Sensor Fusion Market is Powered by the Rise in the Number of Autonomous Vehicles
The sensor fusion market had the value of USD 8,252.9 million in 2023, which will touch USD 25,401.3 million by 2030, progressing at 17.6% rate by the end of this decade.
The industry growth has a lot to do with the increase in the requirement for autonomous automobiles and cutting-edge consumer electronics, snowballing automation rate in the manufacturing industry, and the increasing requirement for smart home appliances.
The Kalman filter is a mathematical tool applied in sensor fusion applications to fit in and further procedure the data attained from numerous sensors, as well as accelerometers, GPS, gyroscopes, and magnetometers, for detecting or monitoring of objects and the environment. It is also used in control, navigation and positioning systems.
The requirement for this algorithm is mounting in the automotive industry, precisely in GPS-allowed systems, because of its aptitude to integrate data to offer more-precise predictions of unidentified values as opposed to individual ones made with the usage of single measurement approaches.
The MEMS technology has the larger share, as it is extensively used in various industries globally, such as, advanced manufacturing, automobile, healthcare, and system navigation devices.
Microelectromechanical systems are famous for their compact size, energy competence, and ideal performance, after the fusion of numerous sensors into one. MEMS sensors are small-scale biases integrating electrical and mechanical functionalities on a solo chip, to decrease the dependency on data from individual sensors.
Some MEMS-based sensors the data from which can be shared for more-precise results are gyroscopes, accelerometers, pressure detectors, and magnetometers.
Hardware is larger industry in the industry because of the mounting requirement for numerous kinds of sensor components, such as communication modules, semiconductors, memory modules, MCUs, and ToF sensors.
Sensor fusion methods can integrate data from numerous sensors, thus improving functionality and allowing intelligent and context-aware operation across various systems and devices, as well as, IoT gateways, smart home systems, sensor hubs, and VR & AR applications.
Moreover, the sensor fusion market is powered by the growing requirement for this tech in numerous IMUs, automotive systems, robotics, GPS receivers, and automation systems.
Therefore, the major sectors that are witnessing a growing the requirement for the related hardware components comprise real estate, automotive, and services.
The consumer electronics category led the industry, with a share of 25%, in 2023. The rising requirement has a lot to do with the growing acceptance of various Wi-Fi-enabled devices, as well as tablets, wearables, gaming consoles smartphones, VR headsets, and smart home devices.
Here, sensor fusion is important for allowing numerous applications, for example image stabilization, navigation, gesture recognition, and motion-based gaming.
It is because of the rise in the requirement for autonomous vehicles, the demand for sensor fusion is on the rise. This trend will continue to grow in the future as well.
Source: P&S Intelligence
