Smart Sensors Market to grow from a market value of USD 25.96 billion in 2017 to a USD 72.39 billion by the end of 2023| Key Vendors - ABB LTD., HONEYWELL INTERNATIONAL, EATON CORPORATION, GENERAL ELECTRIC (GE), and SIEMENS AG, amongst others

Market Analysis:

North America to Hold the Largest Market Share
North America is expected to dominate the smart sensors market during the forecasted period, owing to the growing demand of IoT and Smart homes. The Growing trend of IoT, and increasing number of connected devices, is fuelling the growth of smart sensor market.

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The sensors have evolved from being discrete devices designed to detect specific properties, to fully integrated sensor systems, offering enhanced computing capabilities. . However, rapid advancements in technology have led to the emergence of miniaturized versions of smart systems with enhanced reliability and sensitivity metrics. The smart sensors offer sensing and computing capabilities in a single device. There has been a steady shift towards miniaturization of these devices, using MEMS technology. . MEMS can be used to develop a wide variety of smart sensors, ranging from simple arrangements to high-end systems with multi-sensor capabilities, through the use of integrated microelectronics.

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Market Segments:
Smart Sensors Market is segmented by:
1. Type: Flow Sensors, Humidity Sensors, Occupancy Sensors, Position Sensors, Pressure Sensors, Speed Sensors, Temperature Sensors, Torque Sensors, Touch Sensors, Ultrasonic Sensors, Vibration Sensors, Water Sensors, Others
2. Technology: MEMS, CMOS, Optical Spectroscopy, Others
3. Network Connectivity: Enocean, Wi-Fi, Zigbee, Z-Wave, Others
4. Component: Analog-to-Digital Converter, Digital-to-Analog Converter, Amplifier, Others
5. Application: Aerospace & Defense, Automotive & Transportation, Healthcare, Industrial Automation, Building Automation, Consumer Electronics, Others
6. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• August 2017 - Honeywell International launched self-diagnosing sensors to improve performance and safety of Aircraft systems
• August 2017 - Honeywell International launched indoor air-quality monitoring sensor for building owners and consumers
• May 2017 - Analog Devices launched two MEMS Accelerometers in its series of low noise, low drift, low power, three-axis MEMS accelerometers to provide Wireless Condition Monitoring.

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