How Has The Sensor Fusion Market Size Evolved In Recent Years?
The sensor fusion market has seen considerable growth due to a variety of factors.
•In the past few years, the size of the sensor fusion market has seen a rapid expansion. The projection is that it will swell from $6.49 billion in 2024 to $7.67 billion in 2025, representing a compound annual growth rate (CAGR) of 18.1%.
Factors contributing to the growth during the historic period include the miniaturization of sensors, the spreading use of mobile devices, regulations concerning automotive safety, applications in defense and aerospace, and industrial automation.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Sensor Fusion Market?
The sensor fusion market is expected to maintain its strong growth trajectory in upcoming years.
• The anticipated expansion of the sensor fusion market is set to be significant in the upcoming years, with projections suggesting a growth to $15.33 billion by 2029 and an impressive compound annual growth rate (CAGR) of 18.9%.
This predicted growth for the forecast period is significantly influenced by factors such as the advancement of IoT, and the development of smart cities, the evolution of consumer electronics, improvements in medical imaging and healthcare, concerns regarding energy efficiency, the proliferation of wearable health technology, and the increasing availability of cloud-based sensor fusion services. Additionally, key trends expected to emerge during the forecast period include the integration of AI and machine learning, developments in robotics, applications of augmented reality (AR) and virtual reality (VR), and the pursuit of environmentally sustainable solutions.
Which Drivers Are Accelerating Growth In The Sensor Fusion Market?
The growth of the sensor fusion market is anticipated to be fueled by a surge in the uptake of electric vehicles. Electric vehicles, which are cars powered by an externally charged electric motor that derives energy from a battery, are greatly enhanced by sensor fusion. This technology is crucial in ensuring the functionality, safety, energy efficiency, and independence of these vehicles, thereby becoming an indispensable factor in the transforming auto sector. For example, the International Energy Agency, a French intergovernmental body, reported in July 2023 that electric vehicle sales amounted to 10 million in 2022, and projected a rise to 14 million sales in 2023. As such, the expanding presence of electric vehicles is steering the advancement of the sensor fusion market.
What Are The Core Segments Of The Global Sensor Fusion Market?
The sensor fusion market covered in this report is segmented –
1) By Type: Radar Sensor, Image Sensor, Inertial Measurement Unit (IMU), Temperature Sensor, Other Types
2) By Technology: Micro-Electronic Mechanical Systems (MEMS), Non-Micro-Electronic Mechanical Systems (MEMS), Other Technologies
3) By Application: Smartphones, Tablets, TV Remote, Camera, Video Games, Other Applications
4) By End User: Consumers Electronics, Automotive, Home Automation, Medical, Military, Industrial
Subsegments:
1) By Radar Sensor: Automotive Radar Sensors, Airborne Radar Sensors, Ground-Based Radar Sensors
2) By Image Sensor: CCD (Charge-Coupled Device) Sensors, CMOS (Complementary Metal-Oxide-Semiconductor) Sensors, Infrared Sensors
3) By Inertial Measurement Unit (IMU): Gyroscopes, Accelerometers, Magnetometers
4) By Temperature Sensor: Thermocouples, Thermistors, Infrared Temperature Sensors
5) By Other Types: Proximity Sensors, Pressure Sensors, Ultrasonic Sensors, Humidity Sensors
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Which Emerging Trends Are Reshaping The Sensor Fusion Market Size?
Advancements in technology are emerging as a pivotal trend in the sensor fusion market. Big players in this sector are leveraging cutting-edge technologies to maintain their market standing. For example, in November 2022, Switzerland-based semiconductor manufacturing company STMicroelectronics, launched the LSM6DSV16X—an advanced 6-axis inertial measurement unit (IMU) featuring artificial intelligence (AI), adaptive self-configuration (ASC), and a technology for improved power optimization through sensor fusion low power (SFLP). Thanks to ST's Sensor Fusion Low Power (SFLP) technology combined with ASC, the IMU allows for efficient and powerful edge processing with reduced energy use. Due to its innovative design, the LSM6DSV16X is ideal for high-level 3D phone mapping and context awareness in laptops and tablets, offering advanced processing at the edge.
Who Are the Key Players in the Sensor Fusion Market?
Major companies operating in the sensor fusion market include:
• Qualcomm Technologies Inc.
• Broadcom Inc.
• NVIDIA Corporation
• Asahi Kasei Microdevices Corporation
• Texas Instrument Incorporated
• Aptiv PLC
• STMicroelectronics N.V
• Infineon Technologies AG
• NXP Semiconductor N.V
• Amphenol Corporation
• Analog Devices Inc.
• Renesas Electronics Corporation
• Microchip Technology Inc.
• Trimble Inc.
• InvenSense Inc.
• MEMSIC Semiconductor Co. Ltd.
• CEVA Inc.
• First Sensor AG
• Bosch Sensortec GmbH
• LeddarTech Inc.
• Kionix Inc.
• Fullpower Technologies
• QuickLogic Corporation
• NIRA Dynamics
• Kitware Inc.
• Innoviz Technologies
• PNI Sensor Corporation
• Hillcrest Laboratories Inc.
• Baselabs GmbH
What are the Regional Insights into the Sensor Fusion Market?
Asia-Pacific was the largest region in the sensor fusion market in 2024, and is expected to be the fastest-growing region in the forecast period. The regions covered in the sensor fusion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
