The global semiconductor sensors market size is poised to reach USD 8.23 billion by 2023, according to a new report by Technavio. However, the market is expected to decelerate at a CAGR of more than 10% during the forecast period. Increasing adoption of MEMS technology is projected to augment the market over the forecast period.
Key suggestions from the report:
- Consumer electronics segment represented almost 46% of the overall volume in 2018 owing to the increasing penetration of smartphones, and the extensive use of social media platforms.
- The automotive segment is likely to register a CAGR of more than 11% in terms of revenue from 2018 to 2023 on account of the increasing integration of advanced semiconductor devices and HMI technologies.
- Industrial segment commanded more than 16% of semiconductor sensors volume share in 2018, owing to the increasing automation across industries.
- The Asia Pacific semiconductor sensors market accounted for more than 65% of the overall revenue in 2018, because of the presence of a substantial number of consumer electronic device OEMs, and the growing investments in automotive production in the region.
- The market is moderately concentrated with a few players occupying the market share. In addition, the high growth of strategic partnerships and collaborations among market participants is significantly reducing the competition in the market.
The semiconductor sensors market is witnessing an increased adoption of MEMS technology that uses the technique of microfabrication to manufacture miniaturized mechanical and electro-mechanical elements. The increasing use of miniaturized semiconductor components in consumer electronics devices will accelerate the demand for MEMS sensor during the forecast period.
The sensor fusion technology is gaining immense popularity owing to its ability to get a highly accurate and reliable view of data. Sensor fusion technology enables smart devices to combine data from various sensors including gyroscopes, compass, and accelerometers to calculate elevation, linear translation, gravity, direction, and rotation. As the demand for integrating semiconductor sensors in smart electronic devices and systems grows across end-user segments, the demand for sensor fusion will rise.
The semiconductor industry is highly volatile and may witness huge seasons of growth followed by industry slump. Fluctuations in demand for semiconductor-based products such as mobile devices, computers, consumer electronics, and automotive components will impact the overall semiconductor market and consequently affect the global semiconductor sensors market.
Technavio has segmented the global semiconductor sensors market based on the end-users (consumer electronics, automotive, industrial, and others), and region (APAC, the Americas, and EMEA).
