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Chicago, May 09, 2023 (GLOBE NEWSWIRE) — According to the new market research report “Global Sensor Fusion Market by Technology (Camera, LIDAR & RADAR), Data Fusion Type & Level (Homogeneous, Heterogeneous, Data, Decision, Feature), Software Layer, Vehicle Type (ICE, Autonomous & Electric), Region, Supply & Demand Side Analysis, and Segment Forecasts, 2023-2030”, published by Delvens, The global market for sensor fusion is expected to reach $24.8 billion by 2030 from $3.5 billion in 2022, registering impressive expansion at a compound annual growth rate (CAGR) of 24.7%. Due to the technical advancements offered by the sensor fusion along with the lack of standardization in software are some of the factors that have supported long-term expansion for Sensor Fusion Market.
SWOT analysis and Porter’s Five Forces analysis are two of the standard, and full-proof methods used here to carry out the market research study and formulate this particular market report. The Sensor Fusion Market report is exceptionally valuable for mapping the strategies related to production, product launches, costing, inventory, purchasing and marketing. By unearthing the best market opportunities, resourceful information is offered to prosper in the market. The report has appropriate solutions to the complex business challenges and initiates an effortless decision-making process. Thus, the winning Sensor Fusion Market report aids to concentrate on the more important aspects of the market.
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The use of sensor fusion in heavy commercial vehicles and autonomous vehicles like drones and industrial robots is growing as 5G technology is increasingly adopted. Due to the significant adoption of Vehicle-to-everything (V2X) technology by the automotive and transportation sectors, including the rise of the Mobility-as-a-Service (MaaS), smart bus, and robot taxi businesses, there will be an increase in the demand for sensor fusion. Several automakers are starting sensor fusion development programmes as well, mostly to gain a competitive edge. For instance, LeddarTech inaugurated its Sensor Fusion and Perception Development Centre in Tel Aviv in May 2022. LeddarTech is a provider of adaptable, reliable, and precise ADAS and AD sensing technologies.
Key Companies & Market Share Insights
Some of the key players operating in the global sensor fusion market are Robert Bosch GmbH, Continental AG, NXP Semiconductors N.V., Stmicroelectronics, ZF Friedrichshafen AG, Infineon Technologies, Allegro Microsystems, Denso Corporation, Sensata Technologies, Inc., Elmos Semiconductor Se, TE Connectivity Ltd., CTS Corporation, Baselabs Gmbh, Memsic Semiconductor (Tianjin) Co., Ltd., Kionix, Inc., TDK Corporation, Analog Devices, Microchip Technology Inc., Monolithic Power Systems, Inc., Leddartech Inc., IBEO Automotive Systems Gmbh, Maxim Integrated, Velodyne Lidar, Inc., Renesas Electronics Corporation, Mobileye, Aptiv PLC, and Magna International among others.
Bosch Sensortec has unveiled a new smart sensor system that boasts the best performance/power consumption ratio in its class while being easy to integrate thanks to its compact design and pre-installed, usable software algorithms. The new BHI360 is a fully customizable, programmable IMU-based sensor system that combines a gyroscope and an accelerometer. The integrated sensor fusion library offers simple gesture recognition in addition to 3D audio with head orientation for customised sound experiences.Continental and Ambarella Collaborate on Fully Automated and Assisted Driving Systems. Ambarella’s CV3-AD AI domain controller SoC series provides centralised, single-chip processing for multi-sensor perception, including deep sensor fusion and autonomous vehicle path planning. These sensors include high-resolution cameras, radar, ultrasonic sensors, and lidar.
