Dublin, June 28, 2023 (GLOBE NEWSWIRE) -- The "Sensor Fusion Market by Algorithms (Kalman Filter, Bayesian Filter, Central Limit Theorem, Convolutional Neural Networks), Technology (MEMS, Non-MEMS), Offering (Hardware, Software), End-Use Application and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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%
Some of the major factors driving the growth of the sensor fusion market include the growing demand for wearable devices, such as smartwatches, fitness trackers, and other wearable technology, and the growing trend of miniaturization in electronics. However, calibration across multiple sensors will be a challenge for the market in the future.
The major growth opportunities for the market players are growing demand for advanced driver assistance systems (ADAS) and f autonomous vehicles.
Market for Non-MEMS technology to grow at higher CAGR during forecast period
The non-MEMS segment of the sensor fusion market is expected to account for the highest CAGR in the forecast period. Non-MEMS-based sensors such as radar, LiDAR, and image are extensively used in automotive safety systems, such as collision avoidance systems and electronic stability controls, to provide a complete view of the vehicle's surroundings.
These technologies tend to be larger in size and may use different materials and production techniques. Applications for non-MEMS technology can be found in a number of sectors, including telecommunications, energy, healthcare, and transportation. These technologies, which have the potential to drastically alter several aspects of modern culture, frequently involve the creation of unique materials, production techniques, and computer algorithms.
Automotive end-use application holds the largest CAGR in sensor fusion market during forecast period
The automotive application is expected to grow at faster pace by end-use application for sensor fusion during the forecast period. There is increase in the number of sensors used in automobiles.
The sensor used in automobiles form a vital component of performance enhancement in safety, comfort, environment protection, driver assistance, and other features in transportation. The sensor fusion technology is used widely in automobiles for safety, driver assistance, entertainment system, and so on to extract and combine multiple sensor data.
Further, with the rapid development of intelligent vehicles and Advanced Driver-Assistance Systems (ADAS), a new trend is that mixed levels of human driver engagements will be involved in the transportation system and are driving the market growth.
Asia Pacific to witness the highest growth among other regions during forecast period
Asia Pacific is expected to dominate the sensor fusion market during the forecast period Asia Pacific is one of the emerging markets for sensor fusion.
The APAC region continues to be a significant market for sensor fusion. This region has the highest demand for sensor fusion products and solutions. Asia-Pacific is the major market for consumer electronics, automobiles, and healthcare products where sensor fusion systems are mostly used. Sensor fusion technology is being used in consumer electronic devices such as smartphones, tablets, gaming consoles, and wearable devices mostly for applications such as motion sensing, navigation, gesture recognition, and so on.
The region is a hub for major smartphone manufacturing companies, which hold a substantial market in the world, such as Samsung Group (South Korea), Huawei (China) and Xiaomi (China), thereby leading to the growth of the market in this region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 228 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $8 Billion |
| Forecasted Market Value (USD) by 2028 | $18 Billion |
| Compound Annual Growth Rate | 17.8% |
| Regions Covered | Global |
Premium Insights
- Increasing Demand from Automotive and Consumer Electronics Applications to Fuel Market
- Market for Imu + Gps to Grow at Highest Rate During Forecast Period
- Consumer Electronics Applications and China Held Largest Share of Asia-Pacific Market in 2022
- India to Dominate Sensor Fusion Market Globally Throughout Forecast Period
Market Dynamics
Drivers
- Increasing Use of Integrated Sensors in Smartphones
- Growing Trend of Miniaturization in Electronics
- Rising Demand for Home Automation Solutions
Restraints
- Lack of Standardization in Mems and Sensor Fusion Products
- Calibration-Related Issues Across Multiple Sensors
Opportunities
- Growing Deployment of Advanced Driver-Assistance Systems (ADAS), Coupled with Rising Demand for Autonomous Vehicles
- Increasing Use of Wearable Devices
Challenges
- Security and Safety Concerns
Value Chain Analysis
- Ecosystem Analysis
- Trends/Disruptions Impacting Customer Business
Pricing Analysis
- Average Selling Price (ASP) of Sensor Fusion Components, by Application
Technology Analysis
- Key Trends in Sensor Fusion Market
- Sensor Fusion to Transform Future of Automated Driving
- Sensor Fusion to Advance Next-Generation Wearable Devices
Case Study Analysis
- Renesas' Case Study for Autonomous Driving and Adas
- Wireflow Helped Client Develop Multi-Sensory Device with Sensor Fusion Capability for Maritime Applications
Company Profiles
Key Players (Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View)
- Stmicroelectronics
- Invensense Inc.
- Infineon Technologies Ag
- Bosch Sensortec GmbH
- Analog Devices, Inc.
- Nxp Semiconductors
- Renesas Electronics Corporation
- Amphenol Corporation
- Texas Instruments Inc.
- Qualcomm Technologies, Inc.
Other Players
- Memsic Semiconductor Co. Ltd.
- Ceva, Inc.
- Kionix, Inc.
- Asahi Kasei Microdevices Corporation
- Intel Corporation
- Te Connectivity
- Baselabs
- Continental Ag
- Plusai, Inc.
- Reivr Fusion
- Alteria Automation
- Aptiv
- Quicklogic
- Pni Sensor
- Sbg Systems
For more information about this report visit https://www.researchandmarkets.com/r/6p6taq
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