Albany, NY -- (SBWIRE) -- 10/02/2018 -- Sensor fusion works mainly on software that intelligently combines data from several sensors in order to improve application and system performance. The principle requirement for sensor fusion are global positioning system and inertial navigation system. Increasing demand for different end use application segments such as automotive, consumer electronics, home automation, healthcare, industrial and military among others has boosted the demand of sensor fusion to a great extent in the global market. Across the globe, the market for sensor fusion is highly competitive as the market is dominated by major players in sensor fusion market. The sensor fusion implementation common example is smart phone. However, the rising usages of sensor fusion in smart wearable device at a rapid pace which is also triggering the demand for the market of sensor fusion. Thus, the global sensor fusion market is anticipated to witness a steady growth during the forecast period from 2017 to 2025.
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The sensor fusion market has been segmented on the basis of product type, technology, end use application and geography. On the basis of product type the market for sensor fusion has been bifurcated into various types which includes inertial combo sensors, radar images sensor, pressure sensors light sensors, humidity sensors, gas sensors and temperature sensors among others. Based on technology the market has been segregated into micro-electromechanical system (MEMS) and non- MEMS. Moreover, growing usage of micro-electromechanical system (MES) imposed by manufactures globally have also boosted the demand for sensor fusion market. In addition, on the basis of end use application the sensor fusion market can be fragmented into consumer electronics, automotive, aerospace & defense, industrial and healthcare among others.
The sensor fusion market is primarily driven by increasing demand for various electronic consumer goods such as mobile phones, televisions, and wearable technology is also predicted to drive the market growth of sensor fusion market at an exponential rate in the coming years. Increasing demand of sensor fusion in advance vehicle such as low emission engine, vehicle stability, vehicle dynamic controls (VDC) and gasoline direct injections (GDI) among others are boosting the demand for sensor fusion market. Furthermore, key automotive suppliers such as Cummins engine, Honda and Robert Bosch GmbH among others in the utilizing these specific function in automotive industry is also predicted to drive the market growth of intelligent power module at an exponential rate in the coming years. Increasing demand of security systems is also boosting the market demand for sensor fusion market.
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On the other hand, the aerospace and defense is estimated to become the fastest growing segment due to enormous technological advancement in sensor fusion for aerospace and defense industry. On the flip side, lack of standardization in MEMS and sensor fusion system are the most important factors restraining the growth of global sensor fusion market. Advancement of medical technology equipment is acting as a driving factor in the growth of sensor fusion market.
Geographically, the global sensor fusion market has been segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa (MEA). In terms of revenue, Asia Pacific (APAC) held the largest market share in the global sensor fusion market as of 2016. Within Asia Pacific, China held the largest market revenue share due to growing consumer preference for electronic products. In addition, growing demand from automotive industry is also driving the Global Sensor Fusion Market. On the other hand, Europe is expected to become the most promising with a second highest share followed by others region. Owing to significant economic growth China, India, the US, Germany and Japan among others are major market for sensor fusion. Furthermore, ever-changing consumer needs in electronic segment market is the key factor influencing the market growth for sensor fusion market.
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The major companies operating in the global sensor fusion market globally. Some of the leading players in the market are Bosch Sensortec GmbH (Germany), Kionix Inc. (the U.S), Hillcrest labs (the U.S.), BASELABS (Germany), STMicroelectronics (Switzerland) and InvenSense, Inc. (the U.S.) among others.