February 23, 2024
Global Sensor Market

Sensor Market Is Expected To Be Flourished By The Growing Adoption Of Iot Technologies

Sensor plays a vital role in controlling, measuring and detection of physical parameters and converting them into an electrical signal. Sensors are widely used in consumer electronics, automotive, healthcare, industrial, aviation and other sectors. Miniaturization of sensors and advancement in sensor technologies has enabled integration into various devices and IoT applications. For example, sensors integrated in smartphones allow touchscreen functionality, fingerprint recognition, gesture control, ambient light sensing and other functions. Growing adoption of IoT technologies across industries is driving the demand for various types of sensors. IoT allows inter-connection of physical devices embedded with sensors to share data over the internet. This enables remote monitoring and management of systems and equipment. According to a report published by Cisco, the number of IoT connected devices is expected to grow to 500 billion by 2030.

The global sensor market is estimated to be valued at US$ 261.41 Mn  in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the major drivers for the growth of sensor market is the growing adoption of IoT technologies. IoT is allowing interconnectivity between devices and systems through integration of various types of sensors. This is enabling real-time data collection and monitoring across industries. For example, sensors integrated in HVAC equipment in buildings allow remote monitoring and controlling of temperature, humidity and air quality. IoT based smart agriculture uses sensors to monitor soil conditions, humidity, temperature to optimize usage of resources. Another driving factor is the advancement in miniaturization and MEMS technologies. Miniaturization of sensors has allowed their integration into smaller and portable devices. This is increasing their usage in applications like wearables, hearables and home appliances. Miniaturized sensors reduce manufacturing costs and allow multi-functional capabilities.

Segment Analysis
The global sensor market is dominated by the consumer electronics sub-segment. With the growing adoption of smart home devices as well as advancements in consumer electronics like smartphones, the demand for sensors has increased substantially for functions like gesture recognition, detection of proximity and environment related data. Most consumer electronic devices now come equipped with various sensors which is driving the growth of this sub-segment.

PEST Analysis
Political: The sensor market is positively impacted by government regulations and initiatives towards developing smart infrastructure and cities. Many countries offer subsidies and tax benefits for sensor technology adoption.
Economic: The overall economic growth has increased discretionary spending on consumer electronics and automotive, boosting demand for various types of sensors. However, high initial costs could hinder market growth.
Social: Rising health awareness and increasing elderly population have augmented the demand for wearable sensors for health monitoring. Further, growing consumer preference for convenience and connectivity is propelling the smart home devices market.
Technological: Advancements in MEMS technology, nanotechnology, IoT, AI and cloud computing are expanding the potential applications of sensors. Miniaturization of sensors is also allowing their integration into new form factors.

Key Takeaways
Global Sensor Market Size is expected to witness high growth over the forecast period, driven by increasing adoption across various end-use industries like consumer electronics, automotive, industrial and healthcare. The global sensor market is estimated to be valued at US$ 261.41 Mn  in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.

Regional analysis:

North America currently dominates the global sensor market owing to rapid technological advancements and growing research activities in the region. The Asia Pacific region is expected to witness the fastest growth in the coming years led by China, Japan and other developing economies of the region on account of improving macro-economic factors and rising population.

Key players:

Key players operating in the sensor market are EverZinc, S. Zinc, Numinor Chemical Industries Ltd., Hanchang, Silox India Private Limited, Metal Powder Company Limited (MEPCO), Toho Zinc Co., Ltd., Hakusui Tech Co., Ltd., Pars Zinc Dust Manufacturing Co. (PZD), and Jiangsu Shenlong Zinc Industry Co., Ltd. These players are focusing on new product development and mergers & acquisitions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it