The global motion sensor market is expected to grow at a compound annual growth rate of 7.42% over the forecast period to reach a market size of US$7.733 billion in 2026 from US$5.034 billion in 2020.
A motion sensor is an electronic device that detects a nearby motion with the help of a sensing technology that is further connected to an automated system and also alerts or performs a task depending on the application for which it is being used for. The market for motion sensors is witnessing promising growth over the forecast period which may be attributed to the burgeoning investments in automation solutions across various industrial verticals. Also, the propelling investments in home automation and smart homes are one of the major factors augmenting the business growth opportunities for the manufacturers in the coming five years. The market is also witnessing significant growth on account of the increasing demand for smartphones and wearable devices particularly in the developing economies since the growing disposable income and improvement in the standards of living has been further playing a major role in supplementing the demand for numerous electronic devices in these economies. Furthermore, the participation by the market players in the form of increased R&D investments and launch of new and enhanced sensor technologies coupled with the increased participation by various manufacturers in the development of technologically advanced products across various industries such as automotive and consumer electronics among others further shows the market growth potential for the coming years. For instance, in September 2019, Xiaomi Corporation one of the globally leading multinational electronics companies based out of China announced the launch of a new motion-activated night light for sale in India. Similarly, booming investments by governments of various countries in smart cities are also anticipated to provide an impetus to the global motion sensor market in the long run and will further provide lucrative growth opportunities for the market players in the near future.
The outbreak of the novel coronavirus disease is projected to have a moderate impact on the market growth particularly during the short run which may be attributed to the closure of manufacturing facilities in many parts of the world due to the non-availability of raw materials caused by the supply chain disruptions coupled with lockdowns and several other government restrictions. However, the soaring demand for various consumer electronic devices and medical equipment amid the pandemic is projected to offset the negative impact caused during the first two quarters of the year 2020, thus leading to slow yet positive market growth during the same time period.
Budding investments in smart homes and home automation
Smart homes or smart buildings are those facilities that are equipped with smart and intelligent control systems that are used to control various appliances and systems that are installed in these buildings or homes that also use motion sensors such as smart lighting solutions. The burgeoning penetration of the Internet of Things and growth in the adoption of connected devices has further widened the growth prospects for the global smart sensor market has further opened the gates for the easy deployment of home automation solutions. This can be backed up by the fact that the market for smart home products has grown rapidly between 2018 to 2024. For instance, the smart homes market has was evaluated at US$46.493 billion for the year 2018 which is projected to grow at a healthy CAGR of 17.86% reaching US$124.596 billion by the year 2024.
Furthermore, the booming initiatives by the governments across several countries towards the investment in smart cities are also positively impacting the market growth throughout the forecast period. For instance, the Make in India project launched by the government of India has identified 99 cities that will be converted into smart cities which are further anticipated to drive the demand for various high-end and technologically advanced electrical components. This, in turn, is further providing an impetus for the market to witness considerable growth throughout the forecast period.
The global motion sensor market has been segmented on the basis of type, application, and geography. By type, the classification of the market has been done on the basis of infrared, ultrasonic, microwave, and others. On the basis of application, the market has been segmented on the basis of consumer electronics, automotive, healthcare, and others. Geographically, the distribution of the market has been done in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The Asia Pacific to witness a healthy growth
Geographically, The North American region is poised to hold a notable share in the market primarily due to the early technology adoption and the presence of a well-established infrastructure across several sectors. Moreover, the presence of major players in the North American region further bolsters the growth in the region during the next five years. Furthermore, the Asia Pacific region is expected to propel healthy growth due to the growing investments in smart cities and smart building projects across the fastest developing economies that include India and China among others.
Prominent/major key market players in the global motion sensor market include Microchip Technology, Texas Instruments, and Honeywell International among others. The players in the global motion sensor market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global motion sensor market.
Motion Sensor Market Scope:
|The market size value in 2020||US$5.034 billion|
|The market size value in 2026||US$7.733 billion|
|Growth Rate||CAGR of 7.42% from 2020 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, Geography|
|Regions covered||North America, South America, Europe, Middle East, and Africa, Asia Pacific|
|Companies covered||Honeywell International Inc., Microchip Technology Inc., Robert Bosch GmbH, STMicroelectronics, Texas Instruments Incorporated, Analog Devices, Inc., NXP Semiconductors N.V., TDK Corporation, TE Connectivity, Sensta Technologies, Inc.|
|Customization scope||Free report customization with purchase|
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