iCrowdNewswire Jan 26, 2021 3:00 AM ET
Market Research Future published a research report on “Sensor Hub Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future (MRFR) projects the sensor hub market 2020 to advance to a size of USD 33.77 Billion by 2023. It is also expected that the market can progress at a rate of 20.9% between 2017 and 2023, which is the appraisal period. We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
Growth Inducers and Key Barriers
In April 2020, CEVA Inc., a renowned licensor of smart sensing and wireless connectivity technologies, launched SensPro, which is touted to be the first high performance sensor hub that can handle a vast range of sensor fusion and sensor processing workloads for diverse devices such as AR/VR headsets, automotive, voice assistants, robotics, smartphones, and more. This is one instance of the many product launches currently taking place in the Sensor Hub Market, which not only helps the company survive but also thrive. Product launches and similar strategies such as agreements and collaborations help the company improve its revenue stream and induce market growth as well.
The sensors hub market can also be bolstered by the escalating need for low power generating solutions in wearable and mobile devices. The demand for low power using mobile devices is quite high that can function for longer period at faster rate without less battery drainage. For this, mobile manufacturers are increasingly embedding their mobile devices with sensor hubs, since they help gather sensor data without using the main processor and helps save the device’s battery life.
The persistent surge in the need for solutions such as sustainable and renewable solar, biofuel energy can also drive the expansion rate of the market in the following period. The rising adoption of different types of latest technologies among consumers and the increasing popularity of wearable devices could also result in revenue generating opportunities for market vendors during the appraisal period.
Leading competitors in the market include Rohm Co. Ltd. (Japan), Invensense Inc. (U.S), Analog Devices, Inc. (U.S), Texas Instruments Inc. (U.S), Broadcom Limited (U.S), Memsic, Inc. (US), Microchip Technology Inc. (US), Robert Bosch GmbH (Germany), Qualcomm Technologies (U.S), STMicroelectronics N.V. (Switzerland), NXP Semiconductors N.V (Netherland), Intel Corporation (U.S), Infineon Technologies AG (Germany), to name a few.
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The sensor hub industry has been considered for types, processor type, devices, applications and end-users.
The types of sensor hub available in the global market include gyro sensors, hall sensors, proximity sensors, temperature sensor, magnetic sensors and more.
The processors type-based categories are programmable and fixed logic, application sensor processor, sensor integrated microcontroller, discrete sensor processor and others.
Devices that are embedded with sensor hub are wearable devices, tablets, IoT and connected devices as well as smart phones.
Application areas of sensor hub are positioning and navigation, health and fitness, augmented reality and gaming, activity monitoring, voice command, gestures navigations and more.
The prime end-users in the target industry include automotive, healthcare, telecommunication education, government & defense, media and entertainment, consumer electronics, commercial, and others.
APAC or Asia Pacific, North America, Europe and the Rest of the World or RoW are the primary markets for sensor hub across the globe.
North America is the clear leader in the global market, generating the highest revenue due to the large number of renowned players present in the region. The strong financial conditions and the well-developed automobile industry that are generally use smart operating systems work in favor of the regional market. The thriving smartphone market and the increasing integration of sensor hubs in the smartphones developed by manufacturers also add to the market strength in the region.
The market in APAC can record the most attractive growth rate in the next several years, as a result of the mounting number of electronic device manufacturing plants along with increasing digitalization. High investments in smart city projects coupled with the widespread demand for consumer devices like game consoles, smart TV’s, tablets, wearable devices and smartphones in India and China have also led the market to great heights in recent years. COVID-19 impact on the Sensor Hub market can be drastic, with manufacturing plants closing down and workforces following the social distancing practice. However, experts anticipate the semiconductor industry in the region to remain resilient in the coming years, with surge in mergers and acquisitions as well as the sustainable growth of the smartphone industry.
The market study reveals that the European market can perform well in the next couple of years, with emerging opportunities in automotive, consumer electronics, military, healthcare and industrial industries.
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