Sensor Fusion Industry Research Report 2023: Kalman Filter, Bayesian Filter, Central Limit Theorem, Convolutional Neural Networks - Global Forecast to 2028
Global Sensor Fusion Market
Dublin, June 28, 2023 (GLOBE NEWSWIRE) -- The "Sensor Fusion Market by Algorithms (Kalman Filter, Bayesian Filter, Central Limit Theorem, Convolutional Neural Networks), Technology (MEMS, Non-MEMS), Offering (Hardware, Software), End-Use Application and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8%
Some of the major factors driving the growth of the sensor fusion market include the growing demand for wearable devices, such as smartwatches, fitness trackers, and other wearable technology, and the growing trend of miniaturization in electronics. However, calibration across multiple sensors will be a challenge for the market in the future.
The major growth opportunities for the market players are growing demand for advanced driver assistance systems (ADAS) and f autonomous vehicles.
Market for Non-MEMS technology to grow at higher CAGR during forecast period
The non-MEMS segment of the sensor fusion market is expected to account for the highest CAGR in the forecast period. Non-MEMS-based sensors such as radar, LiDAR, and image are extensively used in automotive safety systems, such as collision avoidance systems and electronic stability controls, to provide a complete view of the vehicle's surroundings.
These technologies tend to be larger in size and may use different materials and production techniques. Applications for non-MEMS technology can be found in a number of sectors, including telecommunications, energy, healthcare, and transportation. These technologies, which have the potential to drastically alter several aspects of modern culture, frequently involve the creation of unique materials, production techniques, and computer algorithms.
Automotive end-use application holds the largest CAGR in sensor fusion market during forecast period
The automotive application is expected to grow at faster pace by end-use application for sensor fusion during the forecast period. There is increase in the number of sensors used in automobiles.
The sensor used in automobiles form a vital component of performance enhancement in safety, comfort, environment protection, driver assistance, and other features in transportation. The sensor fusion technology is used widely in automobiles for safety, driver assistance, entertainment system, and so on to extract and combine multiple sensor data.
Further, with the rapid development of intelligent vehicles and Advanced Driver-Assistance Systems (ADAS), a new trend is that mixed levels of human driver engagements will be involved in the transportation system and are driving the market growth.