Sensor fusion is the utilization of sensors from discrete sources to form a whole image. The sources can include cameras, LiDAR, and radars. The Global Sensor Fusion Market report by Market Research Future (MRFR) provides an outlook on the various sensor algorithms, software developed, and the various upgrades for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impact on the industry is explored at depth in the report.
Market Scope
The worldwide sensor fusion market is expected to grow from
USD 2.25 billion in 2017 to USD 6.37 billion by 2023 at a compound annual
growth rate (CAGR) of 19.45% during the forecast period. The integration of
sensors in smartphones and other consumer electronic devices as well as its
miniaturization can drive the industry. The dipping prices of
micro-electromechanical systems (MEMS) and its potential in climate monitoring,
healthcare, industrial control, healthcare, and automotive systems can spur the
market growth.
Competitive Outlook
Robert Bosch GmbH, Cummins, Inc., Baselabs, MEMSIC, Inc., NXP
Semiconductor N.V., Senion, Analog Device, Inc., Kionix, Inc., Microchip
Technologies Inc., Renesas Electronics Corporation, and STMicroelectronics are
key players of the global sensor fusion market.
Get
Sample of Report @ https://www.marketresearchfuture.com/sample_request/1696
The rise of wearables, autonomous vehicles, and robots can
provide plenty of growth opportunities for the market. Advances in internet of
things (IoT) and context awareness can favor the market. Furthermore, the
development of hybrid networking infrastructure, sensor fusion algorithms, and
aggregation of data from multiple sensors can bode well for the market. The
Kalman filter is a prime example which models the previous and current versions
of the system through continuous monitoring. Implementation of neural networks
and machine learning for fusion of data and security to increase reliability
and integrity of normal operations can lead to its adoption among various
industrial sectors.
However, complexities in the marriage of sensor fusion and
software can pose a challenge to the market.
Segmentation
Based on technology, the market is segmented into MEMS and
non- MEMS. The MEMS technology can capture a significant share of the global
sensor fusion industry owing to its application in gesturer recognition, navigation,
activity tracking, and others.
By product type, the market is segmented into accelerometer +
magnetometer + gyroscope, accelerometer + magnetometer, environmental sensor,
inertial combo sensor, and others.
By axis, the market is segmented into 6-axis and 9-axis.
By application, the market is segmented into military,
consumer electronics, medical, automotive, home automation, and others. The
automotive segment is likely to herald a large revenue share due to the use of
sensor fusion in advanced driver assistance systems (ADAS) and interest in
safety applications. On the other hand, home automation is likely to fetch
revenues during the assessment period owing to the rise of connected ecosystem
and demand for home automation devices.
Regional Analysis
By region, the Sensor
Fusion System Market is segmented into North America, Europe, Asia
Pacific (APAC), and Rest-of-the-World (RoW).
APAC is expected to capture the highest market share by 2022,
due to growing demand for consumer electronic devices such as smartphones, tablets,
and wearable devices. Moreover, development in autonomous vehicles and the
changing automobile landscape is further fueling the growth of this market. The
high demand for non-MEMS technology in automobiles due to demand for image and
radar-based products can favor the regional market growth.
North America followed by Europe is dominating the global
sensor fusion industry owing to major presence of automotive key players in
this region. Moreover, Canada and US being developed economies focuses more on research
and development (R&D) and are early adopters of advanced technologies.
Get complete Report @ https://www.marketresearchfuture.com/reports/sensor-fusion-market-1696
About Market Research Future:
At Market Research Future (MRFR),
we enable our customers to unravel the complexity of various industries through
our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw
Research Reports (3R), Continuous-Feed Research (CFR), and Market Research
& Consulting Services.
MRFR team have supreme objective
to provide the optimum quality market research and intelligence services to our
clients. Our market research studies by products, services, technologies, applications,
end users, and market players for global, regional, and country level market
segments, enable our clients to see more, know more, and do more, which help to
answer all their most important questions.
No comments:
Post a Comment