Global Sensor Fusion Market
Added: (Mon Mar 11 2019)
Pressbox (Press Release) -
Global Sensor Fusion Market size was valued at US$ 2.25 Bn in 2017 and is expected to reach US$ 9.59 Bn by 2026 to exhibit a CAGR of 19.87 % during the forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, End-Use Application-validated Market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global sensor fusion market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by Technology, price, financial position, Technology portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTERs analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global sensor fusion market.
Sensor fusion is a technology that combines data from various other sensors to gain a more accurate picture of the sensors subject to expand the system performance or to develop the application. Sensor fusion is commonly used in scientific research installations, in camera systems, and image processing.
The growth of the market is driven by growing demand for consumer electronic devices such as smartphones, wearable devices, gaming consoles, and smart TVs, the rising trend of miniaturization in electronics, increasing demand for advanced driver assistance systems and growing demand for image and radar-based products in automotive safety systems.
One of the main restraining factors for this market is the lack of standardization and coordination process of the MEMS sensor and related software is hampering the growth of the market. Growing complexity in sensor fusion systems and software is one of the major challenges for sensor fusion market.
The opportunities for the global sensor fusion market is generating due to sensor fusion applications using context awareness systems and IOT, rising demand for wearable devices.
The key drivers for market growth are rising trend of integrating various sensors into the consumer electronics device such as smartphones, tablets, and wearable devices. The wide use of fusion technology in consumer electronics devices for application such as navigation, optical image stabilization, gesture recognition, orientation, and position detection, activity tracking and others support the development of sensor fusion market.
Global Sensor Fusion Market
The consumer electronics and automotive applications sector hold the major share of the sensor fusion market. Home automation segment is anticipated to hold the highest rate during the forecast period because of mostly the sensor fusion technology is used for controlling and monitoring purposes in home automation application using diverse sensor data such as light control, in-house environment control, automatic appliance control, and security purpose. The significant growing demand for home automation devices around the world is projected to boost the sensor fusion market.
MEMS-based sensors segment is expected to dominate the sensor fusion market because of the extensive use of integrated inertial measurement units sensors based on MEMS technology in motion sensing devices for applications such as improved gesture recognition, gaming, indoor navigation, and localization-based services. Lack of standardization in MEMS and sensor fusion system are the main factors hampering the growth of the global sensor fusion market. Development of medical technology equipment is acting as a driving factor for the growth of sensor fusion market.
Also, Non-MEMS technology-based sensors are anticipated to hold the largest market share during the forecast period owing to the rising need for the Non- MEMS technology based sensors such as radar and image in the automobiles safety system.
APAC is projected to hold the largest share of the market owing to the rising demand for consumer electronic devices such as smartphones, tablets, and wearable devices in the region. China is the main market for sensor fusion in the APAC region due to the growing demand for consumer electronics products in the country. China is the worlds major automotive manufacturer, which is one of the approaching applications of sensor fusion for active safety in automobiles.
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Scope of the Global Sensor Fusion Market
Global Sensor Fusion Market, by Technology
Global Sensor Fusion Market, by Product Type
Inertial Combo Sensors
Radar + Image Sensors
Temperature Sensors+ Pressure Sensors+ Humidity/ Light Sensors/ Gas Sensors
Global Sensor Fusion Market, by End-Use Application
Global Sensor Fusion Market, by Region
Middle East & Africa
Key Players operating in the Global Sensor Fusion Market
NXP Semiconductors N.V.
Bosch Sensortec GmbH
Analog Devices, Inc.
Renesas Electronics Corp.
This Report Is Submitted By @Global Market Research Company
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