The global sensors market size was accounted at USD 204.80 billion in 2022 and it is anticipated to reach around USD 508.64 billion by 2032 with an expected CAGR of 8.4% from 2023 to 2032.
Ottawa, Jan. 20, 2023 (GLOBE NEWSWIRE) — According to Precedence Research, the global sensor market size is expected to hit around USD 226.91 billion in 2023. Rising automobile & machine production, IoT applications, and an inclination towards digitalization & process optimization in the private and industrial sectors drive the sensors industry. Furthermore, the development of novel technologies, including microelectromechanical systems, photoelectronic & optoelectronics, will propel industry development.
Asia Pacific has captured revenue share of more than 40% in 2022.
The North American sensors market is Expected to reach at a CAGR of 8.2% between 2023 to 2032.
By type, the biosensor segment has accounted revenue share of 11.93% in 2022.
Others type segment has generated revenue share of 60.45% in 2022.
By technology, the CMOS segment has held the maximum share in 2022.
By end user, the electronics segment has generated highest revenue share of 51% in 2022. However, industrial segment is expected to lead the market in the near future.
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The market is segmented into biosensors, optical, RFID, image, temperature, touch, proximity, pressure, and level sensors, among others. With a CAGR of 8.7% between 2023-32, the image sensor demand is anticipated to grow due to its increasing use in smartphones coupled with the growing demand for these devices. Moreover, on-demand photography is one of the key factors driving the development of image sensors to produce sophisticated cameras embedded in these devices.
In addition, the growing trend toward connected automobiles due to the increase in traffic accidents is fueling the demand for small, reliable, and affordable image sensors. These sensors are used in camera-based systems for driver monitoring, automated emergency braking, 360-degree surround vision, autonomous driving, video mirror, rearview, comfortable and secure riding, and more. Additionally, they are used widely in barcode scanners that are becoming more popular in the healthcare sector to obtain real-time …
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