Market Research Report
Sensor Fusion Market Size, Share - Segmented by End-user Vertical (Automotive, Healthcare and Medical, Industrial, Consumer Electronics) and Region - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||704895|
|Published||Content info||119 Pages
Delivery time: 2-3 business days
|Sensor Fusion Market Size, Share - Segmented by End-user Vertical (Automotive, Healthcare and Medical, Industrial, Consumer Electronics) and Region - Growth, Trends, and Forecast (2019 - 2024)|
|Published: June 1, 2019||Content info: 119 Pages||
The Sensor Fusion Market was valued at USD 3.29 billion in 2019 and is expected to reach a value of USD 9.45 billion by 2024 at a CAGR of 19.2%, during the forecast period (2019- 2024). Fusion sensors have made it feasible to derive more accurate information from sensors, which were prone to errors, due to functioning in a noisy environment. Fusion sensors acquire information by the combination of various sensors on the board of a system, which function as standalone sensors. Sensor fusion enables the data analysis through the combination of different sensors to improve the system performance or application, and it is been adopted in diverse applications. The platform, sensor fusion is gaining high traction in the market, owing to its superior properties and advancements.
Sensor fusion is a technology that combines data from various other sensors to gain a more accurate picture of the sensor's subject to improve the system performance or to improve the application. Sensor fusion is a subcategory of data fusion and is used for scientific research installations, in camera systems and image processing. In the military, sensor fusion is commonly used for intelligent processing of remote sensing imagery. Sensor fusion has an inherent redundancy which enables the system to provide information even in case of partial failure, thereby maintaining the reliability and robustness.
Consumer Electronics Segment Expected to Record Significant Growth
Sensor fusion is mostly used in smartphones and tablets to provide accurate data associated with activity monitoring and indoor navigation. Furthermore, the increasing penetration and utilization of smartphones across the world are expected to propel the growth of the market. In the consumer electronics industry, the demand for more precise results, along with smaller chips is rapidly increasing, owing to ascended profit margins and reduced transportation cost.
Asia Pacific Region Expected to Record Highest Growth
Asia Pacific region has witnessed the highest sales in electric vehicles (EVs). China majorly dominated this region, the first country to cross 1 million sales of the plugin and EVs combined, in a single year. Other countries did not contribute much to this cause. This region is ranked first in the world, in terms of vehicle sales. Considering the shift from the government, the companies, like Volkswagen, Renault, etc. have announced not to develop diesel engines further and have shifted their focus toward EVs.
The sensor fusion market is a fragmented market. It is a highly competitive market with a number of players in the market and there is no dominant player present. However, with innovative and sustainable packaging, many of the companies are increasing their market presence by securing new contracts by tapping new markets.