Sensor fusion market worth USD 19.83 billion at a CAGR of 19.70% by 2030

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Future of Market Research

The sensor fusion market will flourish thanks to the ever-increasing demand for new, aging smartphones with advanced features and modern integrated sensors.

New York, USA, Sept. 14, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “sensor fusion market Research Report, Technology, Product Type, Focus, Application – Forecast to 2030”, the global market is expected to cross a valuation of approximately $19.83 Billion and thrive at a robust CAGR of 19.70% on the exam session.

Sensor Fusion Market Overview:

Sensor fusion combines multiple sensors to get more accurate and reliable information rather than getting it from individual sensors. Sense fusion is characterized when two or more sensors come together to achieve better results. Sensor fusion overcomes the limitations of individual sensors by bringing together and blending data from multiple sensors to create more reliable information with less ambiguity. The rapid rise of autonomous vehicles and ADAs is increasing the incentive for manufacturers to include GNSS sensors, new radars, cameras, and more in automobiles. Growing demand for numerous sensors embedded in modern smartphones and the current miniaturization trend in the electronics industry are the major aspects enhancing the growth of the global sensor fusion market. The system is widely used in many industries, such as vehicles, tablets, smartphones, medical devices and other industrial equipment. Sensors are used for positioning, tracking, etc. The growing demand for modern smartphones with enhanced features is creating new opportunities. An increase in the penetration of electric vehicles is another important aspect supporting the growth of the market.

Report Scope:

Report Metrics

Details

Market size by 2030

$19.83 billion

CAGR

19.70% (2022-2030)

Year of reference

2021

Forecast period

2022-2030

Key market opportunities

The ever-increasing demand for new, aging smartphones with advanced features and modern built-in sensors

Key Market Drivers

The growing global demand for multiple sensors embedded in modern smartphones,
The rising trend of modern miniaturization in electronics.

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USP Sensor Fusion Market Covered

Market factors

The global sensor fusion market has witnessed immense growth in recent years. The growth of the market is mainly attributed to the constant developments in technology. Additionally, growing adoption in automotive sectors is another major parameter supporting the growth of the market.

Market constraints

On the other hand, lack of skilled professionals will likely hamper the growth of the market.

COVID-19 Impact of the Sensor Fusion Market

The global COVID 19 pandemic has had a massive impact on the majority of industrial sectors in recent years. The global health crisis has impacted public health and the global economy during the pandemic. Most parts of the world have been affected by the pandemic, and to curb the spread of the disease, governments in these regions have imposed partial or full lockdowns. The travel restrictions imposed have caused severe damage to supply chain networks. The pandemic has affected nearly 215 countries around the world. To combat the ill effects of the pandemic, nations have had to put in place travel restrictions and social distancing norms. The pandemic has had a significant impact on the sensor fusion market lately. Due to the COVID-19 outbreak, the global sensor fusion market for these technologies has hogged their annual budgets and significant preferences to get through during this pandemic. In addition, they are solidly funding these technological solutions to resume operations.

Additionally, governments around the world are handing out financial packages to help organizations during this pandemic, with a particular focus on SMEs. The global pandemic has also accelerated adoption across industry verticals as consumers shift to benefits such as growth and cost reduction. Despite the global economic downturn, more than 50% of subscription businesses are growing at the same speed without any negative influence due to the COVID-19 pandemic.

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Sensor Fusion Market Segment Analysis

Among all the technologies, the non-MEMS segment is expected to dominate the global sensor fusion market during the review period. The segment is expected to register the maximum CAGR over the forecast period. The growth of the segment is mainly attributed to the rising demand for image and radar based products to enhance the security system in vehicles as the complexity is very high while integrating it into automotive applications like engines and lights compared to other sensors. Thus, all the aspects are likely to boost the growth of the segment over the predicted period.

Among all application areas, smartphone segment is expected to dominate the global sensor fusion market during the assessment period. The growth of the segment is attributed to the increasing penetration of smartphones.

Based on end-use sectors, the consumer electronics segment is likely to lead the global sensor fusion market in the coming years. The significant aspect supporting the growth of the segment is attributed to the rising per capita income across the globe.

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Sensor Fusion Market Regional Analysis

The global sensor fusion market is analyzed across five major regions: North America, Europe, Middle East & Africa, Latin America, and Asia-Pacific.

According to the analysis reports from MRFR, the Asia-Pacific region is expected to lead the global sensor fusion market over the assessment period. The growth of the regional market is mainly attributed to the growing demand for major local electronic devices such as stylish wearables, tablets and modern smartphones. In addition, the improved development of several self-driving vehicles and radical automotive landscape is also driving the growth of the regional market over the assessment period.

The sensor fusion market for the North American region is expected to register substantial growth over the assessment period. The presence of several prominent players in the region is the main aspect supporting the growth of the market. Moreover, countries like Canada and the United States are the major contributors to growth in the region.

The European regional sensor fusion market is expected to register significant growth over the assessment period. The major aspect supporting the growth of the regional market is the growing emphasis on advanced research and development (R&D). Additionally, the region has always been known to be the early adopter of advanced technologies, another main parameter influencing the growth of the regional market.

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Sensor Fusion Market Competitive Analysis

The global sensor fusion market has prominent players such as:

  • Memsic

  • Foolish

  • Baselabs GmbH

  • STMicroelectronics

  • Senion

  • NXP Semiconductors

  • Microchip technologies

  • Bosch Sensortec GmbH

  • Hillcrest Laboratories

  • Kionix

  • Renesas Electronics Corp.

  • Analog devices

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that prides itself on its services, offering comprehensive and accurate analysis regarding various markets and consumers around the world. Market Research Future has the distinct objective of providing clients with top quality research and granular research. Our market research by products, services, technologies, applications, end users and market players for global, regional and country market segments enables our clients to see more, know more and do more , which helps answer your most important questions. questions.

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