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Multi-Axis Sensor Market: 2019 Global Opportunities, Share, Key Players, Size, Competitive Analysis and Regional Forecast To 2024

Multi-Axis Sensor Market

Press Release

“Market Overview
The multi-axis sensor market was valued at USD 0.49 billion in 2018 and is expected to reach a value of USD 1.73 billion by 2024 at a CAGR of 23.62 % over the forecast period 2019 – 2024. The increase in technological advancement is driving the multi-axis sensor market.

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– The advancements in technology enabling effective components at a lighter and smaller size, swift rise of unmanned vehicles in both the defense and civil applications and the increasing applications based on motion sensing are driving the multi-axis sensor market.
– The increase in adoption of applications based on motion sensing will drive the multi-axis sensor market. However, complexity in integrating them within existing systems is restraining their adoption.
– Nevertheless, a high-performance sensor fusion to improve the accuracy of multi-axis sensor systems in order to enable new emerging and highly-demanding applications, such as indoor navigation and location-based services like IoT, and location-based services, are expected to offer significant growth potential to the market.

Scope of the Report
Multi-Axis sensors with a single load cell measure multiple forces and moments simultaneously. These sensors provide multiple bridges which measure the applied force or torques along multiple vector axes precisely from one direction with a little force or moment.

Key Market Trends
Incorporation of MEMS Sensors in Consumer Electronics Segment to Drive the Market

– Introduction of micro electro mechanical systems (MEMS) has benefited the consumer electronic devices like smartphones and tablets. Since the growth of consumer electronics is rapidly increasing the worldwide MEMS market has entered the high growth phase.
– MEMS often encompass accelerometers, gyroscopes, and microphones. While high-end smartphones and tablets continue as primary markets for multi-axis sensors, wearables, gaming, navigation, imaging, and virtual reality headsets are rapidly growing.
– MEMS sensors are also quickly becoming an expected feature in portable and handheld consumer electronics devices, given the number of ways it can enhance usability.
– For instance, the ability to sense tilt, rotation, and gestures is becoming a standard feature of gaming peripherals. Portable devices are using MEMS to determine in which direction to display text and images so that users can view them from the right angle. Multi-axis MEMS sensors are hence adopted in consumer electronics to fulfill these requirements.

North America Account for Significant Market Share

– Owing to its technologically advanced industries and propelling consumer electronics industry, North America dominates the market. The US accounts for the major share in the North American market owing to the increasing smartphone and gaming consoles penetration in the country.
– Moreover, the increasing investments in the defense sector are also creating a need for gyroscopes and IMUs (Inertial Measurement Unit).
– Also, high-performance inertial sensors and systems is a dynamic market segment, as an ever-increasing number of platforms require stabilization, guidance, or navigation functions.
– Thus, with increased defense spending, technological developments can lead to innovations in various sensors.

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Competitive Landscape
The major players include Honeywell International, L3 Communications, Parker Hannifin, Trimble Navigation, STMicroelectronics, Interface Inc, among others. The market is fragmented because of the high competition in the market. Therefore, the market concentration will be low.

– December 2018 – BCM’s multi-grid strain gauges for multi-axis force/torque sensor were used for the robots for modern manufacturing purpose. Hence, BCM Sensor’s Model 8691 provided the compact and customized metal foil strain gauges for multi-axis sensors applications.

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This post was originally published on Space Market Research


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