Smart Sensors Market Trends, COVID-19 Pandemic Impact, Applications, Growth Drivers, Trends and Demand by Forecast to 2022
The Global Smart Sensors Market is growing rapidly over 21% of CAGR and is expected to reach at USD 60 billion by the end of forecast period 2022. In this changing environment, due to the increasing population, excessive use of polluting machines and large amount of wastes the environmental concerns are ever increasing.
Due to the increasing population in urban areas cities are expected to face a severe resource scarcity in the near future. Therefore, to avoid the resource scarcity and to solve environmental problems there is a necessity of smart approach. The smart sensors promise to solve all the environmental problems and operate resource efficiency by its numerous solutions such as smart energy, smart building, smart transport and others.
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Growing market of smart cities, deployment of smart sensors in healthcare sector and increasing environment safety concern are expected to drive the market during the forecast period 2016-2022. However, high development cost of smart sensors is the major factor hindering the market growth.
Global Smart Sensors Market Segmentation
The global Smart Sensors market has been segmented on the basis of type, technology, end-user and region.
On the basis of type, the market is segmented into image sensors, motion sensors, position sensors, pressure sensors, temperature sensors, touch sensors and others.
By technology, the market is divided into CMOS and MEMs among others.
On the basis of end-user, the market is classified into automotive, consumer electronics, industrial, infrastructure/construction, medical and others.
The prominent players in the global Smart Sensors market are- Rockwell Automation, ABB Ltd., Emerson Electric Company, NXP Semiconductor N.V., Honeywell International Inc., Eaton Corporation PLC, Renesas Electronics Corporation, Texas Instruments, Yokogawa electric Corporation, and Omron Corporation, and others.
Market Research Analysis:
Regional analysis for global smart sensors market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. The study reveals that North America region would evolve as a leader in global Smart Sensors market. North America is the most technically advanced application market due to presence of prominent players, system suppliers, and large semiconductor companies. Europe is expected to be the second highest market in terms of revenue generation. Whereas, Asia-Pacific is expected to witness high growth in the forecast period and projected to grow with approximately 26% CAGR during the forecast period. Technological and industrial growth in Asian countries, such as China and Japan, is giving boost to the smart sensors market in the coming years.
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