Rise in demand for integrated sensors in smartphones, increase in demand for ADAS systems, and miniaturization of electronic components drive the growth of the global sensor fusion market.
PORTLAND, Ore., Sept. 20, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Sensor Fusion Market By Type (Radar Sensors, Image Sensors, IMU, Temperature Sensor, and Others), Technology (MEMS and Non MEMS), and Industry Vertical (Automotive, Healthcare, Consumer Electronics, Military & Defense, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global sensor fusion industry generated $3.55 billion in 2020, and is estimated to reach $19.84 billion by 2030, witnessing a CAGR of 19.7% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Rise in demand for integrated sensors in smartphones, increase in demand for ADAS system, and miniaturization of electronic components drive the growth of the global sensor fusion market. However, lack of standardization hinders the market growth. On the other hand, surge in number of IoT and interconnected devices present new opportunities in the coming years.
Production facilities in the electronics and semiconductors industry have been halted completely or partially due to lockdown measures and disrupted supply chains across the globe. This affected the overall production volumes of sensor fusion.
The demand from industry verticals such as automotive, industrial, consumer electronics, and others have been decreased significantly due to stoppage of daily activities during the lockdown. However, the demand is estimated to recover during the post-lockdown.
Market players have been rethinking their business strategies to ensure optimum continuity and adopting rapid response strategies for regulating the supply chain.
The IMU Segment to Offer Lucrative Opportunities
Based on type, the IMU segment held the highest share in 2020, accounting for nearly two-fifths of the global sensor fusion market, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to register the fastest CAGR of 20.6% from 2021 to 2030. This is due to high number of products utilizing these sensors for the accuracy of results. The research also analyzes the segments including radar sensors, image sensors, temperature sensors, and others.
The Consumer Electronics Segment to Continue Its Dominance during the Forecast Period
Based on industry vertical, the consumer electronics segment accounted for the highest share in 2020, contributing to nearly one-third of the global sensor fusion market, and is projected to continue its dominance in terms of revenue during the forecast period. This is due to increase in number of applications such as smartphones, tablets, and wearable devices. However, the automotive segment is expected to witness the highest CAGR of 21.1% from 2021 to 2030. This is attributed to surge in usage of sensor fusion in autonomous vehicles.
North America to Continue Its Lead Position By 2030
Based on region, North America contributed to the highest market share in 2020, holding nearly two-fifths of the global sensor fusion market, and is projected to continue its lead position by 2030. This is due to early adoption of technologies and the high penetration of sensor fusion in autonomous vehicles. However, Asia-Pacific is expected to portray the largest CAGR of 21.2% during the forecast period, owing to huge consumer base and high adoption of consumer devices.
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