Industry: Semiconductor Electronics
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33369
The Global Electronic Sensors Market size would reach US$ 52.6 billion in 2032. It stood at US$ 22.8 billion in 2022. The global market is likely to exhibit a CAGR of 8.7% during the forecast period.
In order to facilitate remote monitoring and control, increased sensor interoperability with the Internet of things (IoT) is progressively becoming a requirement. Sensors now have a wide range of applications. These include automotive, home appliances, healthcare, and industrial.
Increasing application of these sensors were made possible due to IoT-connected gadgets. Uptake of sensors is reliant on the adoption of robotics in all industries.
The robotics industry has undergone a tremendous shift, moving beyond the industrial shop floor workhorses and into a variety of new jobs. These include crewless aerial aircraft, surgical assistants, exoskeletons, personal assistants, delivery vehicles, and autonomous vehicles. These use cases would help to expand the capabilities of electronic sensors.
Sensor technology advancements have made it possible for automated systems to interpret images, sounds, and other types of data intelligently. These do not need intensive processing. Need for sensors is driven by the rising popularity of IoT and linked devices.
Although adding sensors raises the level of industrial automation, doing so comes at a price. It prevents sensors from being used in areas where cost is an issue.
High research expenses associated with research & development operations to produce new products are another significant obstacle. It can be seen particularly for the cash-strapped medium- and small-sized sensor manufacturing companies.
Reliability, precision, and resilience are the three key qualities that electronic sensors give to support the smart industry. Systems for industry 4.0's early fault diagnosis and preventative analysis can use sensors.
It is motivating their use in industry 4.0 and automation applications. Analysis of aerodynamics, noise, movement, gravity, and temperature is necessary for these systems.
Demand would increase as a result of significant manufacturing developments spurred on by industry 4.0. IoT adoption encourages companies to use creative, clever, and flexible techniques to advance production. They would soon make advantage of technological solutions that automate human labor and improve it.
These technologies would aid in reducing industrial accidents brought on by failed processes. The amount of data generated in the manufacturing sector is constantly increasing. It is the outcome of extensive M2M communication facilitation and utilization of networked sensors and gadgets.
| Attributes | Key Insights |
|---|---|
| Electronic Sensors Market Estimated Size (2022E) | US$ 22.8 billion |
| Projected Market Valuation (2032F) | US$ 52.6 billion |
| Value-based CAGR (2017 to 2021) | 8.7% |
| USA Value-based CAGR (2022 to 2032) | 7.5% |
As per Persistence Market Research, the global electronic sensors market would expand at a CAGR of 8.7% in the estimated period. The market exhibited growth at a CAGR of 12.2% during the historical period.
Several end-use industries, including healthcare, aerospace & defense, industrial production, automobile, and IT & telecom largely rely on sensors. Over the past five years, there has been a significant increase in the adoption of the internet of things.
It has exceeded electronic sensor demand for various applications. Most of the electronic sensors found in various car parts are used by the automotive industry.
The global trend toward autonomous and connected vehicles has generated enormous demand from a variety of possible end markets. It helps to drive electric sensor sales. In the automotive sector, sensors are utilized for mapping traffic conditions, intelligent observation, threat detecting & alerting, and other uses.
Asia Pacific would remain at the forefront in terms of the global electronic sensor market share by 2032. The region would cross US$ 26.6 billion in 2032. In 2022, the region was worth US$ 11.5 billion. The region surpassed US$ 10.2 billion in 2021.
Asia Pacific electronic sensors sector would expand due to presence of various consumer electronics manufacturing companies in the region. China is a significant manufacturer of consumer electronics. It manufactures devices such as smartphones and television units.
Along with China, India, Vietnam, Taiwan, and the Philippines, also produce a significant number of smartphones. Apart from smartphones, countries such as China, Japan, India, and South Korea manufacture around 50% of the global automobile production. With rising adoption of smartphones and advancements in the automotive sector, the market would expand during the assessment period.
In 2021, China had produced around 2.1 million passenger cars. Japan and India produced about 660,000 and 360,000 cars, respectively. With rising demand for passenger cars in the region, use of electronic sensors would elevate in Asia Pacific.
Why is Electronic Sensors Demand Surging in the United States of America?
The United States of America electronic sensors industry is expected to be worth US$ 7.4 billion by 2032. It would create an absolute dollar opportunity of US$ 3.8 billion from 2022 to 2032. The country would expand at a CAGR of 7.5% in the estimated period.
There were around 296 million smartphone users in the United States of America in 2020. The number of smartphone users is projected to expand to about 347.6 million by 2033. This expansion will initiate the need for electronic sensors.
Unique sensors are used for different functions in a smartphone. Hence, the market for electronic sensors in the United States of America is projected to expand during the assessment period.
How are Electronic Sensor Manufacturers Faring in the United Kingdom?
The United Kingdom electronic sensors sector would be worth US$ 1.3 billion by 2032. It is set to create an absolute dollar opportunity of US$ 669.1 million from 2022 to 2032. The market would broaden at 7.1% CAGR in the forecast period.
The United Kingdom has a significant smartphone industry with about 88% of the population owning a smartphone. The number grew to 92% in 2022. It is projected that around 62 million adults in the country will be owning a smartphone.
