Global Sensors Market Size and Share Analysis 2023-2028

Market Overview

The Sensors Market is projected to experience substantial growth during the forecast period, with an expected increase in size from USD 116.72 billion in 2023 to USD 165.47 billion by 2028, representing a CAGR of 7.23%.

Sensors are devices that detect and respond to various inputs from the physical environment, such as pressure, light, heat, motion, and moisture. The global trend towards automation has led to a significant reliance on sensors, making them a critical component in all aspects of automation.

Product Type

Market Report

No. of Pages


Release Date

April 2023

Base Year


Forecast Period


Market Size

USD 111.4 billion in 2021

Market Segments

Parameters Measured, Mode of Operation, End user Industry, and Geography



No. of Companies Mentioned


The demand for sensors is expected to rise due to the emergence of automation, as they play a vital role in detecting, analyzing, measuring, and processing various transformations in industrial manufacturing sites, including changes in position, length, height, exterior, and dislocation.

The increasing compatibility of sensors with the Internet of Things (IoT) platform has become a prerequisite for enabling remote monitoring and control. The proliferation of IoT-connected devices has created significant opportunities for sensors in industries such as industrial, medical, consumer electronics, and automotive. According to Cisco’s Annual Internet Report, the number of network-connected devices and connections is expected to reach nearly 30 billion by 2023, with IoT devices accounting for 50% of all networked devices.

The adoption of sensors also depends on the penetration of robotics across different industries. Robotics has expanded beyond traditional industrial applications and is now being used as personal assistants, surgical assistants, autonomous vehicles, delivery vehicles, exoskeletons, and crewless aerial vehicles. These applications further widen the scope of operation for sensors.

Technological advancements in sensor technology have enabled automated devices to intelligently interpret images, sound, and other data without the need for extensive processing. Additionally, the growing demand for IoT and connected devices has increased the demand for sensors.

However, the integration of sensors into industrial automation comes with additional costs, limiting their use in cost-sensitive applications. Moreover, the high costs associated with R&D activities for developing new sensor products pose a significant challenge, especially for small and medium-sized sensor manufacturers with limited financial resources.

During the COVID-19 pandemic, government instructions such as social distancing and lockdowns prompted industries to adopt robots to maintain production flow while adhering to safety guidelines. For example, the electrical and electronic industry saw a significant increase in the installation of industrial robots, reaching 109,000 in 2020, following a decline from 89,000 in previous years, as reported by the World Robotics 2021 report by IFR.

Market Segmentation

The market is segmented based on various factors, including parameters measured, mode of operation, end user industry, and geography.

Segmentation by Parameters Measured
Other Parameters Measured

Segmentation by Mode of Operation
Electrical Resistance
Other Modes of Operation

Segmentation by End user Industry
Consumer Electronics – Smartphones, Tablets, Laptops, and Computers, Wearable Devices, Smart Appliances or Devices, Other Consumer Electronics
Industrial and Other
Medical and Wellness
Construction, Agriculture, and Mining

Segmentation by Geography
North America
Latin America
Middle East and Africa

The chemical segment is the largest segment in the sensor market, generating a revenue of USD 27.79 billion in 2022, and is projected to reach USD 44.20 billion by 2028. During the forecast period, the environmental MEMS segment is expected to experience the highest growth rate, with a compound annual growth rate (CAGR) of 10.95%. Chemical sensors are analyzers that selectively and reversibly respond to specific analytes, providing an electrical signal output for composition analysis. The increasing pollution levels have contributed to the demand for chemical sensors, which find applications in analyzing the chemical composition of various samples. The market is witnessing a trend of low-cost and portable chemical sensors, including higher-order orthogonal sensors, which are expected to drive market growth.

The piezoresistive segment is the largest segment in the sensor market, generating a revenue of USD 33.46 billion in 2022, and is projected to reach USD 45.19 billion by 2028. The other modes of operation segment is expected to exhibit the highest growth rate, with a CAGR of 9.82%. Piezoelectric sensors detect mechanical changes in the environment and convert them into usable electrical signals for measuring mechanical changes or generating displacement. These sensors can be active or passive, with active sensors employing a transmitter-receiver system and passive sensors converting signals into output. The advantages of piezoelectric sensors include their lightweight and cost-effective production over a large area, allowing for spatially resolved pressure sensing. They are also flexible and can be installed in locations where rigid materials may face challenges.

The consumer electronics segment is the largest segment in the sensor market, generating a revenue of USD 48.31 billion in 2022, and is projected to reach USD 73.01 billion by 2028. The defense segment is expected to witness the highest growth rate, with a CAGR of 10.84%. Sensors offer attributes such as accuracy, dependability, and longevity, making them essential for supporting the intelligent industry. In the context of Industry 4.0, sensors play a crucial role in early failure detection and predictive maintenance systems, analyzing vibration, temperature, pressure, sound, and acoustics. This drives their adoption in automation and Industry 4.0 applications.

The adoption of connected devices and sensors, as well as the advancement of machine-to-machine (M2M) communication, have led to increased data points in the manufacturing industry. By 2023, M2M connections supporting Internet of Things (IoT) applications are projected to account for over half of the world’s 14.7 billion connected devices. Manufacturers recognize the revolutionary potential of next-generation robotics and automation technologies in improving productivity, quality, safety, and cost metrics. The market is becoming increasingly competitive, with established and new players launching unique products in the automation market. For example, Universal Robots introduced a 20 kg payload cobot to facilitate heavy lifting in various industries. The growth of automation across industries, coupled with the adoption of Industry 4.0, is expected to drive market growth.

