(IT-NEWSWIRE.COM, October 09, 2019 ) The motion sensor market is estimated to grow from USD 5.7 billion in 2019 to USD 9.3 billion by 2025, at a CAGR of 8.3%as per a report by MarketsandMarkets.
How growing demand for wearable electronics to increase opportunities in this market?
The product portfolio for wearable electronics is diverse, consisting of smart watches, wristbands, smart shoes, smart shirts/jackets, headbands/smartcaps, and many others that can be worn on different body parts, such as head, neck, torso, hand, and leg. These devices are rapidly gaining traction; of which, smart watch accounts for larger market share. Similarly, the demand for wearable wristbands has also seen to be increasing in recent years, mostly in the Americas and APAC.
Motion sensors are incorporated in a majority of these wearable devices for providing enhanced features, along with tracking daily activities. Wearable technology encompasses companies from a host of verticals including consumer electronics companies, such as Apple (US) and Samsung Electronics (South Korea), as well as fitness and sports companies, such as Nike (US) and Adidas (Germany), which are the emerging end users for these sensors. Hence, the increasing demand for wearable electronics opens up numerous opportunities for the motion sensor market.
Why growing level of integration to pose major challenge?
As the current generation is moving toward more compact and portable devices, the major concern faced by accelerometer and gyroscope manufacturers is meeting the changing needs of consumers. To cater to the demand for compact, portable, and multifunctional devices, components and systems need to be downsized to reduce the size of a component. To reduce the overall size of the system, system integrators prefer using of combo sensors over standalone motion sensors. These combo sensors combine the functionality of multiple motion sensors in a single unit, thus offering a compact solution and cost-effective solution for integrators. The adoption of combo sensors leads to changes in the design of components and systems, resulting in the reduction of size and dimensions of the overall system.
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The downsizing of components to reduce the size of the system is an essential factor for remaining competitive in the market as the market is especially driven by new products and technology developments. Therefore, the obsolescence of standalone motion sensors to meet changing needs is not only a major concern but also a big challenge for the motion sensor market.
Growing adoption of automation in industries and home
Recently, a wide range of equipment has been introduced and adopted for the advancement of automation in industrial and home purposes. Industrial automation technology has brought about a paradigm shift across industries as it enhances the control, operation, and management of manufacturing operations. On the other hand, the demand for energy-efficient solutions has enhanced security. Further, the demand for improving the standard of living has led to the development of home automation. In industries and homes, technologies that interface well with field devices and humans, while generating quick and accurate response would witness wider adaptability.
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