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 observed in the historical period can be ascribed to the miniaturization of sensors, the widespread proliferation of mobile devices, adherence to automotive safety regulations, applications in defense and aerospace industries, and the integration of sensors in 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 projected growth in the forecast period can be linked to initiatives related to the Internet of Things (IoT) and smart cities, the evolution of consumer electronics, advancements in medical imaging and healthcare, concerns about energy efficiency, the expansion of wearable health tech, and the provision of cloud-based sensor fusion services. Key trends anticipated in the forecast period encompass the integration of artificial intelligence (AI) and machine learning, advancements in robotics, applications of augmented reality (AR) and virtual reality (VR), as well as the adoption of environmentally sustainable solutions.
The anticipated increase in the adoption of electric vehicles is poised to drive the growth of the sensor fusion market in the foreseeable future. Electric vehicles, powered by an electric motor drawing energy from an externally charged battery, rely on sensor fusion for critical functions, safety, energy efficiency, and autonomous capabilities. This makes sensor fusion a vital component in the evolving automotive industry. For instance, data from the International Energy Agency in September 2022 revealed a doubling of electric vehicle sales to 6.6 million in 2021 compared to 2020, resulting in a total of 16.5 million electric vehicles on the road. Consequently, the growing penetration of electric vehicles is a driving force behind the expansion of the sensor fusion market.
The increasing adoption of 5G technology is expected to propel the growth of the sensor fusion market. 5G, the fifth generation of wireless technology, offers faster data speeds, lower latency, and enhanced connectivity for various devices and applications. Sensor fusion is integral to 5G technology, amalgamating data from multiple sensors to improve accuracy, efficiency, and real-time responsiveness across diverse applications, from autonomous vehicles to smart cities. According to a June 2022 report by Ericsson, it is projected that there will be 4.4 billion 5G subscriptions, representing approximately 48% of the global mobile subscription base by the end of 2027. Hence, the rising adoption of 5G technology is a significant driver for the sensor fusion market.
Technological advancements emerge as a prominent trend gaining traction in the sensor fusion market. Key companies in this sector are leveraging advanced technologies to maintain their market positions. In November 2022, STMicroelectronics, a Switzerland-based semiconductor manufacturer, introduced the LSM6DSV16X, an advanced 6-axis inertial measurement unit (IMU) that incorporates artificial intelligence (AI), adaptive self-configuration (ASC), and technology for superior power optimization through sensor fusion low power (SFLP). This IMU facilitates rapid and potent edge processing with reduced energy consumption, making it ideal for applications such as advanced 3D phone mapping and context awareness on laptops and tablets.
Major companies in the sensor fusion market are also focusing on cutting-edge solutions such as perception technology to meet the growing demand for enhanced data accuracy and real-time insights. Perception technology involves the integration of sensors and AI to interpret and understand complex data from the environment. In July 2023, TIER IV Inc., a Japan-based software company, launched the Sensor Fusion Development Kit, streamlining the creation of autonomous driving systems and related applications using advanced perception technology. The kit integrates high-quality automotive sensors, including HDR cameras and 3D LiDARs, with robust computing systems, simplifying sensor fusion development.
In November 2021, Ambarella Inc., a US-based AI vision silicon company, acquired Oculii Corp. for $307.5 million. This acquisition expands Ambarella's market presence by adding radar perception and fusion capabilities to its existing edge AI computer vision (CV) perception SoCs for automotive and other IoT endpoint applications, broadening the company's addressable market. Oculii Corp. is a US-based technology company specializing in next-generation AI software platforms and sensor fusion technologies.
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.
