The global sensor testing market is anticipated to grow at a CAGR of 5.8% during the forecast period (2024-2031). The market growth is driven by the growing applications of sensors in various sectors including automotive, consumer electronics, aerospace, healthcare, and industrial. Additionally, the demand for sensors is surging with the growing complexity of automotive systems in hybrid and autonomous vehicles with the introduction of Advanced Driver-Assistance Systems (ADAS). Further, the growing demand for consumer electronics attributed to the rising urbanization and modernization is presenting considerable opportunities for market growth.
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The global sensor testing market is segmented based on the offering (into hardware (oscilloscope, multimeter, spectrum analyzer, and signal generator) and software), type (analog and digital), application (into automotive, healthcare, industrial, aerospace, and consumer electronics), and geographies (into North America, Europe, Asia Pacific and the Rest of the World).
Market Highlights and Recent Developments
- The healthcare sub-segment is anticipated to grow significantly, owing to strict regulatory standards related to medical device’s performance and reliability to prevent failures.
- In October 2023, Discovery Park invested in Calibration House sensor testing. Utilizing Calibrationhouse’s mobile expertise, the park has completed annual in-service performance checks on more than 120 sensors spread across its estate of 20 laboratories, in under 48 hours. Calibrationhouse’s work at Discovery Park has contributed towards ensuring onsite facilities are fit-for-purpose, helping to minimize laboratory downtime and any disruption to operations necessitated by routine test requirements.
- Additionally, the automotive segment is expected to hold a considerable market share, owing to the surge in the demand for sensors due to the rising adoption of ADAS, autonomous vehicles, and electric vehicles.
- In October 2022, with the new Mobility and Sensor Test Center, AVL opened a unique indoor laboratory for the verification and validation of sensors for driver assistance systems in Roding, Bavaria. In the 1,600 square meter test area, safety-relevant functions can be tested under adverse weather conditions, independent of real outdoor conditions, thus ensuring the safety of vehicles in semi-autonomous operation.
- In November 2022, Mitsubishi Electric Corp announced its new KD-CXF series of contact image sensors (CISs) equipped with the industry's deepest depth of field. CISs are widely used in manufacturing to inspect product surfaces for scratches, dirt, miscoloring, or mispositioning of printed labels, plastic film, and others.
- The European region is anticipated to grow at a considerable CAGR over the forecast period, attributed to ongoing R&D efforts in sensor testing are leading to the development of new and improved testing methods and the proliferation of IoT devices.
- Also, the market players are focusing on strategic initiatives such as partnerships, mergers, and product launches to capture the market.
- For instance, in October 2022, IoT ecosystems and connected devices enabled new service offerings and peripheral services to be bought and unlocked. However, prototyping sensor-based IoT use cases can become a resource-intensive process until smart IoT systems are ready to be deployed. To support hardware and software engineers in the development of IoT devices, Infineon Technologies AG has launched the XENSIV connected sensor kit (CSK), a new IoT sensor platform for rapid prototyping and development of customized IoT solutions.
- However, the industry growth is restrained by the high cost of sensor testing equipment. Additionally, the market growth is also challenged by the lack of common standardization standards.
The major companies serving the global sensor testing market include Fluke Corp., Teradyne, Inc., Pico Technology Ltd., Tektronix, Inc., Keysight Technologies, Inc., National Instruments Corp., Robert Bosch GmbH, Rohde & Schwarz GmbH & Co., and others. The market players are contributing significantly towards market growth by the adoption of various business strategies. For instance, in May 2023, SPEA and GongJin Microelectronics announced that the companies have entered into a strategic partnership that will strengthen the development of their MEMS testing and calibration business in the mainland China territory. The strategic partnership with SPEA will help us provide customers with higher-quality services.
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