Sensor Fusion Market Report Scope
Report FeatureDescriptionsGrowth RateCAGR of 24.7% during the forecasting period, 2023-2030Historical Data2019-2021Forecast Years2023-2030Base Year 2022Units ConsideredRevenue in USD billion and CAGR from 2023 to 2030Report SegmentationEnvironment, Technology, End-User, Software Layer, Industry, and Region.Report AttributeMarket Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company ProfilingRegional Level ScopeNorth America, Europe, Asia-Pacific, South America, and Middle East and AfricaCountry Level ScopeU.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe)Companies ProfiledRobert Bosch GmbH, Continental AG, NXP Semiconductors N.V., Stmicroelectronics, ZF Friedrichshafen AG, Infineon Technologies, Allegro Microsystems, Denso Corporation, Sensata Technologies, Inc., Elmos Semiconductor Se, TE Connectivity Ltd., CTS Corporation, Baselabs Gmbh, Memsic Semiconductor (Tianjin) Co., Ltd., Kionix, Inc., TDK Corporation, Analog Devices, Microchip Technology Inc., Monolithic Power Systems, Inc., Leddartech Inc., IBEO Automotive Systems Gmbh, Maxim Integrated, Velodyne Lidar, Inc., Renesas Electronics Corporation, Mobileye, Aptiv PLC, and Magna International among others.Available Customization In addition to the market data for Sensor fusion Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirement.
Sensor Fusion Market Overview
The adoption of high-end and luxury vehicles as well as the expanding use of advanced ADAS are predicted to fuel the need for the sensor fusion market for the automotive industry.
However, the lack of any clear worldwide standard severely impedes the continued development and widespread use of this technology, making standardisation one of the main problems impeding the advancement of sensor fusion systems.
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Sensor Fusion Market Segmentation Analysis
On the basis software layer, middleware is anticipated to have the largest and fastest market.
Today, middleware helps different units communicate with one another. However, middleware will make it possible to configure automobiles and enable the installation and upgrading of vehicle software as cars continue to develop into mobile computing platforms. Middleware is anticipated to support remote computing, virtualization, and abstraction in the future when used with ECU hardware in automobiles. Automakers are also going towards middleware systems that are more adaptable due to developments in ADAS technologies. For instance, AUTOSTAR’s adaptable platform is a flexible system with multicore CPUs, middleware, and operating system support. The popularity of this market has been fueled by ongoing improvements and the accessibility of many middleware programmes. For instance, Tata Elxsi’s autonomai is a middleware for sophisticated ADAS applications that enables simple customer systems, subsystems, and algorithm porting, optimisation, integration, and testing. In order to meet client needs, it also supports combining different sensors (such as LiDAR, radar, ultrasonic sensors, and cameras). Through pre-integrated validation datasets and AI & deep learning capabilities, it enables quick region-specific customization.
Feature market is expected to be the fastest-growing in the forecast period
Feature fusion is the most prevalent sort of fusion in automobiles. North America and Asia Pacific are expected to experience the fastest growth in the feature fusion market, respectively. The market is primarily being driven by the advantages it offers from a technical standpoint and OEMs’ propensity for feature fusion. Additionally, it becomes more important to know the coordinates of obstacles and objects as more complex ADAS capabilities are developed. Feature fusion provides the features required for such complex automated driving procedures. As a result, it is projected that the feature fusion industry would expand during the next few years.
The market for sensor fusion for L4 autonomous vehicles is anticipated to be the largest within the anticipated time frame.
Due to a variety of problems, including a lack of infrastructure and legislative restrictions, L4 vehicles have not yet been widely marketed. These cars are predicted to be on the market by 2024. All L4 vehicles have 100% sensor fusion penetration, hence the introduction of L4 vehicles is expected to present significant prospects for sensor fusion software developers and related component producers.
It is predicted that improvements in platforms connected to L4 would drive the autonomous car sensor fusion market. A significant ADAS solution vendor, Magna, created the production-ready autonomous driving platform Max 4.
