Smart Sensors Market Share, Size & Industry Forecast Report, 2020-2027

Growth opportunities in the smart sensor market look promising over the next six years. This is mainly due to the rising trend of miniaturization of electronic devices, technological advancements, increasing trends toward Internet of Things (IoT), easy designing & maintenance, and the rising application of smart sensors in various industries.

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Smart Sensor Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The global smart sensor market is projected to expand at a significant rate over the forecast period owing to the factors like growing trends towards Internet of Things (IoT), expansion in adoption of wearable devices, and innovations in consumer electronics, along with the surging trend of miniaturization of electric devices. Also, various advantages offered by smart sensors such as compact size, wireless network connectivity, high reliability, low power consumption, easy maintenance and designing, and high performance are expected to boost the demand for smart sensors during the forecast period.

The increasing usage of smart sensors in different industries such as healthcare, automobile, defence, manufacturing, hospitality, education, and retail because of the application of touch-enabled devices to improve safety and comfort is expected to fuel the market's growth. Moreover, the rising number of connected homes, smart cities, development of connected cars, and enforcement of Intelligent Transportation System (ITS) is projected to provide flourishing growth opportunities for the smart sensors market size.
On the other hand, huge installation and maintenance cost of smart, lack of privacy, and complex structure compared to traditional sensors are the major factors that might become a restraint in the growth of the smart sensor market during the forecast period.

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Type Segment Drivers

Based on type, the smart temperature and humidity sensors is predicted to grow at a faster CAGR during the forecast period. This is primarily because of the large number of applications of smart temperature sensors in various industries, including automotive, consumer electronics, building and construction, defence, food processing, chemical, and healthcare. The low cost, ease in utilization, and smaller size availability provided by smart temperature sensors further propels the demand of the smart temperature and humidity sensors segment.

Regional Drivers

On the basis of region, the Asia-Pacific region is expected to witness a higher CAGR in the smart sensor market over the forecast period. This is basically due to the augmenting demand for consumer electronics in India, China, and South Korea. On the other hand, North America is anticipated to lead the market owing to the prompt adoption of smart wearable electronics and connected vehicles in the region. Additionally, the high standard of living, rapid economic development, the increasing number of smart homes further stimulate the growth of the US smart sensor market.

Leading Smart Sensor Market’s Manufacturers:

• Petasense Inc
• TDK Corporation
• ABB Ltd.
• Microchip Technology Inc.
• Analog Devices Inc.
• TE Connectivity Ltd.
• NXP Semiconductors N.V.
• Siemens AG
• Infineon Technologies AG

Smart Sensor Market Segmentation:

Segmentation by Type:
• Pressure Sensors
• Temperature & Humidity Sensors
• Flow Sensors
• Image Sensors
• Touch Sensors
• Water Sensors
• Motion & Occupancy Sensors
• Position Sensors
• Light Sensors
• Ultrasonic Sensors
• Others

Segmentation by Technology:
• CMOS
• MEMS
• Others

Segmentation by Component:
• ADC
• Microcontroller
• Transceivers
• Amplifier
• DAC
• Others

Segmentation by Network Connectivity:
• Wired
• Wireless

Segmentation by Industry:
• Industrial Automation
• Biomedical & Healthcare
• Consumer Electronics
• Building Automation
• Automotive
• Aerospace & Defence
• Others

Segmentation by Region:

• North America
o United States of America
o Canada

• Asia Pacific
o China
o Japan
o India
o Rest of APAC

• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

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This release was published on openPR.