The growing use of sensor fusion technology in the smartphone devices, and rising demand for smart wearable devices drives the market growth.
The global Sensor Fusion Market is anticipated to reach USD 16.72 Billion by 2027, according to a new report by Emergen Research. The Sensor Fusion market is forecasted to grow significantly due to the growing demand for smart wearable gadgets and high-end applications for location detection.
The rising use of sensor fusion in advanced automobiles like gasoline direct injections, vehicle stability, low emission engine, dynamic vehicle controls, and rapid implementation of IoT technology and expansion of self-directed or driverless cars is expected to fuel the market growth shortly.
Growing demand for various end-use applications, such as automotive, home automation, industrial and military, consumer electronics, healthcare among others, has significantly boosted the global market demand for sensor fusion.
The factors hindering the growth of the sensor fusion market are the rising complexity of sensor fusion algorithms requiring software overhead, additional processing capabilities and technical standardisation.
The report offers a comprehensive understanding of the impact of the COVID-19 pandemic on the overall market growth and expansion. COVID-19 has affected the global economy by interfering with production and demand, causing market disruption, and inducing financial instability. The report further analyses the impact of COVID-19 on the global Sensor Fusion market and offers a futuristic outlook of the market in the post-COVID-19 worldCOVID-19 pandemic and its impact on the Sensor Fusion market and key segments is considered as a key contributor while formulating the market report.
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Competitive Landscape:
Robert Bosch GmbH, Hillcrest Labs, Microchip Technologies Inc., Cummins, Inc., Kionix Inc., Renesas Electronics Corporation, MEMSIC Inc., Asahi Kasei Microdevices Corporation, STMicroelectronics, BASELABS GmbH and among others.
Some Key Highlights from the Report
Radar and image sensors are anticipated to grow at a significant CAGR of 19.8% in the forecasted timeframe. In several industries, excellent features like high accuracy and integrating multiple images into a single combo image radar drives the demand for the product.
Micro-Electro-Mechanical technology-based solutions are anticipated to experience the highest growth rate throughout the forecasted timeframe owing to the growing demand for image and radar-based products in vehicle safety systems.
Due to the price, combined functionality, low power consumption, communication protocol, and flexibility with manufacturer products, the 6-axis built-in sensor fusion dominates the market. Furthermore, due to applications in virtual reality and augmented reality games, robotics and autonomous vehicles, and attitude alignment, the 9 axis segment has also witnessed an increased demand.
The consumer electronics industry holds a significant share of the market throughout the forecast period. The home automation segment is projected to hold a substantial growth rate throughout the forecast period as most of the sensor fusion is used for monitoring and controlling purposes in home automation applications using the various sensor. The substantial rising demand for home automation devices worldwide is expected to increase the global sensor fusion market.
Emergen Research has segmented the global sensor fusion market based on type, technology, application, axis, end-use industry, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Radar and Image Sensors
Temperature Sensors and Pressure Sensors
IMU and GPS
Inertial Combo Sensors
Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
Micro-Electro-Mechanical Systems
Non-Micro-Electro-Mechanical Systems
Application Outlook (Revenue, USD Billion; 2017-2027)
Smart Phones
TV Remote
PCs/Tablet
Video Games
Camera
Wearable Devices
Others
Axis Outlook (Revenue, USD Billion; 2017-2027)
9-Axis
6-Axis
3-Axis
End-Use Industry Outlook (Revenue, USD Billion; 2017-2027)
Healthcare
Automotive
Home Automation
Consumer Electronics
Others
Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In conclusion, the report provides a qualitative and quantitative analysis of the Global Sensor Fusion market, including the global and regional analysis of the market. The study covers critical information and factual data about the Sensor Fusion industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Sensor Fusion market is expected to fare in the forecast timeline. The report utilizes advanced analytical tools to offer an estimation of the outlook of the global state of the Sensor Fusion industry.
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