Money Spinning

Sensors
Revenue trends by sensor
type 2021-2023

IN SIGH T S F OR S UCCES S | IDE A S TO E XECU TE

January 2021

By Dr. Rajender Thusu

Global Vice President Sensors Program, Twimbit
 KEY TAKEAWAYS
Basic sensors just comprise of The trend of integration of sensors is on the
four sensors viz. pressure, rise. Its biggest advantage is of facilitating
temperature, flow and level sensors communication with each other to
which alone contribute 18% of maintain system integrity.
the total revenue amounting to
$30.4B in 2020. Basic sensors
have the largest installed With the emergence of
base in the industrial increasing number of
manufacturing space. integrated systems most
sensor types are embedded
with memory nodes to
enabling it to store data
4-6% which can be pulled out any
time when required.

Most of the basic sensors are wired. These are

growing at a low annual growth rate of 4-6%
Applied sensors are the largest class of
depending on the sensor. Upgradation and
revenue generators contributing 79.7% of
replacement is the key driver for revenue
total revenue in 2020 and are estimated to
growth of basic sensors.
increase its revenue share to 81.2% in
forecast year 2023.
Most sensors which are part of integrated
systems have analytical capability which
enables them to generate actionable data.

Sensors are change in every possible way

from sensor materials to high efficiency, level
79.7%
total revenue
of intelligence, quality of analytics,
in 2020
interactivity, and real time two way/ multiway
communication.

Sensors is the most dynamic market space

and most attractive option for both hardware
and software investors.

Innovation is a continuous process in sensors Emerging Sensors

with the development of new sensors

18.4%
addressing different unmet needs. This class
of emerging sensors is fastest growing
with an estimated CAGR of 18.4% during
2020-2023. Emerging sensors have the
CAGR (2020-2023)
lowest installed base in the sensor market.

Money Makers | Revenue trends by sensor type 2021-2023 2

Revenue Analysis 2020 2023

Trends in Revenues by Sensor Types

Chart 2.1: Global Sensors Market, Revenue by Product Type, US$mill 2020 and 2023

Biosensors $35.0
Billion
Image Sensors in 2023
RFID Sensors
Accelometers
Flow Sensors
Pressure Sensors
Optical Sensors
DAQ boards & module
Temperature
Encoders Sensor market
Level comprises of over
Other Sensors 120+ different sensor
Touch Sensors types used in diverse
Position & Displacement Sensors applications.
Emerging Sensors
Gas Sensors
Hall Effect Sensor
Motion Sensor
Load Cells
Straingauge Sensors
Biosensors are the largest
LiDAR Sensor
product types contributing
Speed Sensor
$23.4B in 2020 which is expected
Occupancy Detection Sensors to grow to $35.0B in 2023.
Noise & Harshness Sensors
Humidity
Torque Sensors,
Rain Sensors On the contrary Squid sensor is
Optroelectronic Colour Sensors the smallest revenue contributing
Distance Sensors $3.6 Mil in 2020.
Flame Detection Sensors
Moisture
AMR Sensor
Scavenging Sensors
Combined Sensors
Acoustic Sensors
Gesture Recognition Sensor
Odor Sensors
pH Sensor
Viscosity Sensor
Water in Fuel Sensor
Knock Sensor
Energy Harvesters
Tomographic Sensor
Tilt Sensor
GMR Sensor
$3.6
Million
Squid Sensor in 2020

Money Makers | Revenue trends by sensor type 2021-2023 3

 52 4 63
Classification of Sensors

Applied Sensors Basic Sensors Emerging Sensors

Chart 2.2: Total Global Sensors, Market Revenue Forecast by Sensor Class, US$bn 2020, 2021 and 2023

Total Market
Revenue Forecast
2023
Applied Sensors
$227B
15.9% Basic Sensors
$36.2B
Emerging Sensors
2021

