The global sensor fusion market is anticipated to grow at a significant CAGR of 19.1% during the forecast period (2022-2028). Sensor fusion is the combining of data from several sensors to obtain a more accurate picture of the sensors than any single sensor. The combination of multiple types of sensors lowers errors. Sensor fusion devices employ advanced sensor fusion algorithms. These algorithms are designed to combine real-time data and measurement results into a single interpretation. Varying types of sensors with various chemical and biological coatings are employed in multiple sensor fusion arrays.
The constantly growing consumer electronics, automotive, and healthcare industries are driving the sensor fusion market. The market is also expected to develop as the number of electric vehicles on the road increases with the incorporation of modern technology, such as ADAS and other safety measures. Furthermore, the growing trend of shrinking in electronics aids the growth of the sensor fusion industry.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-
- In April 2020, Phantom AI, a US-based firm, raised $22 million in series A funding headed by Celeres Investments and joined by Ford Motor and KT Corp. of South Korea. The PhantomFusion solution from Phantom AI is an independent sensor fusion and object tracking system that fuses all of the raw data collected from multiple vehicle sensors. It can also combine data from up to six cameras and six radars surrounding a vehicle in 360 degrees.
- In July 2019, Tencent announced that it will build a high-performance computer data center for BMW in China. The facility will be utilized to build highly automated (Level 3) and fully automated (Level 4) self-driving vehicles. Panjit International, established in Taiwan, is accelerating the development of semiconductors for automotive and mass transportation.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Technology
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Robert Bosch GmbH, Infineon Technologies AG, NXP Semiconductors N.V., STMicroelectronics, and Kionix Inc., among others.
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Global Sensor Fusion Market Report by Segment
Global Sensor Fusion Market Report by Segment
By Type
- Accelerometer
- Capacitive Sensor
- Pressure Sensors
- Temperature Sensors
- Touch Sensors
- Radar Sensors
- Image Sensors
By Technology
- MEMS
- Non-MEMS
By Applications
- Consumer Electronics
- Automotive
- Medical
- Military
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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