Press release
Global Smart Sensor Market Trends By Key Players: Legrand, NXP Semiconductors, Robert Bosch GmbH, Sensirion, TE Connectivity, ABB, Analog Devices, Atmel Corporation, Eaton, Emerson, General Electric, Honeywell
U.S. Smart Sensor Market Share, By Application, 2016
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Smart Sensor Market size is set to exceed USD 80 billion by 2024. Global smart sensor shipments were over 15 billion units in 2015. Growing demand for smart electronics & wearable devices in the consumer electronics space is a major factor driving the smart sensor market across the globe. The mounting investments and reductions in development costs for speed & accuracy will be achieved in the coming years through measurement methods with innovative manufacturing technologies, high-tech signal processing methods and high performance.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Legrand
2. NXP Semiconductors
3. Robert Bosch GmbH
4. Sensirion
5. TE Connectivity
6. ABB
7. Analog Devices
8. Atmel Corporation
9. Eaton
10. Emerson
11. General Electric
12. Honeywell
High demand for smart wearable devices and IoT is contributing towards the growth of MEMS technology. The commoditization of the technology is projected to ensure increased usage in other industries such as automotive, industrial, medical, semiconductor and telecommunication. Technological advancements in MEMS technology such as sensor fusion is anticipated to propel the smart sensor market size over the forecast timeframe.
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The automotive smart sensor market share is predicted to grow considerably over the next few years. Automatic climate control in vehicles is achieved by using smart sensors which help control the cooling systems and improve passenger comfort. In addition, the products are incorporated within the air-conditioned seats to control humidity and temperature and help reduce the overall energy consumption in the vehicles.
Favorable government initiatives, advances in the consumer electronics and aerospace & defense industry, coupled with the rising trend of miniaturization are driving the overall smart sensor market. Government administrations globally are increasingly investing in smart technologies on a large scale. Manufacturers are adopting the miniaturization trend by offering flexible mounting options, small sensor sizes and incorporating several functionalities in a single chip.
MEMS technology is expected to grow at a CAGR of over 15% from 2016 to 2024. Growth of IoT and rise in usage of wearable technology such as smartwatches will likely push the MEMS technology demand in the smart sensor market. The technology is broadly being implemented in airbag systems for the automotive industry owing to the government regulations related to driving and growing fears for passenger safety. Increasing proclivity towards smart home services to help minimalize the healthcare costs, nursing wearables technology will help generate the technology demand over the future. The rising inclination towards residential monitoring services to minimize the hospital costs and health monitoring wearables will further fuel sales.
Browse key industry insights spread across 640 pages with 1041 market data tables & 11 figures & charts from the report, Smart Sensor Market in detail along with the table of contents:
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North America dominates the smart sensor market owing to the increasing demand for IoT and smart homes in the U.S. and the presence of major industry players in the region. The APAC smart sensor market is primarily driven by India, Japan and China, mainly due to the developing infrastructure and government initiatives to support projects such as smart cities and homes. India serves as the manufacturing base for various consumer electronics and automotive verticals which will further surge the regional industry demand.
APAC smart sensor market size is anticipated to grow significantly due to the growing establishment of manufacturing industries and rapid industrialization. Strong economic development across China, India and Japan is helping to contribute to the global revenue. The consumer inclination towards energy conservation and wireless technology has augmented adoption in the energy management or monitoring devices. The capabilities such as self-diagnosis and self-calibration will also fuel the regional growth.
Companies in the smart sensor market are entering numerous partnerships and agreements such as plant manufacturing partnerships and sales & supply agreements to provide their consumers in an improved manner. In 2016, Analog Devices Inc., announced that the company has signed an agreement with LifeQ for health management applications to improve efficiency of body monitoring devices.
Smart sensor market players include Robert Bosch GmbH, Sensirion, TE Connectivity, ABB, Analog Devices, Atmel Corporation, Eaton, Emerson, General Electric, Honeywell, Legrand, and NXP Semiconductors.
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