Sensor Testing Market To Generate Revenue worth $2,835.2 Million by 2030
- Published: March 2024
The global sensor testing market is projected to generate USD 2,835.2 million revenue by 2030, advancing at a CAGR of 6.9% during 2024–2030. The growth of the market is attributed to the rising adoption of advanced sensors in a variety of applications, such as in medical deviation & healthcare, aerospace, manufacturing, automotive, and marine. Furthermore, the increasing utilization of sensors for safety-critical applications, such as autonomous vehicles and industrial automation, raises the importance of comprehensive sensor testing to mitigate the potential of technical issues and ensure operational reliability. Additionally, the continuous technological advancements in sensors and their complexities underscore the requirement for specialized methodologies for higher testing proficiency.
Additionally, the market benefits from the growing frequency of technological advancement, rising volume of trade and pace of globalization, and surging awareness of the role of accurate sensor data in optimizing efficiency, overall product quality, and safety.
Non-Destructive Testing (NDT) Category Dominates Market
Based on technology, the non-destructive testing category dominates the market, accounting for the largest share, of 45%, in 2022, and it is also expected to experience a strong CAGR during the projection period. The requirement for NDT methods is propelled by the necessity for thorough evaluations without causing harm to the sensors. NDT techniques encompass various methods, including X-ray, magnetic particle testing, and ultrasound, enabling comprehensive inspection and analysis of sensors, their individual components, and their functionality. NDT has become essential as sensors are increasingly being utilized in safety-critical applications in aerospace and healthcare, where any issue due to sensor damage during testing are unacceptable.
Moreover, NDT helps ensure that sensors maintain their structural integrity, while meeting stringent quality and reliability standards. Moreover, companies are launching advanced NDT software for accurate measuring and detection purpose. For instance, in October 2022, Creaform, a business unit of AMETEK Inc., announced the release of the VXintegrity 3D scanning solution for surface damage assessment. This specialized software platform addresses the challenges encountered by industrial asset owners and NDT service companies with four distinct modules capable of handling diverse surface analyses and basic metrology tasks.
North America To Hold Second-Largest Share
Geographically, North America region occupied the second-largest share in the market, of around 30%, in 2023, and the regional industry is expected to experience a strong CAGR during the projection period. The region's growth is attributed to the shift in the focus of sensor manufacturers toward producing authentic and high-quality products, driven by the advancements in autonomous technology and research fields. Moreover, with the evolution of the internet of things (IoT) technology, there is a surging demand for higher bandwidth and reduction in latency; 5G offers all these functionalities. Around the world, the U.S. is one of the foremost countries deploying 5G networks.
The MEA market is projected to witness significant growth during the forecast period. This is due to the expanding automotive industry in the region, growing pace of technological advancements, and booming demand for consumer electronics, and rising adoption of sensor-based technology. Moreover, the growing disposable income and infrastructure development in the region offer favorable opportunities for the growth of the market.
Some of the major players are TE Connectivity Ltd., National Instruments Corporation, Keysight Technologies Inc., Fluke Corporation, Rohde & Schwarz GmbH & Co. KG, Teradyne Inc., Omega Engineering Inc., Advantest Corporation, and Intertek Group plc.