Global Smart Sensors Market to Reach $60 Billion, Brief Analysis on Top Key players Infineon Technologies AG, ABB Ltd., NXP Semiconductors N.V., Yokogawa Electric Corp, Analog Devices, Siemens AG, Renesas Electronics, STMicroelectronics N.V., Eaton Corp,

The global smart sensors market is anticipated to witness significant growth during the forecast period, owing to the growth in use of consumer electronic devices, development of smart cities, and increase in penetration of Internet of Things (IoT).

Global Smart Sensors Market Report, published by Allied Market Research, forecasts that 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.

High cost of deployment and privacy concerns are expected to restrain the market growth. However, continuous efforts in R&D to develop improved product at 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 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 increase in demand for vehicles, driver security measures, and introduction of advanced features by major automobile players.

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Europe generates the highest revenue owing to 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.

The major players profiled in this report include Infineon Technologies AG, ABB Ltd., NXP Semiconductors N.V., Yokogawa Electric Corp, Analog Devices, Siemens AG, Renesas Electronics, STMicroelectronics N.V., Eaton Corp, and Emerson Process Management.

Key Benefits

• This report provides an extensive analysis of the current & emerging market trends and dynamics in the global smart sensors market.

• Competitive intelligence of leading manufacturers and distributors of smart sensors helps to understand the competitive scenario across the geographies.

• Key market players within the global smart sensor market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global market.

• This report provides the quantitative analysis of the current trends and future estimations from 2014 to 2022, which assists to identify the prevailing market opportunities.

• In-depth analysis is done by constructing market estimations for the key market segments between 2014 and 2022.

• An in-depth analysis of current research and clinical developments global is provided with key dynamic factors that help to understand the behavior of the market.

Analyst Review:

Increase in emphasis on efficient utilization of energy gives rise to the use of smart solutions. The efforts to address the challenges such as environmental degradation and climate change play an important role to bring these solutions into mainstream practice. Smart sensors are one such solution that can be used to improve energy distribution and optimize energy usage. These sensors are integrated with electronics that can perform one or more of the logic functions and two-way communication with decision-making capability.

The physical composition of smart sensors constitutes signal conditioning electronics, controller/processor, transduction element, and others, improving the overall system performance. The emerging applications such as Internet of Things (IoT) use smart sensors, since IoT requires establishment of communication between machine-to-machine and machine-to-human. Therefore, key technologies that are expected to drive growth of IoT will have substantial impact on the smart sensor technologies.

Currently, the market is witnessing the trend of integrating advanced components with existing systems to make the entire assembly of operation smarter. The market for smart sensors witnessed substantial growth in the past six years, owing to the continuous R&D by the market participants. These players manufacture products that incorporate high-efficiency and innovative features in consumer electronic devices such as smart phones/tablets/PCs, enabling the higher penetration of smart sensors among consumers.

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