International. The global Top 10 Sensors market was valued at US$72.7 billion in 2021 and is expected to reach US$101.1 billion by 2026, at a CAGR of 6.8% during the forecast period.
Among the end-user, consumer electronics, automotive, and healthcare industries are major markets. Some of the reasons are the growing demand for smart devices in consumer electronics, the growing importance of measurement and control devices in these industries, and the growing concern for security and surveillance in these sectors.
"The image sensor will dominate the market of the top 10 sensors during the forecast period."
Image sensors have recently found an important and evolving application in the security and surveillance, automotive and industrial sectors (especially in artificial vision systems). These applications have started using cameras recently, creating a huge demand for image sensors. Previously, only high-end cars had cameras installed, but it is now estimated that even low-end cars would have more than 10 cameras, which would help the driver drive safely. Developments and advances in semiconductor technology have also helped the development of complex image sensors that can take pictures without distorting image quality.
"The fingerprint sensor market will grow at a higher rate during the forecast period."
The fingerprint sensor market is expected to grow at a CAGR of 13.7% between 2021 and 2026. Emerging application areas for fingerprint sensors in IoT and the increasing adoption of fingerprint sensors in the banking and financial industry are some of the factors that would provide tremendous growth opportunities for the fingerprint sensor market in the coming years.
"The market for APAC's top 10 sensors is expected to grow at the highest rate during the forecast period."
The market for the top 10 sensors in this region is also projected to grow at the highest CAGR during the forecast period. The increasing production of motor vehicles in countries such as India, China, Japan, and South Korea is contributing significantly to the growth of the sensor market in APAC. In addition, the increased use of sensors in various industries such as automotive, healthcare, petrochemical, oil and gas, and consumer electronics as well as process industries is expected to drive the market growth in APAC.
According to the report, the top 10 sensors market is currently dominated by Emerson Electric Co. (US), Honeywell International (US), ABB (Switzerland), Seimens (Germany), Endress+ hauser (Switzerland), Texas Instruments (US), TE Conectivuity (US), TDK Corporation (Japan), Sensata Technologies (US), Sony (Japan), Samsung (South Korea), Omnivision Technologies (US), Analog Devices (US), NXP semsiconductors NV (Netherlands), STMicroelectronics (Switzerland), Infineon Technologies (Germany), ams AG (Austria), MSA (USA) and Broadcom (USA).
Some of the major strategies adopted by these players to compete in the Top 10 Sensors market include product launches, partnerships, and agreements that the top 10 sensors market players have carried out from 2017 to 2020. There were also a significant number of product launches, alliances, collaborations and agreements during this period.
Challenge: High regulatory barriers
Legislation imposed by regulatory authorities plays a key role in creating a positive macroeconomic environment for the growth of different markets. However, the economies that have been most successful in developing and maintaining healthy market spaces are those in which governments have decreased their participation at the microeconomic level and allowed market principles to operate.
In the current era of globalization, when countries are increasing trade activities, the benefits in terms of an increase in exports are obtained in an improved way through free trade policies. In such a scenario, excessively high tariffs act against the goal of globalization and must therefore be low.
For example, after Brexit, there have been trade problems between the UK and the European Union (EU). Similarly, the ongoing trade war between the US and China is expected to further affect the overall sensor market, as the manufacturing plants of several sensor players are based in China. Should additional tariffs be imposed on Sensors made in China in the U.S., sensor manufacturers are expected to look for alternatives. Thus, high regulatory barriers act as a challenge for the growth of the sensor market.
