Sensor Fusion Market is expected to register a CAGR of 18.73% over the period 2018
NEW YORK, Nov. 4, 2019 /PRNewswire/ --
Sensor Fusion Market
Sensor Fusion Market is expected to register a CAGR of 18.73% over the period 2018-2023. The scope of the report is limited to end-user verticals, including automotive, healthcare & medical, industrial, consumer electronics, and others. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of sensor fusion in accordance with the diverse application and future prospect of the same.
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Sensor fusion enables the data analysis through the combination of several sensors to improve the system performance or application, which is rapidly being adopted in diverse applications. The platform, sensor fusion is gaining high traction in the market, owing to its superior properties and advancements. Earlier, the sensors were utilized to gather data for a single purpose. Currently, there are multiple sensors on-board wherein the designers have the ability to procure data from all the sensors and predict or assess the situation. For instance, the combinational data from the compass, pressure, gyroscope, and accelerometer sensor can precisely predict the position of a device in 3-dimension. This is likely to boost the market growth over the forecast period. In this era, most of the smartphones are equipped with multiple sensors to obtain accurate indoor positioning results. As a result, the rising number of smartphones across the world is expected to have a positive impact on the market growth over the next six years.
Rising Integration of Sensors in Mobile Phones
The number of smartphone users, particularly Android devices are increasingly exploding across the world. The companies are trying to improve the GPS location tracking and sensing when inside a building wherein the signal is unavailable or very bad. Sensor fusion helps in tracking the exact location of the device by collating data from various sensors present in the smartphone, such as a wireless adapter, gyroscope, and accelerometer. Additionally, the increasing number of smartphone manufacturing is expected to have a positive impact on the market growth over the forecast period.
Consumer Electronics to Have the Highest Growth in Sensor Fusion Market
Sensor fusion is widely 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 market growth. In the consumer electronics industry, the demand for more precise results, along with smaller chips are rapidly increasing, owing to ascended profit margins and reduced transportation cost. In June 2018, Qualcomm launched a chip, specially manufactured for children's smartwatches. It is powered by Snapdragon Wear 2500, which utilizes sensor fusion technology to deliver detailed location tracking, as compared to GPS alone.
North America to Dominate the Sensor Fusion Market
Sensor Fusion Market
North America dominated the sensor fusion market, owing to regular investments and growing interests from various organizations, including defense. For instance, in October 2017, the United States army offered a contract worth USD 12 million to Lockheed Martin, an Aerospace and Defense company to build multi-modal sensor fusion for an experiment for rotary-wing aircraft. This is expected to compel other organizations to integrate and propel the utilization of the product, thereby, having a positive impact on the market growth in the region over the forecast period.
Key Developments in the Sensor Fusion Market
- August 2017 - Honeywell developed self-diagnosing sensors for aircrafts to improve safety and performance, which is expected to help the company to garner higher market share. It can also be incorporated with the sensor fusion system to gather and compute data from different sensors
Sensor Fusion Market Major Players:
STMicroelectronics N.V.
Bosch Sensortec GmbH.
NXP Semiconductors N.V.
Memsic, Inc.
Hillcrest Labs.
BASELABS GmbH.
Kionix, Inc.
InvenSense Inc.
Senion Inc.
Konux GmbH.
Analog Devices, Inc.
Reasons to Purchase Sensor Fusion Market Report
- The future prospect of the sensor fusion and opportunities
- Analyzing various perspectives of the market with the help of Porter's five forces analysis
- Regional analysis of the market
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet in excel
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