Sensor Testing Global Market Report 2024

The sensor testing market size has grown strongly in recent years. It will grow from $1.63 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The expansion observed in the historical period can be attributed to several factors, including the adoption of IoT and Industry 4 technologies, the rapid growth in sensor adoption across industries, the flourishing automotive sector, the increasing adoption of smartphones, and the rise of electric vehicles.

The sensor testing market size is expected to see strong growth in the next few years. It will grow to $2.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The projected growth in the forecast period can be attributed to several factors, including the increasing demand for autonomous vehicles, the growing need for miniaturization of sensors, the rising adoption of sensors in smart city projects, the increasing demand for advanced driver assistance systems, and the expansion of wearable devices and health technology. Major trends anticipated in the forecast period include the development of customized testing solutions, the implementation of environmental testing measures, the adoption of multiparameter testing approaches, integration with IoT technology, and the utilization of blockchain-based data security solutions.

The projected rise in the adoption of consumer electronics is expected to drive the expansion of the sensor testing market in the foreseeable future. Consumer electronics encompass various gadgets designed for regular use by individuals, typically for communication, entertainment, business, or convenience purposes. The increasing adoption of consumer electronics is attributed to advancements in technology, affordability, the demand for connectivity, evolving consumer preferences, product innovation, and the growth of e-commerce. Sensor testing plays a pivotal role in ensuring the quality, reliability, and functionality of sensors integrated into consumer electronics. For example, in 2023, global smartphone sales, the largest sector in consumer electronics, experienced year-on-year growth in Q1 2021, rising by 27% compared to the previous year, as reported by Zipdo, a Germany-based meeting management and productivity software provider. Hence, the escalating adoption of consumer electronics is a driving force behind the growth of the sensor testing market.

Leading companies in the sensor testing market are concentrating on the development of innovative products, such as the Druck hydrogen pressure sensor, to maintain their competitive edge. Druck hydrogen pressure sensors are specialized sensors engineered to measure and monitor the pressure of hydrogen gas across various applications. For instance, in September 2023, Baker Hughes, a US-based energy technology company, introduced Druck hydrogen pressure sensor technology, offering advanced levels of durability, accuracy, and reliability for diverse hydrogen applications. These sensors find application in hydrogen refueling stations, gas turbines, and electrolysis-based hydrogen production. They feature high-performance barrier coating technology, ensuring a minimum lifespan of five years under various operating conditions, making them competitive in the market.

In June 2023, Previan, a Canada-based provider of advanced diagnostic tools, acquired Sensor Networks to expand its portfolio of high-performance non-destructive testing (NDT) technologies. This strategic acquisition enables Previan to offer a wider range of NDT solutions, including conventional and phased array ultrasonics probes, UT corrosion monitoring systems, and remote visual inspection instruments, enhancing its capabilities in monitoring safety-critical components with improved productivity. Sensor Networks, a US-based company specializing in non-destructive testing equipment, caters to industries such as energy, aerospace, petrochemicals, and power generation, providing solutions for industrial applications.

Major companies operating in the sensor testing market are Broadcom Inc., Texas Instruments Incorporated, Infineon Technologies AG, STMicroelectronics NV, TE Connectivity, NXP Semiconductors Inc., Analog Devices Inc., Renesas Electronics Corporation, Microchip Technology Inc., ON Semiconductor Corporation, Bureau Veritas, Keysight Technologies, Teradyne Inc., Advantest Corporation, Intertek Group plc, Rohde & Schwarz GmbH & Co. KG, Maxim Integrated, TÜV Rheinland, Cypress Semiconductor Corporation, Element Materials Technology, National Instruments Corporation, Tektronix Inc., Anritsu Corporation, Underwriters Laboratories.

Asia-Pacific was the largest region in the sensor testing market in 2023. The regions covered in the sensor testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sensor testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Sensor testing involves the critical process of assessing the performance, accuracy, reliability, and functionality of sensors utilized across diverse applications to ensure they meet predefined requirements and standards. This essential process verifies the quality, reliability, and efficacy of sensors in a broad spectrum of applications, thereby contributing to the safety, efficiency, and dependability of sensor-based technologies.

The primary offerings within the sensor testing market encompass hardware and software. Hardware pertains to the tangible components of a computer system or other electronic equipment that are visible or touchable. Various sensor types include analog sensors and digital sensors, while the technology employed in sensors encompasses non-destructive testing, destructive testing, automated testing, and manual testing. These sensor testing solutions find application across various sectors, including consumer electronics, aerospace, industrial, automotive, healthcare, and other domains.

The sensor testing market research report is one of a series of new reports that provides sensor testing market statistics, including the sensor testing industry global market size, regional shares, competitors with a sensor testing market share, detailed sensor testing market segments, market trends and opportunities, and any further data you may need to thrive in the sensor testing industry. This sensor testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sensor testing market consist revenues earned by entities by providing services such as sensor calibration services, sensor performance testing, sensor reliability assessment, and environmental sensor testing. The market value includes the value of related goods sold by the service provider or included within the service offering. The sensor testing market also includes of sales of Multimeter, Oscilloscope, Signal Generator, and test kits for sensor evaluation. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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