The multi-axis sensor market size is anticipated to expand at a significant CAGR during the forecast period 2021–2028. Growth of the market is attributed to increasing application based on motion sensing, introduction of micro electro mechanical systems, and rapid growth in consumer electronic sector.
A multi-axis sensor is a device that can calculate forces in one plane. Multi-axis sensors can calculate directional forces, moments, and rotational forces around an axis. Multi-axis sensors are manufactured to calculate a several moments and forces all together with a single load cell sensor. These sensors deliver several bridges that specifically calculate force applied from one direction.
The Covid-19 pandemic affected the demand and supply of multi-axis sensor market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Rise in applications of unmanned vehicles in civil and defense sector is projected to boost the market.
- Increasing applications based on motion sensor is the major factor fueling the market.
- Lack of awareness about the multi-axis sensor is projected to restrict the market expansion during the forecast period.
- High price of sensors is anticipated to hamper the market growth in the coming years.
- R&D investment and technological advancement in multi-axis sensor market is projected to offer lucrative opportunities for the market players.
Scope of Multi Axis Sensor Market Report
The report on the multi-axis sensor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Multi-axis Sensor Market –Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018-2019
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Forecast Period
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2021-2028
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Segmentation
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Types (Motion Sensor Combos, Digital Compass, MEMS Accelerometers, and MEMS Gyroscopes), Applications (Automotive, Aerospace & Defense, Industrial, Medical & Healthcare, and Consumer Electronics)
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Geographical Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players covered in the Report
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Aeron Systems; Jewell Instruments LLC; Interface Inc.; Trimble Navigation Ltd; Parker Hannifin; Honeywell International Inc.; L3 Communications; STMicroelectronic; Moog Inc.; and HBM Inc.
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Multi Axis Sensor Market Segment Insights
The consumer electronics segment accounts for a key share of the market
Based on applications, the multi-axis sensor market is segregated into automotive, aerospace & defense, industrial, medical & healthcare, and consumer electronics. The consumer electronics segment accounts for a key share of the market. Growth of the market is attributed to increasing gaming console & smartphone penetration and increasing number of platforms. However, the automotive segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing defense expenditure, increasing awareness regarding multi-axis sensors, and increasing usage of sensors in the development of smart cities.
The MEMS gyroscopes segment accounts for a significant share of the market
Based on types, the market is divided into motion sensor combos, digital compass, MEMS accelerometers, and MEMS gyroscopes. The MEMS gyroscopes segment accounts for a significant share of the market. Growth of the market is attributed to rapid growth in automation sector and rise in adoption of automotive standards. The MEMS accelerometer segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rise in application of multi-axis sensors in IOT sector, increasing per capita income, and stringent government regulation regarding safety.
North America is anticipated to hold major market share
On the basis of region, the multi-axis sensor market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is estimated to expand at a high CAGR during the forecast period due to significantly growing automotive industry and rapid urbanization. The market of North America is anticipated to hold major market share due to growing focus towards vehicle safety, raising integration of position sensors with GPS, and the implementation of government regulations to increase fuel efficiency.
Segments
The multi-axis sensor market has been segmented on the basis of
Types
- Motion Sensor Combos
- Digital Compass
- MEMS Accelerometers
- MEMS Gyroscopes
Applications
- Automotive
- Aerospace & Defense
- Industrial
- Medical & Healthcare
- Consumer Electronics
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the multi-axis sensor market include Aeron Systems; Jewell Instruments LLC; Interface Inc.; Trimble Navigation Ltd; Parker Hannifin; Honeywell International Inc.; L3 Communications; STMicroelectronic; Moog Inc.; and HBM Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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