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Smart Sensor Market Industry Statistics Analysis by 2024 |ABB Product Group, Analog Devices, Atmel Corporation, Eaton Corporation, Emerson Electric Company, General Electric, Honeywell International, Inc., Infineon Technologies AG, InvenSense, Inc.

03-18-2020 05:14 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global market Insights

Smart Sensor Market

Smart Sensor Market

Automotive application segment of Smart sensor market will collect significant revenue over the years ahead, owing to the installation of sensor-based systems. The automotive sector is gaining prominence across APAC, subject to which Asia Pacific Smart sensors market will generate lucrative revenue over the coming timeframe, subject to the usage of Smart sensorss in connected cars. India, Japan, and China will be the major revenue contributors. Shifting consumer trends toward the adoption of wireless technology along with increasing awareness regarding energy conservation will fuel the product demand. Additionally, manufacturers are implementing this technology to increase their production capacity and to maintain top business position.

Residential applications will stimulate Smart sensor market, due to implementation of energy management and home security systems in residential complexes. Position sensors, touch sensors, image sensors are the notable products used by the customers. Image sensors are mainly installed in residential areas to monitor visitors, which will help to reduce theft activities. Escalating demand for smart phones and tables, which are enabled with touch sensors, will also favorably boost Smart sensors market share.

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The expanding wearable devices market has built a huge scope for the smart sensors industry. The growing trend of device miniaturization has provided a remarkable push to the deployment of these sensors. Micro-electro-mechanical- systems or MEMS is the major technology incorporated in these wearable devices, prominently in the smart watches. Estimates suggest that the MEMS technology adoption in the smart sensor market is likely to grow at an annual rate of 15% over the period of 2016-2024.

The cost-curtailment in the infrastructure is becoming the priority of almost every industry today. Pertaining to this fact, wireless networks are gaining a competitive edge over their wired counterparts. The wireless network based smart sensor market is anticipated to accumulate a major chunk of the overall industry share, owing to their ease of installation, increased productivity, and cost-effectiveness.

Talking about the geographical aspect, Asia Pacific is projected to have a strong foothold in smart sensors market over the coming years. The appreciable economic development of APAC countries such as China, India, and Japan, expanding consumer electronics industry, and efforts toward sustainable energy are the factors driving APAC smart sensor market growth over the years to come.

North America Smart sensor market will record substantial growth rate over the coming seven years. U.S. will be the major contributor of North America market share, owing to the changing preferences for smart homes. Sensors being highly eco-friendly, are used to monitor the pollutant content in the environment. Chemical sensors are primarily used for this purpose. They are also used in the aerospace and defense applications, owing to which Smart sensors market from aerospace and defense applications is slated to witness significant growth potential over the coming years of 2016 to 2024. The attributing factor toward the industry growth is the introduction of new technologies in the sector.

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The industry players are also taking immense interests to gain significant profits from the smart technology investments. One such move in this respect was from General Electric. Earlier this year, the giant announced its plan for smart city development in San Diego. The company would provide sensors to be incorporated on 3200 streetlights in the city with an aim to monitor traffic and detect the crime. Some other participants sharing the smart sensor market space are ABB Group Ltd., Atmel Corporation, Analog Devices, Inc., Eaton Corporation PLC, Honeywell International, Inc., NXP Semiconductors, Robert Bosch AG, and Smart Sensors, Inc.

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