Smart Sensor Market - Transportation System Infrastructure & Aerospace Industries by Types (Image Sensor, Touch Sensor, Smart Motion Sensor, Temperature Sensor, Pressure Sensor, and Position Sensor), End-User (Transportation System Infrastructure and Aero
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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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.
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.
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.
he 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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In Aerospace industry, smart sensor are being largely utilized to cater to the various requirements such as condition monitoring for chemical sensing, minimizing size & weight, reduce power consumption, accommodating a range of possible voltage inputs, and multiple wired/wireless communication interfaces in both space vehicle environments and in aircraft operations. In transportation, infrastructure companies are constantly working toward converting old transportation infrastructure into intelligent transportation systems (ITS). This primarily aim to provide advanced transportation services related to the different modes of transport and traffic management, It also enable end-users to be better informed, more coordinated, safe and 'smarter' use of transport networks.
North America accounts for the largest share of the global market, owing to the strong defense & aerospace industry, adoption of advanced devices in railways, and high budget allocation for the defense sector. Increased inclination toward automation in the transportation and aerospace industries and growing trend of driverless cars have supplemented the growth of the smart sensor market, especially proximity sensor, image sensor, and displacement sensor.
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