Smart Sensor Market May Reach $15,840 Mn, Globally, by 2023 | CAGR 18.4%

The global smart sensor market holds substantial scope for growth in the near future specifically in aerospace and transportation system. Moreover, its contribution to the global market is expected to grow over the next six years. High cost associated with this technology is a major limitation for market growth. However, recent innovations in sensor technology to facilitate high precision & accuracy in operations and rise in government investment have led to the market growth. Furthermore, numerous players intend to enter the smart sensor market with innovative products. Emerging developments in IoT and growth of autonomous products are expected to drive the market in the future.

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According to a new report published by Allied Market Research, titled, “Smart Sensor Market-Transportation System Infrastructure & Aerospace Industries: Global Opportunity Analysis and Industry Forecast, 2017-2023”, states that the global market size is expected to reach $15,840 million in 2023 from $4,805 million in 2016, growing at a CAGR of 18.4% from 2017 to 2023.

The demand of smart sensors is expected to increase rapidly during the forecast period due to various factors such as robust growth in automobile sector, inclination of society towards IoT, development of smart cities, and rise in security threats. However, high deployment cost and lack of privacy restrain the market growth.

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Smart sensor has become an integral part of the aerospace and transportation industry. The robust growth in automobile sector, inclination of society towards IoT, development of smart cities, and surge in security threats are some of the major factors that drive the demand for these sensors. Furthermore, the rise in investment in defense, and automotive industries would further propel the market growth.
Based on sensor type, the market is classified into image sensor, touch sensor, motion sensor, temperature sensor, pressure sensor, and position sensors. The Position sensor segment was the highest revenue contributor to the global market in 2016, accounting for $1,199 million. This segment is expected to reach $4,321 by 2023, registering the highest CAGR of 19.9% from 2017 to 2023.

The end user segment is divided into transportation system infrastructure and aerospace industry. Transportation system infrastructure is expected to grow at a significant CAGR of 19.9% during the forecast period. However, the aerospace industry segment is expected to generate the highest revenue of $8,268 million by 2023.

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Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the maximum revenue contributor, with $1,565 in 2016, closely followed by Europe at $1,460 million for the same year. The Asia-Pacific segment is expected to register a CAGR of 19.9% to garner $4,706 million by 2023.
Key Findings of the Smart Sensor Market-Transportation System Infrastructure & Aerospace Industries
• The Position sensor segment was the highest revenue contributor to the global market in 2016, accounting for $1,199 million. It is expected to grow at a CAGR of 19.9% from 2017 to 2023.
• The aerospace industry segment is expected to generate the highest revenue of $8,268 million by 2023.
• The Asia-Pacific segment is expected to register a CAGR of 19.9% to garner $4,706 million by 2023.

The major companies profiled in the report include ABB Group, Analog Devices, Inc., Eaton Corporation, Plc, Emerson Process Management, Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics Corporation, Siemens AG, STMicroelectronics, and Yokogawa Electric Corp.

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