The Global Sensor Fusion Market size is expected to reach $10 billion by 2027, rising at a market growth of 17. 8% CAGR during the forecast period. Sensor fusion is the integration of many sensors to obtain more accurate and reliable data rather than using individual sensors.
New York, Feb. 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global Sensor Fusion Market By Technology, By Type, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027" – https://www.reportlinker.com/p06241030/?utm_source=GNW
In addition, sensor fusion occurs when two or more sensors are combined to produce a better result. It overcomes the limitations of individual sensors by gathering and fusing data from a variety of sensors to provide quality information. This reliable data is then used to make decisions or take specific actions.
Increased sales of self-driving automobiles and a rise in the number of portable and wearable electronic gadgets are two notable factors driving the growth of the sensor fusion market. Furthermore, as the number of electric vehicles on the road grows, the demand for sensor fusion would also grow. The market is growing due to the shrinking of electronic components to conserve space and the design of tiny electronic gadgets. In addition, digitalization and the application of sensor fusion in robots is becoming more prevalent across the world.
When processing is moved to a domain controller, sensors take approximately 30 percent less space and weigh 30 percent less. A camera’s footprint is lowered from the size of a deck of cards to the size of a pack of chewing gum for comparison. OEMs have more alternatives in car packaging by keeping sensors as small as feasible.
With Satellite Architecture, where all data from sensors is shared centrally, active safety applications in the domain controller have additional opportunities to use it. Companies can even use artificial intelligence (AI) tools to extract useful data from data that would otherwise be thrown away. The correct AI can learn from it, which aids companies in solving difficult corner cases that their customers confront.
COVID-19 Impact Analysis
The COVID-19 pandemic has impacted various domains of the business as well as society. This pandemic has negatively impacted the supply chain, the stock market, corporate confidence, and instilling fear in customers. The imposition of various restrictions like complete lockdown has resulted in the temporary ban on the manufacturing units owing to the unavailability of workforce and raw materials, which have negatively impacted the production as well as demand for the sensor fusion in the market.
Since the burden on healthcare system has increased due to the pandemic, the demand for various medical devices has also surged in the market, which would further augment the need for sensor fusion. The introduction of COVID-19 has slowed the sensor fusion market’s growth in 2020. However, during the recovery phase, the sensor fusion market is estimated to witness a significant demand owing to the surging demand for various smart devices and automobiles.
Market Growth Factors:
Increasing technological advancements and applications
With the rising technological advancements, the demand for sensor fusion would surge since it helps in creating more accurate sensor mechanism in order to improve advanced system performance or fix modern applications. Sensor fusion technology is a sub-discipline of data fusion that is commonly referred to as multisensory data fusion or advanced sensor-data fusion. Several scientific research setups, current camera systems, and primary image processing are using this sensor-data fusion.
Growing usage of image sensors in various smart devices
Many new challenges in the field of image sensors can be overcome. The ever-increasing demand for new-generation smartphones with advanced features and modern integrated sensors is contributing to the growth of the sensor fusion market. There is an increase in the demand for image sensors from the manufacturers of various smart devices. A standard arrangement is now used by most digital cameras: A pixel array stands atop a 2D Bayer arrangement of RGB colour filters. A photodetector is built into each pixel, which absorbs filtered light to produce one of the primary colours.
Market Restraining Factors:
High chances of technical glitches in the electronic braking system
Due to the existence of multiple electrical components, self-driving automobiles are vulnerable to hacking. Self-driving automobiles can be hampered by hackers imitating another person or vehicle in front of them. This prevents the software platform from acting in a timely manner. Because they are vulnerable to hacking, hackers can take control of various applications such as infotainment systems, adaptive cruise control, and emergency braking systems. For example, Fiat Chrysler recalled 1.4 million vehicles in 2015 owing to safety concerns.
On the basis of technology, the sensor fusion market is bifurcated into MEMS and non-MEMS. The non MEMS segment acquired a significant revenue share in the sensor fusion market in 2020. Non-MEMS based devices are also utilized in healthcare and life science industry. These devices are easily commercialised for small volume sample analysis and in-vivo measurement in chemical and biological processes, as well as mesoscale machines.
Based on type, the sensor fusion market is segmented into Radar Sensors, Image Sensors, IMU, Temperature Sensor and others. Radar sensors segment garnered a significant revenue share in the sensor fusion market in 2020. These kinds of sensors are microwave echo signal converters that convert microwave echo signals to electrical signals. They detect motion using wireless sensing technology by determining the object’s position, shape, motion characteristics, and trajectory.
End User Outlook
By end user, the sensor fusion market is segmented into Automotive, Healthcare, Consumer Electronics, Military & Defense and Industrial.
The consumer electronics segment acquired the maximum revenue share in the sensor fusion market in 2020. This is due to the rise in the amount of apps for smartphones, tablets, and wearables. In addition, the increase in the disposable income of the consumers would surge the demand for various consumer electronics.
