Global Sensor Testing Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Sensor testing refers to the process of evaluating the performance, accuracy, reliability, and functionality of sensors used in various applications to confirm that sensors meet predefined requirements and standards. It is a vital process that ensures sensors’ quality, reliability, and performance in a wide range of applications, contributing to safer, more efficient, and more reliable sensor-based technologies.

Sizing and Forecast

The sensor testing market size has grown strongly in recent years. It will grow from $1.63 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to IoT and industry 4.0 adoption, rapid growth in sensor adoption, the rise of the automotive industry, the rising adoption of smartphones, and the rise of electric vehicles

The sensor testing market size is expected to see strong growth in the next few years. It will grow to $2.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to demand for autonomous vehicles, increasing demand for miniaturization, increasing adoption of sensors in smart city projects, increasing demand for advanced driver assistance systems, and the growth of wearable devices and health tech. Major trends in the forecast period include customized testing solutions, environmental testing, multiparameter testing, IoT integration, and blockchain-based data security.

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Segmentation & Regional Insights

The sensor testing market covered in this report is segmented –

1) By Offering: Hardware, Software
2) By Sensor Type: Analog Sensor, Digital Sensor
3) By Technology: Non-Destructive Testing, Destructive Testing, Automated testing, Manual Testing
4) By Application: Consumer Electronics, Aerospace, Industrial, Automotive, Healthcare, Other Applications

Asia-Pacific was the largest region in the sensor testing market in 2023. The regions covered in the sensor testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The growing adoption of consumer electronics is expected to propel the growth of the sensor testing market going forward. Consumer electronics refers to gadgets made for regular use by people, usually for communication, entertainment, business, or convenience. The adoption of consumer electronics is due to technological advancements, affordability, demand for connectivity, changing consumer preferences, innovation in product categories, and e-commerce growth. Sensor testing plays a crucial role in ensuring the quality, reliability, and functionality of sensors used in consumer electronics. For instance, in 2023, according to Zipdo, a Germany-based meeting management and productivity software provider, the global sales of smartphones, the largest consumer electronics sector, returned to year-on-year growth in Q1 2021, up 27% compared to last year. Therefore, the growing adoption of consumer electronics is driving the growth of the sensor testing market.

Key Industry Players

Major companies operating in the sensor testing market report are Broadcom Inc.; Texas Instruments Incorporated; Infineon Technologies AG; STMicroelectronics NV; TE Connectivity; NXP Semiconductors Inc.; Analog Devices Inc.; Renesas Electronics Corporation; Microchip Technology Inc.; ON Semiconductor Corporation; Bureau Veritas; Keysight Technologies; Teradyne Inc.; Advantest Corporation; Intertek Group plc; Rohde & Schwarz GmbH & Co. KG; Maxim Integrated; TÜV Rheinland; Cypress Semiconductor Corporation; Element Materials Technology; National Instruments Corporation; Tektronix Inc.; Anritsu Corporation; Underwriters Laboratories

The sensor testing market report table of contents includes:

1. Executive Summary

2. Sensor Testing Market Characteristics

3. Sensor Testing Market Trends And Strategies

4. Sensor Testing Market – Macro Economic Scenario

5. Global Sensor Testing Market Size and Growth

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32. Global Sensor Testing Market Competitive Benchmarking

33. Global Sensor Testing Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Sensor Testing Market

35. Sensor Testing Market Future Outlook and Potential Analysis

36. Appendix