RoW).
North America has taken the second lead in the global sensor fusion market, backed by the high concentration of renowned automotive companies among others. Canada and the United States (US) are the most developed countries in the region, with high focus on research and development (R&D), in addition to being early adopters of modern technologies. These factors make these countries the most profitable markets for sensor fusion in North America.
Major Highlights of TOC Covers:
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