Region-wise, the sensor fusion market is analyzed across North America, Europe, Asia Pacific and LAMEA. The Asia Pacific region emerged as the leading region in the sensor fusion market with the largest revenue share in 2020. Due to the expanding acceptance of autonomous vehicles, severe government regulation, and increasing dominance in the semiconductor industry, this region became one of the most important locations for sensor fusion in autonomous applications.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; STMicroelectronics N.V., Robert Bosch GmbH, Asahi Kasei Corporation and Analog Devices, Inc. are the forerunners in the Sensor Fusion Market. Companies such as CEVA, Inc., TDK Corporation (InvenSense, Inc.), Renesas Electronics Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Analog Devices, Inc., Renesas Electronics Corporation, TDK Corporation (InvenSense, Inc.), STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Asahi Kasei Corporation, Robert Bosch GmbH, CEVA, Inc., and MEMSIC Semiconductor Co., Ltd. (IDG Capital Investment Consultant Beijing Co Ltd.).
Recent Strategies Deployed in Sensor Fusion Market
Partnerships, Collaborations and Agreements:
Dec-2021: Bosch Sensortec partnered with NextNav, a leader in next-generation GPS. Bosch Sensortec would use the relationship to evaluate measurement accuracy and give rigorous performance assurance to Original Equipment Manufacturers (OEMs) who use its sensors in mass-market goods such as smartphones, tablets, and wearables.
Jun-2021: STMicroelectronics teamed up with Eyeris, a leader in vision-based AI software and in-cabin sensor fusion technologies. Following the collaboration, Eyeris’ powerful portfolio of Deep Neural Networks is used to extend ST’s Global-Shutter sensor to in-cabin sensing applications, resulting in a comprehensive visuospatial awareness of the whole car interior.
Jan-2021: TDK Corporation’s division Tursted Positioning Inc. partnered with Uhnder. The partnership was focused on developing a localization reference design with world-class performance and accuracy with TPI’s AUTO positioning software and Uhnder’s software-defined digital radar sensor. The combined solution offers lane-level positioning accuracy in urban areas.
Jan-2021: CEVA announced a licensing agreement with the U.S. Defense Advanced Research Projects Agency (DARPA) for accelerating the technology innovation for DARPA programs. DSPs and software for 5G baseband processing, short-range connection, sensor fusion, computer vision, sound processing, and Artificial Intelligence are among the key technologies offered by CEVA. CEVA’s r collaboration with DARPA broadens the use of its sophisticated DSPs, AI Processors, and wireless IPs to DARPA’s research programs and ecosystem.
Dec-2020: STMicroelectronics collaborated with LeddarTech, a developer of Level 1-5 ADAS and AD sensing technology. The collaboration focused on the development and promotion of lidar solutions based on ST’s MEMS mirror-based laser beam scanning solutions and LeddarTech’s sensing components and software products.
Dec-2020: Renesas strengthened its collaboration with LeddarTech, a player in Level 1-5 advanced driver assistance systems (ADAS) and automated driving (AD) sensing technology. In this fast-growing ADAS & AD sector, the integration of LeddarTech’s sensor fusion and LiDAR technologies in an open platform paradigm with Renesas’ R-Car V3U technology would enable the customers to develop value-added and differentiated solutions.
Product Launches and Product Expansions:
Oct-2021: Infineon Technologies announced the launch of the new XENSIV TLE4972, its first automotive current sensor. For precise and reliable current measurements, the coreless current sensor employs Infineon’s well-proven Hall technology. The TLE4972 is suited for xEV applications such as traction inverters used in hybrid and battery-driven vehicles, as well as battery main switches, owing to its compact design and diagnostic modes.
Jan-2021: NXP Semiconductors unveiled BlueBox 3.0, an expanded version of NXP’s flagship safe Automotive High-Performance Compute (AHPC) development platform. The Kalray CoolidgeTM MPPA (Massively Parallel Processor Array) processors can be targeted for perception, prediction, pathfinding capabilities, and emerging connected services and can accommodate radar, vision, and LiDAR signal paths for advanced sensor fusion applications. They also provide expansion options for AI and ML acceleration
Jan-2021: TDK launched the InvenSense ICM-40627 and ICM-42688-V high-performance MEMS motion tracking solutions. The ICM-40627 solution allows intuitive and smart motion control for any motion pointing application whereas the ICM-42688 solution offers premium fusion performance for any accurate orientation-based application.
Jul-2020: TDK Corporation introduced the InvenSense SmartBug, a wireless and compact multi-sensor solution. The solution has been designed for a range of consumer and commercial IoT applications. This solution allows easy and quick access to smart and reliable sensor data without the requirement for soldering, programming, and extra modifications.
Apr-2020: STMicroelectronics introduced the IIS3DWB vibration sensor and supported the STEVAL-STWINKT1 multi-sensor evaluation kit. These launches enhanced the development of condition-monitoring systems that increased productivity through inferring equipment maintenance requirements.
Scope of the Study
Market Segments covered in the Report:
• Non MEMS
• Radar Sensors
• Image Sensors
• Temperature Sensors
By End User
• Consumer Electronics
• Military & Defense
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Analog Devices, Inc.
• Renesas Electronics Corporation
• TDK Corporation (InvenSense, Inc.)
• STMicroelectronics N.V.
• Infineon Technologies AG
• NXP Semiconductors N.V.
• Asahi Kasei Corporation
• Robert Bosch GmbH
• CEVA, Inc.
• MEMSIC Semiconductor Co., Ltd. (IDG Capital Investment Consultant Beijing Co Ltd.)
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