The global sensor hub market is forecast to reach $32.5 billion by 2023, growing at a CAGR of 18.9 percent, according to ReportsnReports.
Sensor hub market likely to exhibit significant growth potential between 2017 and 2023 market is expected to be valued at USD 32.53 billion by 2023, growing at a CAGR of 18.9%. Sensor hub market report covers analysis and market Overview on the basis of Processor Type, End-Use Application, and Geography.
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The sensor hub market is expected to be valued at USD 32.53 billion by 2023, growing at a CAGR of 18.9% between 2017 and 2023. The key driving factors for the growth of the sensor hub market are the growing need for low power generating solutions. The consumer electronics end-use application requires low power utilizing devices, which can function for a long duration without draining the battery at a fast rate. However, the hardware/architecture complexity to integrate multiple sensors with microcontrollers and manage it requires a huge effort and advanced programming skills, thereby making it difficult to integrate sensor hubs into low range smart phones.
“Application sensor processor segment is expected to grow at the highest rate during the forecast period”
The application sensor processor segment is expected to grow at the highest rate during the forecast period due to its space saving nature that reduces the component count of the device. The application sensor processor is being deployed by a large number of smart phone manufacturers such as Apple, Inc. (US).
“Consumer electronics is expected to hold the largest share of the sensor hub market for end-use application during the forecast period”
The consumer electronics end-use application is expected to hold the largest share in the sensor hub market. This growth is attributed to the extensive use of sensor hubs in smart phones, tablets, smart TVs, wearables, and gaming consoles. All these devices use sensors for different activities such as gesture recognition, image stabilization, navigation, motion-based gaming, and health monitoring. The sensor hub market for automotive end-use application held the second-largest share after the consumer electronics end-use application due to the increasing importance of active safety application in automobiles for passenger safety and to meet the government safety norms.
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“Asia Pacific is expected to be the fastest-growing market during the forecast period”
The sensor hub market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period as this region is one of the largest manufacturing hubs for consumer electronics and automobile production in the world. China holds the major share of the sensor hub market in APAC, as the country is the largest producer of smart phones and automobile systems, which are integrated with sensor hub products.
Break down of the profiles of primary participants for the report: By Company Type: Tier 1-45%, Tier 2-30%, and Tier 3-25%, By Designation: C-Level Executives-63%, and Directors-37% and By Region: North America-33%, Europe-23%, APAC-32%, and RoW-12%.
The key players in the sensor hub market include Microchip Technology, Inc. (US), STMicroelectronics N.V. (Switzerland), Robert Bosch GmbH (Germany), NXP Semiconductors N.V.(Netherland), RoHM Co. Ltd. (Japan), Analog Devices, Inc.(US),Inven Sense, Inc. (US), Infineon Technologies AG (Germany), and Memsic, Inc. (US).
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