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.
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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.
The worldwide Sensor Fusion Market Size 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.
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.
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.
By region, the 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.
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