Rising popularity of electronics such as smartphones, televisions, and laptops in the country is expanding demand for electronic sensors. These are used in smartphones & laptops, and hence the market would elevate during the assessment period.
Why are Electronic Sensors Sales Skyrocketing in China?
The China electronic sensors sector will be worth US$ 13.8 billion by 2032. It would create an incremental opportunity of US$ 8.6 billion in the forecast period. The market witnessed a CAGR of 14.4% from 2017 to 2021.
China is a predominant manufacturer of automobiles in the world. In 2021, around 21 million passenger cars were produced in the country. About 4.7 million commercial vehicles were also produced in the same year.
China is a significant producer of smartphones in the world. In 2021, around 1.04 billion people in the country owned smartphones. The number is projected to increase to about 1.18 billion people owning a smartphone in 2028.
China also accounts for around 15% of smartphone users in the world. With rising demand, production of automobiles and smartphones in China has increased. Hence, the market for electronic sensors is projected to expand during the assessment period.
Is Japan a Significant Hub for Electronic Sensors Suppliers?
Japan electronic sensors industry is expected to be worth US$ 8.5 billion by 2032. It would create an absolute dollar growth of US$ 4.9 billion from 2022 to 2032. The market in Japan is expected to rise at a CAGR of 9.0% from 2022 to 2032.
Japan is a significant market for smartphones in the world. There were around 107 million smartphone users in Japan in 2022. The number is expected to surge to 115 million by 2027. Japan is also a significant manufacturer of automobiles in the world.
In 2020, the country produced around 7 million passenger cars. In 2022, about 4.2 million passenger cars were sold in the country. Due to rising popularity of smartphones and increasing sales of automobiles in the country, electronic sensors demand in Japan is projected to expand by 2032.
Will South Korea be a Prominent Country for Electronic Sensor Providers?
South Korea electronic sensor market would be worth US$ 3.3 billion by 2032. It would create an absolute dollar opportunity of US$ 1.9 billion from 2022 to 2032. The market would exhibit a CAGR of 9.2% from 2022 to 2032.
South Korea is a significant manufacturer of automobiles such as passenger cars in the world. The country produced around 3.46 million passenger cars in 2021.
The country has seen rapid growth in its automotive industry. With surging demand for passenger cars in the country, electronic sensor sales would skyrocket by 2032.
Which is the Most Preferred Type of Electronic Sensors Worldwide?
Based on type, the image sensor segment is set to exhibit 8.6% CAGR from 2022 to 2032. The segment showcased a CAGR of 12.0% in the historical period.
Image sensors are used in various applications such as surveillance systems, smartphone cameras, and digital & DSLR cameras. Need for high resolution cameras in surveillance is rising due to surging concerns of safety and security in public places. Increasing crime rates and terrorist activities worldwide would also elevate demand.
The market for image sensors has also expanded due to rising sales of smartphones. Smartphone manufacturers today are equipping their cameras with high-resolution picture sensors.
A few examples include depth sensors, ultrawide cameras, telephoto cameras, and 3D time of flight sensors. With surging popularity of smartphone photography among the millennial population, the segment is projected to expand during the assessment period.
Smartphone sales stood at about 1.4 billion units in 2021. The number of smartphones sold is projected to reach 1.5 billion units by 2028. This surge will result in an increasing demand for image sensor technology in the next ten years.
Which is the Leading Application of Electronic Sensors across the Globe?
Based on application, the communication and IT segment would dominate the global electronic sensors market. The segment exhibited a CAGR of 11.8% in the historical period. It would showcase a steady CAGR of 8.5% from 2022 to 2032.
Home appliances, on the other hand, would follow the footsteps of the former segment. Electronic sensor products are widely used in mobile phones, smart wearables, and other electronic products. It would further help to drive the segment toward expansion.
Increasing demand from millennials and gen Z is also fueling the purchases of smartphones with additional features. Revenues of smartphones are influenced by numerous factors. These include increasing internet penetration and introduction of unique products.
Global business expansion and the ease with which products can be obtained through online distribution channels would also push sales. The segment’s future is largely supported by growing awareness and continuous shift toward industry 4.0.
There is considerable process automation in industry 4.0. Increasing initiatives to create automated and more adaptable production are helping the segment to expand.
Leading players in the global electronic sensors market are currently investing heavily in the development of new technologies. They are striving to develop advanced sensors that are reliable and accurate.
A few key players in the market are also expanding their production capacities. They aim to keep up with the rising demand. A handful of companies are expanding their footprint with mergers and collaborations with local players in the market.
A few recent developments in the electronic sensors market are:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | US$ 22.8 billion |
| Projected Market Valuation (2032) | US$ 52.6 billion |
| Value-based CAGR (2022 to 2032) | 8.7% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (US$ billion) |
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The global market for electronic sensors was worth US$ 20.3 billion in 2021.
The global electronic sensors industry stood at a valuation of US$ 22.8 billion in 2022.
Valuation of the electronic sensors market in 2032 will be US$ 52.6 billion.
The electronic sensors industry exhibited a CAGR of 12.2% from 2017 to 2021.
The global electronic sensors industry is expected to witness a CAGR of 8.7% from 2022 to 2032.
The communication & IT segment by application is set to exhibit 8.5% CAGR from 2022 to 2032.
