The sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8% during the forecast period.
Sensor Fusion Market:
Key Trends
The prominent players in
the market are InvenSense Inc. (U.S.), NXP Semiconductors N.V. (Netherlands),
and Bosch Sensortec GmbH (Germany), among others. These companies boast mixing
trends with comprehensive product portfolio and strong geographic footprint.
Hardware offering to
acquire significant share in sensor fusion market
The hardware offering is
expected to hold the largest market share during the forecast period. The
hardware segment comprises the physical components of sensor fusion systems,
such as processors, communication modules, sensors, and microcontrollers.
Development kits, evaluation boards, and reference designs are examples of
hardware products. In addition, various product type has been taken into
consideration such as inertial combo sensor, radar + image sensors+ lidar,
environment sensors, IMU + GPS, and others.
Consumer electronics
end-use application holds largest share in sensor fusion market in 2023
The consumer electronics
segment accounted for the largest market share in 2023. The consumer
electronics segment is an important market for sensor fusion. A wide range of
consumer electronics devices use sensors, including smartphones, tablets,
wearables, and gaming equipment. Sensor fusion technology is used in these
devices to provide logically fused data from different sensors for various
applications such as gesture recognition, image stabilization, navigation, and
motion-based gaming.
The major players
providing consumer electronics products are InvenSense Inc. (U.S.), NXP
Semiconductors N.V. (Netherlands), and Bosch Sensortec GmbH (Germany). Bosch
Sensortec is one of the major players for the development of smartphones by
sensor fusion. For instance, December 2021, Bosch Sensortec partnered with
Nextnav, a one of the leaders in next-generation GPS. Bosch Sensortec will make
use of the partnership to assess measurement precision and provide original
equipment manufacturers (OEMs) that utilise its sensors in widely available
products like smartphones, tablets, and wearables with strict performance
guarantees.
Sensor fusion market to
witness highest demand from Asia Pacific
The governments in the
Asia Pacific are also playing a crucial role in promoting the growth of the
sensor fusion market through various initiatives and policies. For instance,
the government of China has set targets to become a world leader in autonomous
driving. It is investing heavily in the development of advanced sensor
technologies such as LiDAR and radar. Thus, the above factor is driving the
market growth in the region.
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Further, China held the
largest share of the sensor fusion market in the Asia Pacific in 2023 and is
projected to dominate both markets during the forecast period. China is
witnessing rapid economic development. It has been focusing on shifting from a
manufacturing-driven to an innovation-driven economy. China is a global
manufacturing hub for industries for semiconductor and consumer electronic devices,
which produce smartphones, smart TVs, and wearables.
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