Overview and Scope
Sensor fusion refers to combining input from various sensors to lower the level of uncertainty that can be present when an automatic machine performs a navigational motion or a task. It assists in making up for poor precision or a lack of knowledge regarding an inevitable component of the environment.
Sizing and Forecast
The sensor fusion market size has grown rapidly in recent years. It will grow from $5.55 billion in 2023 to $6.63 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to miniaturization of sensors, mobile device proliferation, automotive safety regulations, defense and aerospace applications, industrial automation.
The sensor fusion market size is expected to see rapid growth in the next few years. It will grow to $12.8 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to iot and smart cities initiatives, consumer electronics evolution, medical imaging and healthcare, energy efficiency concerns, wearable health tech expansion, cloud-based sensor fusion services. Major trends in the forecast period include ai and machine learning integration, robotics advancements, augmented reality (ar) and virtual reality (vr) applications, environmental sustainable solutions.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the sensor fusion market in 2023, 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.
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Major Driver Impacting Market Growth
An increase in the penetration of electric vehicles is expected to propel the growth of the sensor fusion market going forward. An electric vehicle is a vehicle that can be driven by an electric motor that draws energy from a battery and is charged externally. Sensor fusion plays a critical role in enabling electric vehicles’ functionality, safety, energy efficiency, and autonomous capabilities, making it an essential component of the evolving automotive industry. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles doubled to 6.6 million in 2021 compared to 2020, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the increased penetration of electric vehicles is driving the growth of the sensor fusion market.
Key Industry Players
Major companies operating in the sensor fusion market report are Qualcomm Technologies Inc., Broadcom Inc., Cummins 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
The sensor fusion market report table of contents includes:
1. Executive Summary
2. Sensor Fusion Market Characteristics
3. Sensor Fusion Market Trends And Strategies
4. Sensor Fusion Market – Macro Economic Scenario
5. Global Sensor Fusion Market Size and Growth
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32. Global Sensor Fusion Market Competitive Benchmarking
33. Global Sensor Fusion Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Sensor Fusion Market
35. Sensor Fusion Market Future Outlook and Potential Analysis
36. Appendix
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