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. The countries covered in the sensor fusion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary categories of sensor fusion encompass radar sensors, image sensors, inertial measurement units (IMUs), temperature sensors, and others. Radar sensors function as conversion tools, translating microwave echo signals into electrical signals. Sensor fusion enhances radar sensors by incorporating data from various sensors such as cameras or lidar, thereby improving the accuracy of object detection and tracking. This enhancement contributes to more dependable situational awareness across diverse applications. Sensor fusion technologies include micro-electric mechanical systems (MEMS), non-micro-electric mechanical systems (MEMS), and others applied in smartphones, tablets, TV remotes, cameras, video games, and more. End users of sensor fusion technology span across consumer electronics, automotive, home automation, medical, military, and industrial sectors.
The sensor fusion research report is one of a series of new reports that provides sensor fusion market statistics, including the sensor fusion industry's global market size, regional shares, competitors with a sensor fusion market share, detailed sensor fusion market segments, market trends and opportunities, and any further data you may need to thrive in the sensor fusion industry. This sensor fusion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The sensor fusion market consists of revenues earned by entities by providing sensor fusion services such as sensor data fusion, and sensor fusion software. The market value includes the value of related goods sold by the service provider or included within the service offering. The sensor fusion market also includes sales of AI-enabled sensor fusion kits and sensor fusion and tracking toolboxes, which are used in providing sensor fusion services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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 projected growth in the forecast period can be linked to initiatives related to the Internet of Things (IoT) and smart cities, the evolution of consumer electronics, advancements in medical imaging and healthcare, concerns about energy efficiency, the expansion of wearable health tech, and the provision of cloud-based sensor fusion services. Key trends anticipated in the forecast period encompass the integration of artificial intelligence (AI) and machine learning, advancements in robotics, applications of augmented reality (AR) and virtual reality (VR), as well as the adoption of environmentally sustainable solutions.
The anticipated increase in the adoption of electric vehicles is poised to drive the growth of the sensor fusion market in the foreseeable future. Electric vehicles, powered by an electric motor drawing energy from an externally charged battery, rely on sensor fusion for critical functions, safety, energy efficiency, and autonomous capabilities. This makes sensor fusion a vital component in the evolving automotive industry. For instance, data from the International Energy Agency in September 2022 revealed a doubling of electric vehicle sales to 6.6 million in 2021 compared to 2020, resulting in a total of 16.5 million electric vehicles on the road. Consequently, the growing penetration of electric vehicles is a driving force behind the expansion of the sensor fusion market.
The increasing adoption of 5G technology is expected to propel the growth of the sensor fusion market. 5G, the fifth generation of wireless technology, offers faster data speeds, lower latency, and enhanced connectivity for various devices and applications. Sensor fusion is integral to 5G technology, amalgamating data from multiple sensors to improve accuracy, efficiency, and real-time responsiveness across diverse applications, from autonomous vehicles to smart cities. According to a June 2022 report by Ericsson, it is projected that there will be 4.4 billion 5G subscriptions, representing approximately 48% of the global mobile subscription base by the end of 2027. Hence, the rising adoption of 5G technology is a significant driver for the sensor fusion market.
Technological advancements emerge as a prominent trend gaining traction in the sensor fusion market. Key companies in this sector are leveraging advanced technologies to maintain their market positions. In November 2022, STMicroelectronics, a Switzerland-based semiconductor manufacturer, introduced the LSM6DSV16X, an advanced 6-axis inertial measurement unit (IMU) that incorporates artificial intelligence (AI), adaptive self-configuration (ASC), and technology for superior power optimization through sensor fusion low power (SFLP). This IMU facilitates rapid and potent edge processing with reduced energy consumption, making it ideal for applications such as advanced 3D phone mapping and context awareness on laptops and tablets.
Major companies in the sensor fusion market are also focusing on cutting-edge solutions such as perception technology to meet the growing demand for enhanced data accuracy and real-time insights. Perception technology involves the integration of sensors and AI to interpret and understand complex data from the environment. In July 2023, TIER IV Inc., a Japan-based software company, launched the Sensor Fusion Development Kit, streamlining the creation of autonomous driving systems and related applications using advanced perception technology. The kit integrates high-quality automotive sensors, including HDR cameras and 3D LiDARs, with robust computing systems, simplifying sensor fusion development.
