Sensor Fusion Market is Booming Rapidly Due to Growing Robotics | Industry In-Depth Analysis and Forecast 2027

Sensor Fusion Market Overview:

The global sensor fusion market is garnering significant traction. Market Research Future (MRFR) expects that by 2023, the global sensor fusion market is expected to create a valuation of USD 6.37 BN, growing at a 19.45% CAGR throughout the review period. MRFR also predicts that the market will expand at a phenomenal CAGR from 2020 to 2027. 

Industry players are continually working on multiple fronts to enable sensor fusion in IoT networks, using sensor processors with ultra-low-power form factors capable of handling input from up to four sensors. Sensor fusion is becoming increasingly important with the evolving IoT market. Given the rise in IoT-based solutions, the demand for sensor fusion is expected to surge in the recent future.

Various companies look to integrate sensor fusion technologies with their devices and edge systems to efficiently capture and analyze different data types. The market is likely to perceive vast gains with the increasing adoption of sensor fusion in the gaming and robotics sectors. In the future, sensor fusion is estimated to have tremendous opportunities in the aerospace sector. 

Besides, the increasing adoption of sensor fusion technology in burgeoning automotive, aerospace & defense, and healthcare industries drives the growth of the market. Substantial R&D investments and government initiatives to develop sensor fusion, increase product development, and launch, support the market growth. 

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Global Sensor Fusion Market – Segmentation

The sensor fusion market forecast is segmented into types, applications, and regions. The type segment is sub-segmented into inertial combo sensors, radar + image sensors, environmental sensors, IMU + GPS, and others.

The application segment is sub-segmented into automotive, consumer electronics, military, environmental controlling, robotics, and others. The region segment is sub-segmented into the Americas, Asia Pacific, Europe, and the Rest-of-the-World.

Sensor Fusion Market – Geographical Analysis

North America is the largest market for sensor fusion, headed by the rising demand from robotics and aviation industries. Besides, stringent government regulations towards vehicle safety, alongside the steady rise in vehicle production & sales and the augmenting demand for safety & comfort features in automobiles, impact the region’s sensor fusion market share.

The Asia Pacific sensor fusion market stands second in terms of revenues. The region houses several major mining & construction, aerospace & defense, and automotive & transportation companies, which act as a major tailwind for the sensor fusion market industry in the region. Also, advantages, such as the ample availability of raw materials and cost-competitive workforces, substantiate the sensor fusion market size. 

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Sensor Fusion Market – Competitive Landscape

Highly competitive, the sensor fusion market appears fragmented, with several well-established players forming a competitive landscape. These players incorporate strategies such as mergers & acquisitions, collaborations, partnerships, expansions, and product/ technology launches to gain a competitive advantage in this market. 

Major Players: 

Key players leading the global sensor fusion market include Invensense, STMicroelectronics, Bosch Sensortec GmbH, NXP Semiconductors, Kionix, Renesas Electronics Corp, Analog Devices, Hillcrest Labs, Microchip Technologies, Senion, Baselabs GmbH, and Memsic, among others. 

Industry/ Innovation/ Related News

April 26, 2022 — AeroVironment, Inc., a global leader in intelligent, multi-domain robotic systems, successfully demonstrated its multi-domain unmanned systems, computer vision, and sensor fusion software at International Maritime Exercise 2022/Cutlass Express 2022 (IMX/CE 22). 

This successful maritime demonstration of Interoperability to Interchangeability (I2I) operations was part of a combined event, IMX/CE 22., held from Feb. 6-17, 2022.

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Sensor Fusion Market Research Report, Technology (MEMS, Non-MEMS), Product Type (Inertial Combo Sensor, Environmental Sensor), Axis (6-Axis, 9-Axis), Application (Consumer Electronics, Automotive, Home Automation, Medical) – Forecast till 2027

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