Market Size of Europe Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.64 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Sensors Market Analysis
The European sensor market is valued at USD 22.18 billion in the current year. It is expected to reach USD 31.87 billion by the end of the forecast period, registering a CAGR of 6.64%. Demand for intelligent sensor technology is rapidly expanding, from navigation systems in smartphones to driver-assistance systems. Sensors play an increasingly crucial role in winning the technology. Megatrends like the Internet of Things (IoT), wearable systems for health monitoring, and vehicle automation are significant drivers behind the growing demand for sensors.
- In the European sensor market, innovations in sectors like healthcare, automotive, defense and aerospace, and consumer electronics are said to be responsible for the growth. Another factor propelling the market is several government investments and initiatives to improve semiconductor production capabilities.
- Eurostat stated that the total extra-EU trade in high-tech goods increased from EUR 482 billion to EUR 777 billion between 2011 and 2021, an average annual growth rate of 4.9%. Electronics and telecommunications made up most of the EU's high-tech product imports in 2021, with EUR 152 billion.
- In October 2022, Elliptic Labs, a global AI software company and the world leader in AI Virtual Smart Sensors, signed a new license agreement with Xiaomi. The new contract would enable Xiaomi to continue to use Elliptic Labs' AI Virtual Proximity Sensor INNER BEAUTY as its proximity detection solution in multiple upcoming smartphones.
- However, high initial costs and operational concerns are the major factors anticipated to restrain the market's growth over the forecast period. Further, high-quality raw materials are vital for manufacturers as an essential part of producing superior sensors. Metals and alloys used in manufacturing include platinum, copper, silicon, tungsten, nickel, and alloys, which are further categorized into type-K, type-M, type-E, and type-J. Fluctuations in prices and supply of raw materials could also cause hindrances in the growth of the sensors market.
- COVID-19 greatly impacted the supply chain of various industries worldwide, especially in Europe, with the increasing number of cases. However, as things returned to normal, the market grew steadily, and it is anticipated to grow more over the forecast period.