17.3% $185B
$32.2B

2.9%
$6.6B 2020

2.6%
$47.4B
18.0% $169B
$30.4B

2.4%
$4.0B

79.7% 80.1% 81.2%

$134.8B $148.9B $184.9B

Source: Twimbit Note: All figures are rounded. The base year is 2020

Money Makers | Revenue trends by sensor type 2021-2023 4

Chart 2.3: Total Global Sensors, Market Revenue Forecast by Sensor Class, US$bn 2018-2023

185.0

165.7

149.0
134.9
126.8
113.6

34.2 36.3
29.2 30.4 32.2
27.5

3.0 3.6 4.0 4.7 5.6 6.7

2018 2019 2020 2021 2022 2023

Applied Sensors Basic Sensors Emerging Sensors

Source: Twimbit Note: All figures are rounded. The base year is 2020

Money Makers | Revenue trends by sensor type 2021-2023 5

 Basic Sensors

asic sensors comprise of sensing four most widely This marginal decline was restricted due to spurt
measured parameters like pressure, temperature, in demand of non-contact infrared sensors for
flow, and level which generated 18% of total revenue detection of initial symptoms of COVID. The use
which amounts to $30.4bill in 2020. Upgradation of temperature sensors is likely to increase due to
and replacements due to technology developments its deployment in cold chain for temperature
are the key drivers for revenue and revenue growth. regulations in storing and transporting billons of
In 2020 due to COVID, impact of pressure, flow and vials of COVID vaccines in all geographic regions.
level sensors revenue growth declined by almost In the base year 2020 basic sensors generated
half. Only temperature sensors were able to limit this $30,422.47mil in global revenue which is
decline in annual growth to 6.2% in 2020. estimated to increase to $36,267.37mil in 2023
growing at a CAGR of at 6.0% during 2020-2023.

Chart 2.4: Total Global Basic Sensors, Revenue Share by Product Type, US$bn 2020 and 2023

18.4% 17.4%
$5.6 B $6.3 B
30.1% 30.4%
$9.1 B $11.0 B

202o 2023

30.2% 30.7%
$9.2 B $11.1 B
21.1% 21.6%
$6.4 B $7.8 B

Pressure Sensors Temperature Sensors Flow Sensors Level Sensors

Chart 2.5: Total Global Basic Sensors, Revenue Share by Product Type, US$bn 2020

$9.2 B $9.2 B

$6.5 B
$5.6 B

Level Sensors Temperature Sensors Pressure Sensors Flow Sensors

Source: Twimbit Note: All figures are rounded. The base year is 2020

Money Makers | Revenue trends by sensor type 2021-2023 6

 Applied Sensors

Applied sensors are the largest group of sensors used in diverse applications. This class of sensors
constitute of about 45 frequently used sensors that detect motion, acceleration, image, position,
touch, distance, noise, weight, harshness, impact, acidity/ alkalinity, tilt, speed, moisture, humidity,
acoustics, sound waves, radio frequency and presence of biomolecules.

Chart 2.6: Total Global Applied Sensors, Revenue Share by Product Type, US$mill 2020

Biosensors
Image Sensors
RFID Sensors
Accelometers
Optical Sensors
DAQ boards & module
Encoders
Other Sensors
Touch Sensors
Position Sensors
Gas Sensors
Hall Effect Sensor
Motion Sensor
Load Cells
Straingauge Sensors Applied Sensors
LiDAR Sensor Contributes 79.7% of total
Speed Sensor revenue in 2020 and estimated
Occupancy Sensors to increase its share to 81.2%
Noise & Harshness
in forecast year 2023
Humidity
Torque Sensors,
Rain Sensors
Optroelectronic Colour
Distance Sensors
Flame Detection
Moisture
AMR Sensor
Scavenging Sensors The cumulative revenue of this
Combined Sensors class of sensors is estimated to
Acoustic Sensors increase from $134,864.6 mil in
Gesture Recognition
2020 to $184,969.5 mil in 2023
Odor Sensors
growing at a CAGR of 11.1%
pH Sensor
Viscosity Sensor
during 2020-2023.
Water in Fuel Sensor
Knock Sensor
Energy Harvesters
Tomographic Sensor
Tilt Sensor
GMR Sensor
Squid Sensor