Sensor Fusion Market Regional Insights
During the projection period, Asia Pacific is anticipated to be the sensor fusion industry’s largest market. Due to the growing use of advanced ADAS features like automated emergency braking (AEB), lane departure warning (LDW), adaptive cruise control (ACC), etc., the market in Asia Pacific is predicted to expand. The main sensor fusion markets in the Asia Pacific area are China and Japan. The main driving forces in these two nations are the rising car production and strict safety laws requiring ADAS technology in new car models. The market in the region is anticipated to be driven by the rising demand for high-end and luxury vehicles as well as technological advancements in sensor fusion hardware. Because of the cost-sensitive nature of these markets and the absence of infrastructure necessary for sensor fusion to function properly, countries in the Rest of Asia Pacific are predicted to embrace sensor fusion somewhat more slowly than other nations.
Sensor Fusion Market Outlook
The increasing use of the GPS-IMU (Inertial Measurement Unit) fusion principle and advancements in ADAS are assisting in resolving dead reckoning interval accumulation errors with absolute location measurements. Using information gathered from a forward-facing camera, Tesla’s Autopilot automatic driving feature is an example of an ADAS that can carry out tasks like maintaining the vehicle’s centre in a highway lane and directing the vehicle accordingly.
Absolute position measurements are being made more accurate thanks to the growing application of the GPS-IMU (Inertial Measurement Unit) fusion principle and developments in ADAS. Tesla’s Autopilot automatic driving feature is an example of an ADAS that can do duties like keeping the vehicle’s centre in a highway lane and directing the vehicle accordingly. This feature uses data collected from a forward-facing camera.
Some of the most focused applications in the research industry are forward collision warning (FCW), autonomous emergency braking (AEB), and adaptive cruise control (ACC).As an illustration, Honda, the world’s largest automaker in 2022, declared their intention to release the City Hybrid in India featuring Honda Sensing Tech, a set of active and passive safety features. The company claims that it will also come with features like emergency braking, adaptive cruise control, lane departure warning system, auto high beam assist, lane departure warning system, lane keep assist, and front collision warning system.
Furthermore, the introduction of 5G is anticipated to be a game-changer for the automotive sector as a result of its rapid connectivity and increased coverage density, which will hasten the development of autonomous vehicles and foster favourable market conditions.
Global Sensor Fusion Market Table of Contents
Internal SensorsExternal Sensors
Kalman FilterBayesian FilterCentral Limit TheoremConvolutional Neural Networks
Fusion Level Outlook
Feature FusionDecision FusionData Fusion
Vehicle Type Outlook
Passenger CarsLight Commercial Vehicles (LCV)Heavy Commercial Vehicles (HCV)
Data Fusion Type Outlook
Software Layer Outlook
Operating SystemMiddlewareApplication Software
Electric Vehicle Type Outlook
Battery Electric Vehicles (BEV)Plug-In Hybrid Electric Vehicles (PHEV)Fuel-Cell Electric Vehicles (FCEV)
Level of Autonomy Outlook
Europe GermanyU.K.FranceItalySpainSwedenAustriaFinlandBelgiumTurkeyRussiaPolandHungaryCzech RepublicSwitzerlandNetherlandsRest of Europe North America Asia-Pacific JapanChinaIndiaAustraliaSouth KoreaVietnamNew ZealandPhilippinesThailandMalaysiaHong KongTaiwanSingaporeIndonesiaSri LankaRest of Asia-Pacific South America BrazilArgentinaChileColombiaRest of South America Middle East And Africa South AfricaU.A.E.Saudi ArabiaOmanQatarIranEgyptRest of Middle East and Africa
Key Players of the Sensor Fusion Market
Robert Bosch GmbHContinental AGNXP Semiconductors N.V.StmicroelectronicsZF Friedrichshafen AGInfineon TechnologiesAllegro MicrosystemsDenso CorporationSensata Technologies, Inc.Elmos Semiconductor SeTE Connectivity Ltd.CTS CorporationBaselabs GmbhMemsic Semiconductor (Tianjin) Co., Ltd.Kionix, Inc.TDK CorporationAnalog DevicesMicrochip Technology Inc.Monolithic Power Systems, Inc.Leddartech Inc.IBEO Automotive Systems GmbhMaxim IntegratedVelodyne Lidar, Inc.Renesas Electronics CorporationMobileyeAptiv PLCMagna International
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