The Global Sensor Fusion Market size is expected to reach $10 billion by 2027, rising at a market growth of 17.8% CAGR during the forecast period.
Sensor fusion is the integration of many sensors to obtain more accurate and reliable data rather than using individual sensors. In addition, sensor fusion occurs when two or more sensors are combined to produce a better result. It overcomes the limitations of individual sensors by gathering and fusing data from a variety of sensors to provide quality information. This reliable data is then used to make decisions or take specific actions.
Increased sales of self-driving automobiles and a rise in the number of portable and wearable electronic gadgets are two notable factors driving the growth of the sensor fusion market. Furthermore, as the number of electric vehicles on the road grows, the demand for sensor fusion would also grow. The market is growing due to the shrinking of electronic components to conserve space and the design of tiny electronic gadgets. In addition, digitalization and the application of sensor fusion in robots is becoming more prevalent across the world.
When processing is moved to a domain controller, sensors take approximately 30 percent less space and weigh 30 percent less. A camera's footprint is lowered from the size of a deck of cards to the size of a pack of chewing gum for comparison. OEMs have more alternatives in car packaging by keeping sensors as small as feasible.
With Satellite Architecture, where all data from sensors is shared centrally, active safety applications in the domain controller have additional opportunities to use it. Companies can even use artificial intelligence (AI) tools to extract useful data from data that would otherwise be thrown away. The correct AI can learn from it, which aids companies in solving difficult corner cases that their customers confront.
The COVID-19 pandemic has impacted various domains of the business as well as society. This pandemic has negatively impacted the supply chain, the stock market, corporate confidence, and instilling fear in customers. The imposition of various restrictions like complete lockdown has resulted in the temporary ban on the manufacturing units owing to the unavailability of workforce and raw materials, which have negatively impacted the production as well as demand for the sensor fusion in the market.
Since the burden on healthcare system has increased due to the pandemic, the demand for various medical devices has also surged in the market, which would further augment the need for sensor fusion. The introduction of COVID-19 has slowed the sensor fusion market's growth in 2020. However, during the recovery phase, the sensor fusion market is estimated to witness a significant demand owing to the surging demand for various smart devices and automobiles.
With the rising technological advancements, the demand for sensor fusion would surge since it helps in creating more accurate sensor mechanism in order to improve advanced system performance or fix modern applications. Sensor fusion technology is a sub-discipline of data fusion that is commonly referred to as multisensory data fusion or advanced sensor-data fusion. Several scientific research setups, current camera systems, and primary image processing are using this sensor-data fusion.
Many new challenges in the field of image sensors can be overcome. The ever-increasing demand for new-generation smartphones with advanced features and modern integrated sensors is contributing to the growth of the sensor fusion market. There is an increase in the demand for image sensors from the manufacturers of various smart devices. A standard arrangement is now used by most digital cameras: A pixel array stands atop a 2D Bayer arrangement of RGB colour filters. A photodetector is built into each pixel, which absorbs filtered light to produce one of the primary colours.
Due to the existence of multiple electrical components, self-driving automobiles are vulnerable to hacking. Self-driving automobiles can be hampered by hackers imitating another person or vehicle in front of them. This prevents the software platform from acting in a timely manner. Because they are vulnerable to hacking, hackers can take control of various applications such as infotainment systems, adaptive cruise control, and emergency braking systems. For example, Fiat Chrysler recalled 1.4 million vehicles in 2015 owing to safety concerns.
On the basis of technology, the sensor fusion market is bifurcated into MEMS and non-MEMS. The non MEMS segment acquired a significant revenue share in the sensor fusion market in 2020. Non-MEMS based devices are also utilized in healthcare and life science industry. These devices are easily commercialised for small volume sample analysis and in-vivo measurement in chemical and biological processes, as well as mesoscale machines.
Based on type, the sensor fusion market is segmented into Radar Sensors, Image Sensors, IMU, Temperature Sensor and others. Radar sensors segment garnered a significant revenue share in the sensor fusion market in 2020. These kinds of sensors are microwave echo signal converters that convert microwave echo signals to electrical signals. They detect motion using wireless sensing technology by determining the object's position, shape, motion characteristics, and trajectory.
By end user, the sensor fusion market is segmented into Automotive, Healthcare, Consumer Electronics, Military & Defense and Industrial. The consumer electronics segment acquired the maximum revenue share in the sensor fusion market in 2020. This is due to the rise in the amount of apps for smartphones, tablets, and wearables. In addition, the increase in the disposable income of the consumers would surge the demand for various consumer electronics.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3.6 Billion |
| Market size forecast in 2027 | USD 10 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 17.8% from 2021 to 2027 |
| Number of Pages | 239 |
| Number of Tables | 383 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Technology, Type, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the sensor fusion market is analyzed across North America, Europe, Asia Pacific and LAMEA. The Asia Pacific region emerged as the leading region in the sensor fusion market with the largest revenue share in 2020. Due to the expanding acceptance of autonomous vehicles, severe government regulation, and increasing dominance in the semiconductor industry, this region became one of the most important locations for sensor fusion in autonomous applications.
Free Valuable Insights: Global Sensor Fusion Market size to reach USD 10 Billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; STMicroelectronics N.V., Robert Bosch GmbH, Asahi Kasei Corporation and Analog Devices, Inc. are the forerunners in the Sensor Fusion Market. Companies such as CEVA, Inc., TDK Corporation (InvenSense, Inc.), Renesas Electronics Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Analog Devices, Inc., Renesas Electronics Corporation, TDK Corporation (InvenSense, Inc.), STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Asahi Kasei Corporation, Robert Bosch GmbH, CEVA, Inc., and MEMSIC Semiconductor Co., Ltd. (IDG Capital Investment Consultant Beijing Co Ltd.).
By Technology
By Type
By End User
By Geography
The sensor fusion market size is projected to reach USD 10 billion by 2027.
Increasing technological advancements and applications are driving the market in coming years, however, high chances of technical glitches in the electronic braking system limited the growth of the market.
Analog Devices, Inc., Renesas Electronics Corporation, TDK Corporation (InvenSense, Inc.), STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Asahi Kasei Corporation, Robert Bosch GmbH, CEVA, Inc., and MEMSIC Semiconductor Co., Ltd. (IDG Capital Investment Consultant Beijing Co Ltd.).
The IMU market acquired maximum revenue share in the Global Sensor Fusion Market by Type 2020, thereby, achieving a market value of $3.5 billion by 2027.
The Healthcare market shows highest growth rate of 17.4% during (2021 - 2027).
The Asia Pacific market region shows high market share in the Global Sensor Fusion Market by Region 2020, and would continue to be a dominant market till 2027.
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