The Asia-Pacific region is the largest and fastest-growing region in the sensor market, generating a revenue of USD 47.8 billion in 2022, and is projected to reach USD 75.9 billion by 2028, with a CAGR of 8.41%. The presence of major consumer electronics manufacturers and the rapid urbanization driving smart city projects contribute to the dominance of the Asia-Pacific region. Countries such as China, South Korea, Japan, and India are major players in this region. The automotive industry, including the auto parts sector, is a prominent user of MEMS sensors in China. The region is also a significant consumer electronics market, with increasing demand for sensors as the industry expands. Manufacturers in the region, such as Sony Group, are investing in image sensor technology to enhance their product portfolios and market positions.

Competitive Landscape

The forecast period is expected to witness intensified competitive rivalry in the sensor industry due to the growing presence of prominent manufacturers. Market leaders such as Texas Instruments Incorporated, TE Connectivity Inc., and Omega Engineering Inc. significantly influence the overall market dynamics. These companies have consistently expanded their operations through strategic market expansions and acquisitions. The continuous launch of new products and technological advancements play a vital role in driving the overall growth of the sensor sector.

In January 2023, Texas Instruments (TI) collaborated with D3 to introduce the DesignCore RS-1843AOPC and RS-6843AOPC mm-wave radar sensors. These upgraded versions enable the implementation of various mm-wave radar algorithms for accurate measurement, detection, and tracking. The production-intent sensors feature a compact 1-inch cube form factor, a heat-spreading metal body, and mounting tabs. They can be utilized with a PC or embedded platform to facilitate field testing, sensing evaluation, algorithm development, and application demonstrations. Automotive applications such as parking assist and collision avoidance, as well as industrial applications including robotics, autonomous machines, industrial vehicle systems, and facility monitoring, are supported by these sensors. Furthermore, the sensors can be used in various other use cases with a tethered host processor or as stand-alone devices.

In January 2023, Ams OSRAM introduced a new product called the Mira050. This high-sensitivity, global shutter CMOS image sensor measures 2.3 x 2.8 mm and has a resolution of 0.5 Mpixel. The Mira050’s exceptional sensitivity to visible and near-infrared (NIR) light enables the reduction of size and power consumption in wearable and mobile devices. It finds applications in 3D depth sensing for face recognition in smart door locks, eye tracking, gesture tracking, and contextual awareness in augmented reality (AR), virtual reality (VR), and mixed reality (MR) headsets.

Key companies profiled in this report include Texas Instruments Incorporated, TE Connectivity Ltd, Omega Engineering Inc., Honeywell International Inc., Rockwell Automation Inc., Siemens AG, STMicroelectronics NV, ams OSRAM AG, NXP Semiconductors NV, Infineon Technologies AG, Bosch Sensortec Gmbh (Robert Bosch Stiftung GMBH), Sick AG, ABB Limited, Omron Corporation.

Recent Industry Developments

In January 2023, ams OSRAM, a prominent global leader in optical solutions, announced a collaboration with Quadric, an innovator specializing in machine learning processor IP for on-device AI. The purpose of this collaboration is to develop integrated sensing modules that combine ams OSRAM’s Mira family of CMOS sensors for visible and infrared with Quadric’s groundbreaking Chimera GPNPU processors. The integration of these ultra-low power modules will enable the implementation of new intelligent sensing methods in wearable devices, robotics, and industrial and security markets.

In the same month, NXP Semiconductors introduced a new and pioneering 28nm RF CMOS radar one-chip IC family designed for next-generation Advanced Driver Assistance Systems (ADAS) and autonomous driving systems. The SAF85xx one-chip family, which is an industry-first, merges NXP’s high-performance radar sensing and processing technologies into a single device. This advancement provides Tier 1 suppliers and Original Equipment Manufacturers (OEMs) with enhanced flexibility in addressing short, medium, and long-range radar applications, thereby meeting the more demanding safety requirements of the New Car Assessment Program (NCAP).

Key Questions Answered

What is the projected size of the Sensors Market?
The Sensors Market is expected to reach a size of USD 116.72 billion in 2023 and is projected to grow at a CAGR of 7.23% to reach USD 165.47 billion by 2028.

What is the current size of the Sensors Market?
The Sensors Market is expected to reach a size of USD 116.72 billion in 2023.

Who are the major players in the Sensors Market?
The major companies operating in the Sensors Market include Texas Instruments Incorporated, TE Connectivity Ltd, Omega Engineering Inc., Honeywell International Inc., and Rockwell Automation Inc.

Which region is experiencing the highest growth in the Sensors Market?
Asia Pacific is estimated to have the highest compound annual growth rate (CAGR) over the forecast period (2023-2028).

Which region has the largest market share in the Sensors Market?
In 2023, the Asia Pacific region holds the largest market share in the Sensors Market.

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Global Sensors Market Size and Share Analysis 2023-2028

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Global Sensors Market Size and Share Analysis 2023-2028

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