Smart Sensors Market Size, Share and Statistics by 2023 - Leading Corporations Profiled ABB Ltd., Analog Devices, Eaton Corp, Siemens AG, Yokogawa

The global market is anticipated to account for $60 billion by 2022, growing at a CAGR of 19.2% from 2016 to 2022. Automotive industry dominated the smart sensors market in2015. In the same year, Europe led the global market, accounting for 32% market share.

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Smart sensors transmit data over all the available networks and enable features such as digital processing, data conversion, and interaction with external devices. Such sensors hold significant importance in the current scenario, owing to the augmented usage across various application verticals such as consumer electronics, automotive, and healthcare.

The high cost of deployment and privacy concerns are expected to restrain market growth. However, continuous efforts in R&D to develop the improved product at a reasonable price is an influencing factor for cost reduction, thereby boosting the growth of the sensor market.

Key market players adopt various strategies to gain a stronger foothold in the market. Companies enter into various agreements and partnerships such as supply & sales agreements and plant manufacture partnerships to serve their customers in a better manner and increase their market outreach. Analog Devices, for instance, signed an agreement with LifeQ with an aim to improve the effectiveness of body monitoring devices in health management in 2016.

In terms of revenue generation, the automotive end use application vertical accounted for the major market share with 23% in 2015 and is estimated to be dominant throughout the forecast period. This is attributed to an increase in demand for vehicles, driver security measures, and an introduction of advanced features by major automobile players.

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Europe generates the highest revenue owing to the rise in adoption of automotive, building, and consumer electronics along with wide acceptance of smart sensors. Europe accounted for 32% share of the overall market in 2015 and is expected to grow at a CAGR of 18.67% between 2016 and 2022.

Dominating Market Players Profiled in this Report:

•ABB Ltd.
•Analog Devices
•Eaton Corp
•Emerson Process Management
•Infineon Technologies AG
•NXP Semiconductors N.V.
•Renesas Electronics
•Siemens AG
•STMicroelectronics N.V
•Yokogawa Electric Corp

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