Lucintel Forecasts Sensor Market to Reach $308.5 Billion by 2028

According to the recent study the sensor market is projected to reach an estimated $308.5 billion by 2028 from $167.2 billion in 2022, at a CAGR of 11.2% from 2023 to 2028. Growth in this market is primarily driven by growth of internet of things (IoT), increasing need of automation in various industries, and miniaturization of sensors.

Browse 88 figures / charts and 79 tables in this 186-page report to understand trends, opportunities and forecast in sensor market by product type (chemical sensor, temperature sensor, pressure sensor, image sensor, position sensor, bio sensor, flow sensor, level sensor, motion sensor, radar sensor and others), by end use industry (Industrial, healthcare, electronics, automotive, aerospace & defense, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World).

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“Radar sensor market is expected to remain the largest segment during the forecast period.”

Based on product type, the sensor market is segmented into chemical sensor, temperature sensor, pressure sensor, image sensor, position sensor, bio sensor, flow sensor, level sensor, motion sensor, radar sensor, and others. Lucintel forecasts that the radar sensor market is expected to witness the highest growth in the forecast period supported by increasing demand for sensors in advanced driving assistance system (ADAS) applications.

“Within the sensor market, the injection molding segment is expected to remain the largest end use industry”

Based on end use industry, the industrial segment is expected to witness the largest segment due to increased demand for automation and control in various industries, including oil and gas, chemical, and food & beverages and healthcare industry is expected to witness the highest growth over the forecast period due to the increasing demand for Electrocardiography (ECG) sensors in cardiac treatment”

“Asia Pacific will dominate the sensor market in near future”

Asia Pacific is expected to be the largest region over the forecast period due to growth in smart city projects, wearable devices, and increasing demand for ADAS in automotive industry.

Major players of sensor market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Sony Corporation, STMicroelectronics, Analog Devices, Inc., ABB Ltd, NXP Semiconductors, Sensata Technologies, Texas Instruments, Robert Bosch Gmbh, and Infineon Technologies AG are among the major sensor providers.

The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.

About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries.

Roy Almaguer
Dallas, Texas, USA
Tel. 972.636.5056

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