Lucintel Forecasts Sensor Market to Reach $295 Billion by 2027
According to the recent study the sensor market is projected to reach an estimated $295 billion by 2027 from $153.4 billion in 2021, at a CAGR of 11.5% from 2021 to 2027. Growth in this market is primarily driven by the growth of internet of things (IoT), increasing need of automation in various industries, and miniaturization of sensors.
Browse 88 figures / charts and 79 tables in this 186 -page report to understand trends, opportunities and forecast in sensor market by product type (chemical sensor, temperature sensor, pressure sensor, image sensor, position sensor, bio sensor, flow sensor, level sensor, motion sensor, radar sensor and others), by end use industry (industrial, healthcare, electronics, automotive, aerospace & defense, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Radar sensor market is expected to remain the largest segment during the forecast period.”
Based on product type, the sensor market is segmented into chemical sensor, temperature sensor, pressure sensor, image sensor, position sensor, bio sensor, flow sensor, level sensor, motion sensor, radar sensor and others. Lucintel forecasts that the radar sensor market is expected to remain the largest segment due to increasing demand for sensors in advanced driving assistance system (ADAS) applications.
“Within the sensor market, the industrial segment is expected to remain the largest end use industry”
Based on end use industry the industrial segment is expected to witness the highest growth over the forecast period due to increased demand for automation and control in various industries, including oil and gas, chemical, and food & beverages. Healthcare industry is expected to witness the highest growth over the forecast period due to the increasing demand for Electrocardiography (ECG) sensors in cardiac treatment.
“Asia pacific will dominate the sensor market