The global smart sensors market size is anticipated to reach of around US$ 142 Bn by 2027 and is expected to grow at a CAGR of around 18% in terms of revenue during the forecast period 2020 – 2027.
Smart sensors are also considered to be a combination of the sensor and disturbance system as smart sensors. Smart sensors are used primarily for digital processing, i.e. for analog and digital transfer. Increasing use of sensing devices and process controls in such sectors will make them useful for different industries, such as consumer electronics, automobile, manufacturing, medical, security and defense and entertainment. Smart sensors also assist in the two-ways communication and logic function for a variety of activities, including decision making.
The factor that is boosting the growth of global smart sensors market are rising adoption of sensors in automobile and consumer electronics sectors. Furthermore, growing use of smart sensors in mobile devices and smartphones enhances global market demand. The increased demand for sensors in defense, logistics and healthcare also drive the development of the global smart sensors market. However, the growth of the global market also increases with the energy saving capabilities of intelligent sensors. At the other hand, the global smart sensor development is slowed by a high range of smart sensors.
Consumer electronics hold major contributors to the smart sensor market during forecast period. The consumer electronics industry is changing rapidly and continuously, with the rising competition between players. At present, consumer’s electronics suppliers are under tremendous pressure to put into the market innovative and distinct products. The essential devices used in both of these devices to maintain consumer comfort and control are smart sensors, such as motion, temperature, picture, touch and pressure sensors.
The market research study on “Smart Sensors Market (By Type: Pressure Sensors, Temperature & Humidity Sensors, Flow Sensors, Image Sensors, Touch Sensors, Water Sensors, Motion & Occupancy Sensors, Position Sensors, Light Sensors, Ultrasonic Sensors, Others; By Technology: CMOS, MEMS, Others; By Connectivity: Wired, Wireless; By Industry: Industrial, Automation, Biomedical & Healthcare, Consumer Electronics, Building Automation, Automotive, Aerospace & Defense, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global smart sensors market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global smart sensors market are type, technology, connectivity and major geographic regions. The smart sensors market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The overall smart sensors market in North America is projected to dominate during the forecast period. The growth of the North America smart sensors market is projected to be fueled by factors like the high use of smart sensors in aerospace and defense and the increasing need for energy-efficient products. Moreover, the growth of the smart sensors market in North America is anticipated to be significantly increased in technology. In the forecast period, Europe is expected to record the fastest growth rate. Factor such as increased demand for several advanced electronic equipment is expected to trigger the growth of the global smart sensors market during the forecast period. However, long service life are an significant aspect that is supposed to encourage the growth in the future of the global smart sensor market. During the forecast period, the Asia Pacific Smart Sensor market is projected to see substantial growth. Factors including the use of smart sensors and CMOS technologies are expected to improve the development of the Asia Pacific smart sensor market.
Major players included in this report Honeywell, Analog Devices, ABB Ltd., Eaton, NXP Semiconductors N.V., Infineon Technologies, Renesas Electronics, STMicroelectronics, Siemens, Texas Instruments and others. These major players have implemented strategies to expand their market reach, such as the extension of their product range, merger & acquisitions, partnerships, globalization and partnership.
The global smart sensors market is segmented as below:
Smart Sensors Market By Technology
Smart Sensors Market By Technology
Smart Sensors Market By Connectivity
Smart Sensors Market By Industry
Smart Sensors Market By Geography
Middle East & Africa
Smart sensors are also considered to be a combination of the sensor and disturbance system as smart sensors. Smart sensors also assist in the two-ways communication and logic function for a variety of activities, including decision making.
Smart sensors are used primarily for digital processing, i.e. for analog and digital transfer.
Increasing monitoring and safety features across the globe is the major drivers for the growth of the smart sensors market.
The smart sensors market is anticipated to grow around 18% CAGR amid the forecast period 2020-2027
The market value of smart sensors is anticipated to be around US$ 142 Bn in 2027.
North America held maximum share in 2019 for smart sensors market.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.