Sensor Fusion Market Size Worth USD 16.72 Billion by 2027 | CAGR of 19.6%: Emergen Research
- The growing use of sensor fusion technology in smartphone devices and rising demand for smart wearable devices are driving market growth
- Market Size – USD 4.06 billion in 2019, Market Growth - CAGR of 19.6%, Market Trends – The increasing need for high-end applications based on location detection
VANCOUVER, B.C., Sept. 30, 2020 /PRNewswire/ -- The Global Sensor Fusion Market is anticipated to reach USD 16.72 Billion by 2027, according to a new report by Emergen Research. The Sensor Fusion market is forecast to grow significantly due to the growing demand for smart wearable gadgets and high-end applications for location detection.
The rising use of sensor fusion in advanced automobiles like gasoline direct injections, vehicle stability, low emission engine, dynamic vehicle controls, rapid implementation of IoT technology, and expansion of self-driven or driverless cars is expected to fuel the market growth in the coming years.
Growing demand for various end-use applications, such as automotive, home automation, industrial and military, consumer electronics, and healthcare, among others, has significantly boosted the global market demand for sensor fusion.
Factors hindering the growth of the sensor fusion market are the rising complexity of sensor fusion algorithms requiring software overhead, additional processing capabilities, and technical standardization.
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Key Highlights From The Report
- Radar and image sensors are anticipated to grow at a significant CAGR of 19.8% in the forecasted timeframe. In several industries, excellent features like high accuracy and integrating multiple images into a single combo image radar drives the demand for the product.
- Micro-Electro-Mechanical technology-based solutions are anticipated to experience the highest growth rate through the forecast timeframe owing to the growing demand for image and radar-based products in vehicle safety systems.
- Due to the price, combined functionality, low power consumption, communication protocol, and flexibility with manufacturer products, the 6-Axis built-in sensor fusion dominates the market. Furthermore, due to applications in virtual reality and augmented reality games, robotics and autonomous vehicles, and attitude alignment, the 9-Axis segment has also witnessed an increased demand.
- The consumer electronics industry holds a significant share of the market through the forecast period. The home automation segment is projected to hold a substantial growth rate through the forecast period as sensor fusion is widely used for monitoring and controlling purposes in home automation applications using the various sensor. The substantial rising demand for home automation devices worldwide is expected to increase the global sensor fusion market.
- Asia Pacific region is anticipated to dominate the global sensor fusion market due to the rising demand for consumer electronics products and continually increasing demand for smart wearable due to the increasing number of tech-savvy people in emerging economies like China, Japan, and India. The Middle East and Africa region will experience sluggish growth due to the lack of advanced technology adoption by the population.
- The leading players in the market include Robert Bosch GmbH, Hillcrest Labs, Microchip Technologies Inc., Cummins, Inc., Kionix Inc., Renesas Electronics Corporation, MEMSIC Inc., Asahi Kasei Microdevices Corporation, STMicroelectronics, and BASELABS GmbH, among others.
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Emergen Research has segmented the global sensor fusion market based on type, technology, application, axis, end-use industry, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Radar and Image Sensors
- Temperature Sensors and Pressure Sensors
- IMU and GPS
- Inertial Combo Sensors
- Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Micro-Electro-Mechanical Systems
- Non-Micro-Electro-Mechanical Systems
Application Outlook (Revenue, USD Billion; 2017-2027)
- Smart Phones
- TV Remote
- PCs/Tablet
- Video Games
- Camera
- Wearable Devices
- Others
Axis Outlook (Revenue, USD Billion; 2017-2027)
- 9-Axis
- 6-Axis
- 3-Axis
End-Use Industry Outlook (Revenue, USD Billion; 2017-2027)
- Healthcare
- Automotive
- Home Automation
- Consumer Electronics
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
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