The global report on the sensor market reveals the possibility of acquiring USD 222.67 bn valuation by the end of 2023 while registering a CAGR of 8.37% during the forecast period of 2018 to 2023. Market Research Future (MRFR), in its report, included discussion on factors like the rising of inclusion of advanced technologies, surging investment in defense, consumer electronics, and healthcare, support from the developing regions, improving the state of disposable income, use of smart technologies, and others.
However, complexity, reliability, and the high price of the end product can deter the market from having a smooth growth.
TE Connectivity Ltd., STMicroelectronics NV, NXP Semiconductors NV, Infineon Technologies AG, Qualcomm Technologies Inc., Robert Bosch GmbH, Microchip Technology Inc., Texas Instruments Inc., Honeywell International Inc., ROHM Semiconductor, and Taiwan Semiconductor Manufacturing Co. Ltd. are some of the major players involved in devising strategies for the market.
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In August 2020, Iowa State University researchers announced that they are researching to develop a no-touch, fast-scan test for COVID-19. The testing with this tool depends on applying samples on printed resonant sensors on paper, which can then be sent to a collection center to get results. The diagnostic kit is expected to come at around USD 1 and is so easy to operate that people themselves can test their own samples. The results can be read electronically without opening the carrier (like an envelope), which negates the chance of medical professionals coming in contact with the disease. The reader could then send the results to the user.
In August 2020, Sentient Energy®, Inc., a company known for being an eminent provider of advanced grid monitoring and analytics that are often used for electric utilities, declared the commercial launch of their upgraded underground sensor known as UM3+. This has already undergone a stringent testing and certification process and has been deployed in a number of the company’s partner customers. It is now available for global order and delivery. The device is deployable in both dead front and live front cabinets, which helps it meet industrial standards.
The global market for sensors is expected to gain notably from the onslaughts of COVID-19, as this has triggered innovations directed at finding not just a cure but everything related to it. This extensive investment in the research sector is bound to influence the sensor market in positive ways.
Market Research Future (MRFR) leverages its iterative and comprehensive research methodology for the deliverance of in-depth market insights. The qualitative and quantitative assessment of governing factors and microeconomic indicators of the market is carried to provide well-rounded view of the market. Primary and secondary research processes aid in providing accurate representation of the current market dynamics. Primary data is garnered by conducting surveys and first-hand interviews with key opinion makers and noted executives across the value chain. Secondary research method is employed to verify the primary data through inputs from whitepaper references, SEC filings, paid databases, research publications and other credible sources available in public domain. The combination of robust data triangulation technique and top-down and bottom-up approaches is utilized for deliverance of accuracy and objectivity to the research findings.
The sensor market has been studied by MRFR analysts on the basis of a segmentation that includes technology, vertical, type, and component. This study provides ample scope for players to understand the market and devise plans accordingly.
By component, the global report on the sensor market includes a study of analog to digital converters (ADCs), microcontrollers, amplifiers, digital to analog converters (DACs), and transceivers, and others.
By technology, the global market report consists of segments like MEMS, NEMS, CMOS, and others. The CMOS sensor type is percolating well into the camera sector.
By type, the review of the sensor market includes humidity sensors, biosensors, motion & position sensors, image sensors, level sensors, pressure sensors, touch sensors, proximity sensors, optical sensors, temperature sensors, radar sensors, and others.
By verticals, the global study of the sensor market includes segments like automotive, consumer electronics, aerospace & defense, industrial, IT & telecommunication, healthcare, and others.
Asia Pacific has the largest market coverage and is slated to record 7.39% CAGR during the forecast period of 2018 to 2023. Countries like South Korea, India, China, Japan, Taiwan, and others can secure market growth.
- Device manufacturers
- Network Operators
- Mobile manufacturer
- Government Agencies
- Security Agencies
- End-user sectors
- Communication operators
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