Autonomous and Sensor Technology Industry to Double and Hit $55 Billion Value by 2030

Despite a challenging year in 2022, the autonomous and sensor technology market, the third-largest revenue stream in the global AI industry, has demonstrated its resilience. After a record high of $31.5 billion in 2021, the market size experienced a significant 45% drop. However, the industry is now on a trajectory of recovery and growth, with promising projections for the coming years.

Eight Years of Double-Digit Growth

Over the past years, industries worldwide have undergone a significant shift in how they do business, and autonomous and sensor technology has played a huge role in that. The surging number of companies looking for better and more efficient monitoring and control systems have fuelled the market growth, with more and more of them using sensors to get real-time data and improve safety and efficiency. Today, advanced sensors are used in everything from connected cars, smart cities, and wearable devices to industrial robots, and their widespread use will continue fuelling market growth in the future.

According to Statista Market Insight, the global autonomous and sensor technology market reached a $20.2 billion value last year, significantly recovering after a 45% drop in 2022. However, 2024 is expected to bring an even more significant increase, with the market growing by a further 26% and reaching a $25 billion value. Almost half of that value will come from the transportation sector, the number-one industry that uses this technology. The manufacturing industry follows with a 30% share in global sensor technology use.

Statista expects the entire market to continue growing by almost 20% year-over-year and hit a $30 billion value in 2025. Although the annual growth rate will slip to 12% by 2030, the autonomous and sensor technology sector is still set to witness eight straight years of double-digit growth and become a $55 billion industry.

All Top Markets to See Triple-Digit Growth by 2030

Analyzed by geography, the United States represents the world`s largest autonomous and sensor technology market, generating $6.8 billion or almost 30% of the total market value in 2024. This figure is expected to jump by 116% and hit $14.7 billion by 2030. However, the Statista data show that all other top markets will also see triple-digit growth in the following years.

The Chinese and Japanese autonomous and sensor technology sectors will grow by 118% and hit $10.5 and $2.4 billion in value in the next six years, respectively. Germany, the fourth-largest market for this technology, will grow even more, with revenues surging by 136% to $2.36 billion by 2030. India follows with a 117% increase and a $1.96 billion market size by 2030. Together, these five countries will generate almost 60% of the total autonomous and sensor technology market value in 2030.

Source: AltIndex.com