Multi-Axis Sensor Market Expected to Reach $3.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Multi-Axis Sensor Market, by Type, Vertical, and Region: Global Opportunity Analysis And Industry Forecast, 2023-2032" The multi-axis sensor market was valued at $693.80 million in 2022, and is estimated to reach $3.1 billion by 2032, growing at a CAGR of 16.7% from 2023 to 2032.

Multi-axis sensors are becoming appropriate solutions for demanding applications needing simultaneous measurement of numerous forces, such as aerospace flight controls, automotive component testing, and factory robotics. MEMS gyroscopes and MEMS accelerometers, for example, are gaining popularity in applications such as car safety systems, cellphones, drones, and wearables. They measure forces and torques that occur in several spatial directions. Growing global usage of robots and drones is predicted to enhance the global multi-axis sensors business throughout the forecast period. Multi-axis sensors enhance the capabilities of drones and robots in a variety of applications. This is because they allow for precise movement control, navigation, and stabilization. 

Multi-axis sensors are widely utilized in the aerospace and defense industries for applications such as missile guidance, aircraft navigation, and platform stabilization. Leading firms are embracing micro-electro-mechanical systems (MEMS) technology to keep up with the miniaturization trend. MEMS technological advancements enable them to create tiny, lightweight, cost-effective, and energy-efficient multi-axis sensors. This will have a beneficial effect on the market. 

The key market leaders profiled in the report include Parker Hannifin, Trimble Navigation Limited, STMicroelectronics, Aeron Systems Private Limited, Honeywell International Inc., Interface inc., Texas Instruments Inc., ATI Industrial Automation, Inc., L3Harris Technologies, Inc., and Jewell Instruments LLC. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase the multi-axis sensor market size during the forecast period.

The growing installation and usage of MEMS accelerometers in high-end applications due to benefits such as compact size, improved performance, and low power consumption are expected to drive the global multi-axis sensor market analysis throughout the forecast period. Accelerometers are in high demand in the automobile sector to improve performance, save costs, and increase the dependability of automotive systems. Accelerometers provide an industry-standard way of detecting automotive accidents and releasing airbags at precisely the right moment. The accelerometer is primarily utilized to detect the vehicle's quick negative acceleration to identify when the accident occurs. Furthermore, accelerometers are employed in a variety of applications ranging from mobile devices to automobiles.

Motion sensors are in high demand in the automotive industry due to their widespread application in micro-electromechanical systems (MEMS) and advanced driver assistance systems (ADAS). Furthermore, the small dimensions of MEMS sensors allow for a faster reaction to rapid changes in the measured parameters, and the usage of MEMS sensors is widespread due to its low cost. Motion sensors (accelerometers and gyroscopes) and pressure sensors are two uses of MEMS sensors in the automotive sector. MEMS-based motion sensors such as multi axis force sensor, multi axis gyroscope, and multi axis load cell are employed in airbags in automobiles. Bosch Sensortec GmbH has already created MEMS-based motion sensors that can detect any sudden vehicle deceleration

The multi axis sensor market analysis is based on type, industry vertical, and region. By type, the market is classified into motion sensor combos, MEMS gyroscopes, MEMS accelerometers, digital compass, and others. In 2022, the MEMS Gyroscopes segment dominated the market, in terms of revenue, and is expected to follow the same trend during the forecast period. As per industry vertical, it is divided into consumer electronics, automotive, aerospace and defense, industrial, and others. The Consumer electronics segment acquired the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032.

Region-wise, Asia-Pacific holds a significant share in the global multi-axis sensor industry, owing to growing presence of multi-axis sensor producers such as Parker Hannifin, Trimble Navigation Limited, STMicroelectronics, and others.

KEY FINDINGS OF THE STUDY

• The global multi-axis sensor market growth was valued at $693.8 million in 2022, and is projected to reach $3,140.1 million by 2032, registering a CAGR of 16.7% from 2023 to 2032.
• The MEMS gyroscopes segment was the highest revenue contributor to the market, with $311.3 million in 2022, and is estimated to reach $1,493.6 million by 2032, with a CAGR of 17.38%.
• The consumer electronics segment was the highest revenue contributor to the market, with $297.6 million in 2022, and is estimated to reach $1,421.5 million by 2032, with a CAGR of 17.33%.
•  The automotive segment is estimated to reach $768.5 million by 2032, at a significant CAGR of 15.74% during the forecast period.
• North America was the highest revenue contributor, accounting for $350.6 million in 2022, and is estimated to reach $1,701.0 million by 2032, with a CAGR of 17.51%.
• The upcoming multi-axis sensor market trends include the proliferation of MEMS (Micro-Electro-Mechanical Systems) technology, increased demand for sensors in autonomous vehicles and robotics, and the integration of Artificial Intelligence (AI) for enhanced sensor capabilities and applications.

The key market leaders profiled in the report include Parker Hannifin, Trimble Navigation Limited, STMicroelectronics, Aeron Systems Private Limited, Honeywell International Inc., Interface Inc., Texas Instruments Inc., ATI Industrial Automation, Inc., L3Harris Technologies, Inc., and Jewell Instruments LLC. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase the multi-axis sensor market share during the forecast period.