The Sensor Fusion Global Market Report 2023, provides comprehensive information on the sensor fusion market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global sensor fusion market is expected to grow from $4.65 billion in 2022 to $5.55 billion in 2023 at a compound annual growth rate (CAGR) of 19.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sensor fusion market is expected to reach $10.92 billion in 2027 at a CAGR of 18.4%.
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The sensor fusion market is currently witnessing a notable surge in prominence, primarily driven by the escalating wave of technological advancements. Key players in the sensor fusion domain are strategically leveraging cutting-edge technologies to not only uphold but also enhance their positions within the market landscape. A noteworthy illustration of this strategic orientation unfolded in November 2022 when STMicroelectronics, a renowned Switzerland-based semiconductor manufacturing powerhouse, unveiled the LSM6DSV16X—an advanced 6-axis inertial measurement unit (IMU) that seamlessly integrates artificial intelligence (AI), adaptive self-configuration (ASC), and state-of-the-art technology for superior power optimization, employing the Sensor Fusion Low Power (SFLP) approach.
The LSM6DSV16X stands out as a testament to the synergy between innovative hardware and advanced algorithms. This sophisticated IMU not only facilitates rapid and potent edge processing but also achieves commendable energy efficiency, thanks to the incorporation of ST’s Sensor Fusion Low Power (SFLP) technology coupled with ASC. This harmonious integration allows the IMU to process data at the edge swiftly and robustly while ensuring minimal energy consumption—a critical consideration in the contemporary landscape of resource-conscious technology.
The versatility of the LSM6DSV16X extends its applicability to domains demanding intricate 3D phone mapping and heightened context awareness on diverse devices, including laptops and tablets. Its innovative architecture not only caters to the current needs of advanced technological applications but also positions it as a frontrunner in the evolution of sensor fusion technology. In essence, STMicroelectronics’ introduction of the LSM6DSV16X
The sensor fusion market is segmented:
1) By Type: Radar Sensor, Image Sensor, Inertial Measurement Unit (IMU), Temperature Sensor, Other Types
2) By Technology: Micro-Electronic Mechanical Systems (MEMS), Non-Micro-Electronic Mechanical Systems (MEMS), Other Technologies
3) By Application: Smartphones, Tablets, TV Remote, Camera, Video Games, Other Applications
4) By End User: Consumers Electronics, Automotive, Home Automation, Medical, Military, Industrial
Asia-Pacific was the largest region in the sensor fusion market in 2022.
The table of contents in TBRC’s sensor fusion market report includes:
1. Executive Summary
2. Sensor Fusion Market Characteristics
3. Sensor Fusion Market Trends And Strategies
4. Sensor Fusion Market – Macro Economic Scenario
5. Sensor Fusion Market Segmentation
26. South America Sensor Fusion Market
27. Brazil Sensor Fusion Market
28. Middle East Sensor Fusion Market
29. Africa Sensor Fusion Market
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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