According to Future Market Insights’ (FMI’s) latest report, the global multi-axis sensors market size is estimated to reach US$ 870.6 million in 2023. Over the forecast period, global multi-axis sensor sales are projected to surge at 17.9% CAGR, taking the overall market valuation to US$ 4.5 billion by 2033.
In 2022, the worldwide market for multi-axis sensors was valued at US$ 731.6 million. Looking ahead, the target market is anticipated to generate an absolute $ growth of US$ 3.6 billion during the assessment period.
Demand for multi-axis sensors is expected to remain high in consumer electronics segment. This is due to rising importance of these sensors in smartphones and other electronic devices. As per the latest analysis, consumer electronics segment is set to progress at 17.7% CAGR through 2033.
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Growing adoption of multi-axis sensors across diverse sectors including consumer electronics, automotive, healthcare, and defense is driving the global market forward.
Multiple-axis sensors are innovative devices designed for measuring multiple forces and moments simultaneously. They are gaining wider popularity across several sectors due to their ability to enable precise and reliable measurement of movement in multiple directions.
Robust growth of end-use sectors such as automotive and aerospace along with high adoption of industrial automation is expected to boost the market during the assessment period.
Multi-axis sensors provide accurate and real-time data to control systems, thereby enabling precise movement and manipulation of industrial machinery. This is making them ideal for usage in industrial automation applications.
Escalating demand for consumer electronics devices such as smartphones, gaming consoles, wearable devices, and virtual reality systems is likely to create demand for multi-axis sensors. This is because multi-axis sensors including gyroscopes, accelerometers, and magnetometers are essential for enabling features such as gesture recognition and motion sensing.
Growing popularity of autonomous vehicles is another key factor expected to bolster multi-axis sensor sales during the projection period.
Rising trend of miniaturization and emergence of new applications such as robotics and augmented reality (AR) are expected to create new growth prospects for multi-axis sensor manufacturers through 2033.
Key Takeaways from the Multi-axis Sensors Market Report:
- The global multi-axis sensors industry is set to exceed a valuation of US$ 4.5 billionby 2033.
- Based on type, motion sensor combos segment is poised to exhibit a CAGR of 8% CAGRduring the forecast period.
- By application, consumer electronics segment is forecast to progress at 7 CAGRthrough 2033.
- The United States multi-axis sensors market value is anticipated to total US$ 866.6 millionby 2033.
- Multi-axis sensor market in Japan is expected to increase at 8% CAGRduring the assessment period.
- China multi-axis sensors industry is anticipated to reach a valuation of US$ 1.0 billionby 2033.
- South Korea market is set to thrive at 4% CAGR during the projection period
- The United Kingdom market is likely to expand at 5% CAGRthrough 2033.
“Robust growth of end-use sectors such as automotive, consumer electronics, and military & defense is anticipated to create ample growth opportunities for the multi-axis sensors industry. To gain maximum profits, key companies are introducing novel solutions, especially multi-axis motion sensor combos.” – says a lead analyst at Future Market Insights (FMI)
Who is Winning?
HBM, Inc., Honeywell International, Inc., Interface, Inc., Jewell Instruments LLC, L-3 Communications Holdings, Inc, LORD MicroStrain Sensing Systems, MEMSIC, Inc, Moog, Inc., Parker Hannifin Corporation, and STMicroelectronics among others are few of the leading multi-axis sensor manufacturers listed in the report.
These key players are introducing new solutions with enhanced features into the market to meet evolving end user requirements. They are also employing strategies such as alliances, partnerships, mergers, acquisitions, and distribution agreements to strengthen their global footprint.
Recent developments:
- In April 2021, the new AIS2IH three-axis linear accelerometer was introduced by STMicroelectronics.
- In October 2021, HBM Holdings announced the acquisition of Control Devices, LLC.
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Global Multi-Axis Sensors Market Segmentation
By Type:
- Motion Sensor Combos
- MEMS Gyroscopes
- MEMS Accelerometers
- Digital Compass
- Others
By Application:
- Consumer Electronics
- Automotive
- Medical & Healthcare
- Industrial
- Aerospace & Defense
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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