Market Synopsis: —
As per Market Research Future (MRFR)’s assessment, the North America sensor market is anticipated to scale valuation of USD 55,383.64 Mn in 2023 up from USD 25,839.74 Mn in 2016. The market is expected to register a high CAGR of 11.82% during the forecast period 2017 to 2023. The innovations brought into the sensor technology has paved its way across different industry verticals. It is likely to gain further momentum in the upcoming years, thus, augmenting the North America sensor technology market.
The growing advancements in IoT and connected devices are projected to favor the accelerated adoption of sensor technology across verticals. This is expected to drive the proliferation of the North America sensor market over the next couple of years.
The growth witnessed in automation, digital twin and virtual reality market are likely to influence the expansion of the North America sensor market positively. On the other hand, the dynamic nature of the semiconductor industry remains an impediment to market expansion.
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Some of the major industry leaders profiled in this MRFR report are ABB Ltd. (Australia), Analog Devices, Inc. (U.S.), Delphi Automotive LLP (U.K.), Bosch Group Gmbh (Germany), Honeywell International, Inc. (U.S.), Meggitt Sensing Systems (U.S.), Yokogawa Electric Corporation (Japan), Siemens AG (Germany), STMicroelectronics and, Infineon Technologies AG (Germany).
• North America Sensor Market has generated market revenue of USD 25,839.74 million in 2016 and is projected to reach USD 55,383.64 million by 2023 growing with 11.82% CAGR.
• By Type: Image sensor is dominating the market and has generated USD 5 billion market value in 2016 in North America. Whereas, Position Sensor and Proximity Sensor is expected to drive the market in coming years with 18% and 15% CAGR, respectively.
• By Technology: CMOS Process technology is dominating the North America sensor market by generating highest revenue in 2016. Whereas, Hybrid technology and Vision sensing technology is projected to drive the market in North America with 17% and 15% CAGR, respectively.
• By Connectivity: Wired connectivity is dominating the sensor market in North America by generating highest revenue in 2016. Whereas, wireless connectivity is expected to pace the North America market in coming years growing with 13.52% CAGR.
• By End-User: Industrial sector is dominating the sensor market in North America and has generated highest revenue of USD 6.7 billion in 2016. Whereas, aerospace & defence followed by medical sector is projected to drive the market in North America with 16% and 13% CAGR, respectively.
• By Geography, U.S. is dominating the Sensor Market followed by Canada and Mexico.
By type, the North America Sensor Market has been segmented into flow sensor, image sensor, touch sensor, position sensor, temperature sensor, motion sensor, light sensor, pressure sensor, proximity sensor, and optical sensor. Among these, the image sensor is currently holding the lion’s share of the market and is expected to accrue a significant amount of revenue in the forthcoming years. Meanwhile, the position sensor is likely to exhibit a high growth at 18% CAGR over the assessment period. Also, the proximity sensor is likely to thrive at 15% CAGR over the next few years.
By technology, the North America Sensor market has been segmented into System on chip, System on Package, Hybrid Technology, CMOS Process, IC Compatible 3D Micro Structuring, Machine Vision, and, Vision Sensing. The CMOS Process segment is dominating the North America sensor market and is expected to witness a favorable growth over the assessment period. Furthermore, the hybrid technology segment and vision sensing segment are anticipated to register 17% and 15% CAGR respectively.
By connectivity, the North America Sensor market has been segmented into wired and wireless. Although the wired segment is leading the market growth, the wireless segment is anticipated to gain momentum in the upcoming years.
By end-user, the North America sensor market has been segmented into industrial, medical, automotive, consumer electronics and aerospace & defense. Among these, the industrial segment is at present leading the growth of the market. However, the aerospace & defense segment followed by the medical segment is poised to gain quick mileage over the projection period.
In February 2019, the component manufacturing arm under the LG umbrella – LD Innotek – has officially unveiled its latest 3D depth-sensing technology which will be used in its upcoming LG G8 ThinQ smartphone.
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The North America Sensor market, by region, has been segmented into the U.S., Canada, and Mexico. The U.S. accounts for a dominant share of the market and is expected to retain its pole position in the foreseeable future. The superior network infrastructure of the region coupled with technological innovations is expected to dictate the growth trajectory of the country-level market. The region is presumed to strike a CAGR of 12% during the forecast period and contribute significantly towards the development of the North America sensor market. Canada is projected to train the U.S. in terms of market size and revenue. The rising penetration of smartphones is expected to expedite the growth of the market in the nation.
• Sensor providers
• Sensor operators
• Transit agencies
• Research institute
• End users
LIST OF TABLES
TABLE 1 NORTH AMERICA SENSORS MARKET BY TYPE, 2017-2023 (USD MILLION) 16
TABLE 2 NORTH AMERICA SENSORS MARKET, BY TECHNOLOGY, 2017-2023 (USD MILLION) 21
TABLE 3 NORTH AMERICA SENSORS MARKET, BY CONNECTIVITY, 2017-2023 (USD MILLION) 24
TABLE 4 NORTH AMERICA SENSORS MARKET, BY END-USERS, 2017-2023 (USD MILLION) 26
TABLE 5 NORTH AMERICA SENSORS MARKET BY COUNTRY,2017-2023 (USD MILLION) 30
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LIST OF FIGURES
FIGURE 1 NORTH AMERICA SENSORS MARKET: DRIVERS & RESTRAINTS 9
FIGURE 2 SENSORS MARKET: SUPPLY CHAIN PROCESS 14
FIGURE 3 NORTH AMERICA SENSORS MARKET: PORTER’S FIVE FORCES ANALYSIS 14
FIGURE 4 NORTH AMERICA SENSORS MARKET BY TYPE, 2017-2023 (USD MILLION) 15
FIGURE 5 NORTH AMERICA SENSORS MARKET, BY TECHNOLOGY, 2017-2023 (USD MILLION) 20
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