Rising Applications in the Automotive Industry and Growing Demand for Consumer electronics are increasing the Electronic Sensors market size during the forecast period 2023-2028

The global Electronic Sensors Market size is estimated to reach US$32.5 billion by 2028, growing at a CAGR of 12.5% from 2023 to 2028. Growing demand for consumer electronics, widespread applications of electronic sensors in automobile systems and rising penetration of IoT-connected devices are driving the Electronic Sensor industry forward. According to Cisco's Annual Internet Report, there would be nearly 30 billion network-connected devices and connections by the end of 2023. IoT devices are expected to make up 50% (14.7 billion) of all networked devices. However, fluctuating semiconductor raw materials prices and the complex fabrication process are hampering the market growth.

Moreover, technological advancements in sensor technology have enabled process automation across industries. Due to Industry 4.0 and the rapid proliferation of IoT, manufacturing enterprises are required to adopt agile, more intelligent and innovative ways to advance production. These processes require advanced electronic sensors for reliable and accurate operations. In October 2021, Texas Instruments introduced the 3D-hall effect position sensor - TMAG5170, which can provide faster and more accurate real-time control in factory automation processes.

North America generated approximately 24% of the global revenues in the Electronic Sensors industry in 2022. Increasing investments in research and innovation centers and growing government programs and policies favoring the automotive and IT healthcare equipment and devices markets are propelling the growth of the electronic sensor market. In January 2022, OmniVision announced the OX05B1S. which is the automotive industry's first 5-megapixel (MP) RGB-IR BSI global shutter sensor for in-cabin monitoring systems (IMS). Such developments increase the electronic sensors market size in the North American market.

For More Queries About "Electronic Sensors Market" @ https://www.industryarc.com/support.php?id=505404

Electronic Sensors Market Growth Drivers:

• Rising applications in the automotive industry:

With the advancement of Advanced Driver Assistance Systems in the automotive markets, the demand for automotive sensors has increased. Such sensors would provide accurate and precise detection of vehicles' surroundings by combining data from multiple electronic sensors such as radar, image and position sensors. The growing demand for ADAS systems and other systems in vehicles is expected to drive the electronic sensors industry. In May 2022, STMicroelectronics unveiled a second-generation automotive image sensor, VB56G4A that amplifies driving monitoring system design. Additionally, continuous research and developments by the major manufacturers also create ample opportunities for the Electronic Sensors market to grow. In August 2022, Renesas Electronics Corporation acquired Steradian Semiconductors. This semiconductor company offers 4D imaging radar solutions. The acquisition would allow Renesas to expand its industrial and automotive electronic sensor solution offerings. These factors and developments would positively influence the Electronic Sensors industry outlook during the forecast period.

The Major Players in this Market

Major players in Electronic Sensors Market include STMicroelectronics, Sony Corporation, Bosch, Siemens, Sick AG and Texas Instruments. In September 2022, SICK introduced its next-generation WLL80 Fibre Optic Sensors which can be integrated into electronics manufacturing machinery and conveyor systems, where rapid, high-accuracy detection in confined spaces is required.