In November 2021, Ambarella Inc., a US-based AI vision silicon company, acquired Oculii Corp. for $307.5 million. This acquisition expands Ambarella's market presence by adding radar perception and fusion capabilities to its existing edge AI computer vision (CV) perception SoCs for automotive and other IoT endpoint applications, broadening the company's addressable market. Oculii Corp. is a US-based technology company specializing in next-generation AI software platforms and sensor fusion technologies.
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.
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. The countries covered in the sensor fusion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary categories of sensor fusion encompass radar sensors, image sensors, inertial measurement units (IMUs), temperature sensors, and others. Radar sensors function as conversion tools, translating microwave echo signals into electrical signals. Sensor fusion enhances radar sensors by incorporating data from various sensors such as cameras or lidar, thereby improving the accuracy of object detection and tracking. This enhancement contributes to more dependable situational awareness across diverse applications. Sensor fusion technologies include micro-electric mechanical systems (MEMS), non-micro-electric mechanical systems (MEMS), and others applied in smartphones, tablets, TV remotes, cameras, video games, and more. End users of sensor fusion technology span across consumer electronics, automotive, home automation, medical, military, and industrial sectors.
The sensor fusion research report is one of a series of new reports that provides sensor fusion market statistics, including the sensor fusion industry's global market size, regional shares, competitors with a sensor fusion market share, detailed sensor fusion market segments, market trends and opportunities, and any further data you may need to thrive in the sensor fusion industry. This sensor fusion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The sensor fusion market consists of revenues earned by entities by providing sensor fusion services such as sensor data fusion, and sensor fusion software. The market value includes the value of related goods sold by the service provider or included within the service offering. The sensor fusion market also includes sales of AI-enabled sensor fusion kits and sensor fusion and tracking toolboxes, which are used in providing sensor fusion services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Table of Contents
1. Executive Summary2. Sensor Fusion Market Characteristics3. Sensor Fusion Market Trends and Strategies32. Global Sensor Fusion Market Competitive Benchmarking33. Global Sensor Fusion Market Competitive Dashboard34. Key Mergers and Acquisitions in the Sensor Fusion Market
4. Sensor Fusion Market - Macro Economic Scenario
5. Global Sensor Fusion Market Size and Growth
6. Sensor Fusion Market Segmentation
7. Sensor Fusion Market Regional and Country Analysis
8. Asia-Pacific Sensor Fusion Market
9. China Sensor Fusion Market
10. India Sensor Fusion Market
11. Japan Sensor Fusion Market
12. Australia Sensor Fusion Market
13. Indonesia Sensor Fusion Market
14. South Korea Sensor Fusion Market
15. Western Europe Sensor Fusion Market
16. UK Sensor Fusion Market
17. Germany Sensor Fusion Market
18. France Sensor Fusion Market
19. Italy Sensor Fusion Market
20. Spain Sensor Fusion Market
21. Eastern Europe Sensor Fusion Market
22. Russia Sensor Fusion Market
23. North America Sensor Fusion Market
24. USA Sensor Fusion Market
25. Canada Sensor Fusion Market
26. South America Sensor Fusion Market
27. Brazil Sensor Fusion Market
28. Middle East Sensor Fusion Market
29. Africa Sensor Fusion Market
30. Sensor Fusion Market Competitive Landscape and Company Profiles
31. Sensor Fusion Market Other Major and Innovative Companies
35. Sensor Fusion Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Sensor Fusion Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on sensor fusion market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
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- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for sensor fusion? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered: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
Key Companies Mentioned: Qualcomm Technologies Inc.; Broadcom Inc.; Cummins Inc.; NVIDIA Corporation; Asahi Kasei Microdevices Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 6.63 Billion |
| Forecasted Market Value ( USD | $ 12.8 Billion |
| Compound Annual Growth Rate | 17.9% |
| Regions Covered | Global |
