The top 10 sensor market were valued at USD 72.7 billion in 2021 and are expected to reach USD 101.1 billion by 2026, at a CAGR of 6.8% during the forecast period. Among the end-user industries, consumer electronics, automotive, and healthcare are the major markets. Some of the reasons are the increasing demand for smart devices in consumer electronics, growing importance of measuring and controlling devices in these industries, and increasing concern toward security and surveillance in these sectors.
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Image sensor to dominate the market during the forecast period
Image sensors have recently found a major and evolving application in security & surveillance, automotive, and industrial sectors (especially in machine vision systems). These applications have recently started using cameras, creating a huge demand for image sensors. Earlier, only high-end cars had cameras installed, but now it is estimated that even low-end cars would have more than 10 cameras, which would assist the driver in safe driving. The developments and advancements in the technology of semiconductors have also helped in the development of complex image sensors that can take pictures without distorting the image quality.
“light sensor market to grow at a significant rate during the forecast period.”
The growing implementation of light sensor functions in smartphones and tablets is expected to support the growth of the light sensor market in the consumer electronics sector. Also, the demand from the automotive and home automation sectors is expected to drive the light sensor market. Functions such as gesture recognition, ambient light sensing (ALS), and proximity detection are expected to drive advancements in the automotive infotainment segment.
APAC is expected to highest CAGR during the forecast period
The top 10 sensor market in this region is projected to grow at the highest CAGR during the forecast period as well. The increasing production of motor vehicles in countries such as India, China, Japan, and South Korea, is significantly contributing to the growth of the sensor market in APAC. Moreover, increased usage of sensors in various industries, such as automotive, healthcare, petrochemical, oil and gas, and consumer electronics, as well as process industries, is expected to fuel the growth of the market in APAC.
In 2020, the Top 10 sensor market was dominated by Emerson Electric Co. (US), Honeywell (US), TDK Corporation (Japan), Texas Instruments (US), Apple (US), and Sony (Japan). A few strategies adopted by these players to compete in the top 10 sensor market include product launches and development, partnerships, and mergers and acquisition.