Revenue US$ Million 0 5000 10000 15000 20000 25000

Source: Twimbit Note: All figures are rounded. The base year is 2020

Money Makers | Revenue trends by sensor type 2021-2023 7

 Emerging Sensors
Emerging sensors is a class of sensors comprising of newer sensors developed in the last some years and has
the lowest installed base in the sensor market. There are over 61 sensors grouped in this class. Some of these
newly developed sensors include water in fuel sensor, leaf sensor, contact image sensors, wavefront sensor,
MHD sensors, time pressure gauge, optode/ optrode, tide gauge sensor, Pyrgeometer, stream gauge, turn
coordinator, ring laser gyroscope, free fall sensor, microbolometer, humistor, bhangmeter and actinometer.
This is the fastest growing class of sensors making strong penetration into multiple applications.

Chart 2.7: Total Global Emerging Sensors, Revenue Share by Product Type, US$mill 2020

Photoelectric Sensors
Microwave Chemistry Sensors
Particle Detector
Permanent Down-hole Gauge
Photoresistor
Nitrogen Oxide Sensors
Hot-filament Ionization Gauge
Laser Rangefinder
Photoionization Detector
Scintillating Counter
Water in Fuel Sensors)
Line Encoder
Contact Image Sensors
Tactile Sensors
Depth Gauge
Ring Laser Gyroscope
Blind Spot Monitor
Viscometer
Free Fall Sensors
Gravimeter
Hydrometer
Heat Flux Sensor
Wavefront Sensor
Tide Gauge Sensors
Neutron Detector
Turn Coordinator
Time Pressure Gauge

Emerging sensors had the least

Bolometer
Tachometer
McLeod Gauge
impact of economic downturn
Variable Reluctance Sensors
Microbolometer due to COVID. Its revenue is
expected to grow from
Snowgauge
Humistor
Bhangmeter
$4009.2mil in 2020 to
Optode/ Optrode
Shack-Hartman $6658.9mil in 2023 growing at
a CAGR of 18.4% during
Stream Gauge
Ionization Gauge
Pyranometer
2020-2023.
Hook Gauge Evapometer
Geiger-Muller Counter (Particle Counting)
Altitude Indicator
Leaf Sensor
Pellistor
others
Leaf Electroscope
Stud Sensors
Zinc Oxide Nanorod Sensors
Oscillating U-tube
Actinometer
Barograph
Selsyn
Olfactometer
Variometer
Boost Gauge
Pyrgeometer
MHD Sensors

Revenue US$ Million 0 20 40 60 80 100 120 140

Source: Twimbit Note: All figures are rounded. The base year is 2020

Money Makers | Revenue trends by sensor type 2021-2023 8

 Conclusion

Top growth Embedded AI revolutionizes control paradigm.

opportunities in the IOT opens large growth opportunities for connected

sensors market
sensors and devices.

COVID Impacted markets both negatively and

positively.

COVID boosted markets like virus detection

biosensors, personal protection equipment,
temperature sensors like infrared, food processing
and beverages, energy and power, pharmaceuticals,
preventive healthcare, point of care facilities and
agriculture.

Use of sense making sensors facilitates actionable

data and real-time course correction.

Deploying non-contact technology platforms like

optical, acoustic and laser to develop new sensors
to address unmet needs.

The impact of all these trends is estimated to

result in creating additional global opportunity of
$58.6 billion between 2020 -2023.

Source: Twimbit Note: All figures are rounded. The base year is 2020

Money Makers | Revenue trends by sensor type 2021-2023 9

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