Multi-axis Sensor Market

Multi-axis Sensor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

SR497028 | 26-Mar-2021 | 120 Pages | Mordor Intelligence |

Summary

The multi-axis sensor market was valued at USD 0.61 billion in 2020, and is expected to reach a value of USD 2.14 billion by 2026, registering a CAGR of 23.62 % over the forecast period of 2021-2026. The increase in technological advancement is driving the multi-axis sensor market.

- The advancements in technology enabling effective components at a lighter and smaller size, the swift rise of unmanned vehicles in both the defense and civil applications, and the increasing applications based on motion sensing are the factors driving the multi-axis sensor market.
- The increase in adoption of applications based on motion sensing is expected to drive the multi-axis sensor market. However, complexity in integrating them within the existing systems is restraining their adoption.
- Nevertheless, a high-performance sensor fusion to improve the accuracy of multi-axis sensor systems (in order to enable the newly emerging and highly-demanding applications, such as indoor navigation and location-based services like IoT, and location-based services) is expected to offer significant growth potential to the market.

Key Market Trends

Incorporation of MEMS Sensors in Consumer Electronics Segment to Drive the Market

- The introduction of micro electro mechanical systems (MEMS) has benefited the consumer electronic devices, like smartphones and tablets. With the consumer electronics witnessing rapid growth, the worldwide MEMS market has entered the high growth phase.
- MEMS often encompass accelerometers, gyroscopes, and microphones. While high-end smartphones and tablets continue as the primary markets for multi-axis sensors, the wearable devices, gaming, navigation, imaging, and virtual reality headsets are rapidly gaining popularity.
- MEMS sensors are also quickly becoming the expected features in the portable and handheld consumer electronics devices, given the number of ways it can enhance usability.
- For instance, the ability to sense tilt, rotation, and gestures is becoming a standard feature of gaming peripherals. The portable devices are using MEMS to determine the direction for displaying text and images, so that the users can view them from the right angle. Multi-axis MEMS sensors are hence adopted in consumer electronics to fulfill these requirements.

North America Account for Significant Market Share

- Owing to its technologically advanced industries and propelling consumer electronics industry, North America dominates the market. The US accounts for the major share in the North American market, owing to the increasing smartphone and gaming consoles' penetration in the country.
- Moreover, the increasing investments in the defense sector are also creating a need for gyroscopes and IMUs (Inertial Measurement Unit).
- In addition, the high-performance inertial sensors and systems are the dynamic market segments, as an ever-increasing number of platforms require stabilization, guidance, or navigation functions.
- Thus, with the increased defense expenditure, the technological developments can lead to innovations in various sensors.

Competitive Landscape

The major players include Honeywell International, L3 Communications, Parker Hannifin, Trimble Navigation, STMicroelectronics, and Interface Inc, among others. The market is fragmented because of the high competition among the players. Therefore, the market concentration is expected to be low.

- December 2018 - BCM's multi-grid strain gauges for multi-axis force/torque sensor were used for the robots for modern manufacturing purpose. Hence, BCM Sensor's Model 8691 provided the compact and customized metal foil strain gauges for multi-axis sensors applications.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

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