The North American non-optical sensors and actuators market is estimated to be valued at US$1.983 billion in 2020, growing at a CAGR of 6.47% to reach US$3.076 billion by 2027.
Sensors and semiconductors are electronic devices developed for detecting external stimulation and changes in the external environment. Sensors and actuators are semiconductor components that have been developed. Sensors are now widely used in several electronic devices for the effective performance of the devicea. Sensors are utilised to detect physical parameters like heat, pressure, humidity, and force. Sensors convert the physical signals, into electric signals making them suitable to be read using electronic receivers. Actuators perform the opposite function of sensors in that they convert electric signals into physical parameters or signals. The advancements and developments taking place in the field of electronics are increasing the market value of sensors and actuators in the global market. North America is referred to as one of the leading markets for sensors and actuators. Large investments in the field of electronics by several multinational companies are driving the growth of the sensors and actuators market in North America. The presence of well-developed and economically stable countries in the North American region is also appreciating the growth of the technological field in North America, leading to a hike in demand for sensors and actuators.
The recent outbreak of the novel coronavirus disease had a negative impact on the North American non-optical sensors and actuators market. The isolation and lockdown actions taken by governments have severely affected the growth and manufacturing of electronic devices in North America, leading to the downfall of the sensors and actuators market. The lockdowns resulted in the closing of electronic shops widely and resulted in the depreciation of the market for sensors and actuators. The adverse impact of the COVID pandemic on the supply chain sector of electronic devices also severely affected the export and import sections of electronic devices, resulting in the downfall of the sensors and actuators market.
Higher investments in the electronic field
According to the U.S. Office of E-Government and Information Technology, the electronic sector is one of the fields that has seen devastating growth in the last ten years. In the last decade, the United States' electronic industries have experienced consistent and rapid growth. The rising involvement of company giants in investing in the electronic development sector is boosting the growth of the electronic sector in the U.S. and other North American countries. The large investments in the electronic field are in terms of driving the growth of the sensors and actuators market. Sensors and actuators are unavoidable components in emerging electronic devices. The automobile industry is one of the fields, that has seen a drastic change in the automobile market due to the utilisation of sensors and actuators in newly developed trucks and cars. Tech giants like Tesla in the automobile industry are widely using the support of sensors and actuators in their new automobile models. Automatic cars and electronic devices responding to human stimuli are widely employing the assistance of sensors and actuators in their electronic equipment, boosting the market for sensors and actuators.
Government assistance in the development of sensors and actuators technology
The North American region is mainly composed of countries, that are developed and have economic stability. The rigid and stable economic capacity of North American countries is causing governments to invest and provide support for technological development and growth. The large-scale assistance and support provided by the governments are actually aiding the growth of the tech and electronic industries in North America, exponentially driving the demand for sensors and actuators in the market. The U.S. Innovation and Competition Act funds after all, $110 billion in artificial intelligence and semiconductor technology every year. The funding and support initiated by governments in the field of semiconductors and technology are driving the market demand for sensors and actuators in North America.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market size value in 2020 | US$1.983 billion |
| Market size value in 2027 | US$3.076 billion |
| Growth Rate | CAGR of 6.47% from 2020 to 2027 |
| Base year | 2020 |
| Forecast period | 2022–2027 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Type, End-User Industries, And Country |
| Regions covered | USA, Canada, Mexico |
| Companies covered | Texas Instruments Incorporated, Maxim Integrated, NXP Semiconductors, Infineon Technologies AG, ST Microelectronics, ON Semiconductors, Continental AG, Microchip Technology, Honeywell international |
| Customization scope | Free report customization with purchase |
Segmentation