Smart Sensor Market to witness a huge growth by 2027 | CAGR 14.3%

As per Report Ocean the global smart sensor market was valued at $ 37.12 billion in 2019, and is projected to reach $91.37 billion by 2027, registering a CAGR of 14.30% from 2020 to 2027.

A smart sensor is an important technological innovation that enables better control and monitoring over different operations, for instance, to sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmit the information in an electronic form for further processing with the help of signal conditioning, embedded algorithms, and digital interface. These sensors collect highly accurate environmental data with minimum level of noise. Smart sensors are applicable in advanced IT solutions, such as machine-to-machine communication and analytics, and to measure fluctuations regarding temperature, pressure acceleration, or others, which are critical for a process.

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The global smart sensor market is anticipated to witness significant growth over the period of forecast. The significant factors impacting the growth of the global smart sensor market include robust demand for smart sensors in automobile sector, growing trends toward Internet of Things, and surge in demand for smart sensors in the development of smart cities. However, high cost associated with smart sensors acts as the major barrier for early adoption, thereby hampering the growth of the market. On the contrary, rise in adoption of smart wearable devices and innovative application in the biomedical sector are the factors anticipated to provide lucrative opportunities for the growth of the smart sensor market during the forecast period.

The global smart sensor market is segmented into type, end use, and region. By type, the market is segmented into touch sensor, image sensor, temperature sensor, motion sensor, position sensor, and pressure sensor. The end use segment is divided into automotive industry, consumer electronics, industrial, infrastructure, healthcare, and others.

Region wise, the smart sensor market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

The key players operating in the market include as ABB Ltd., Analog Devices, Eaton, Honeywell, Infineon Technologies, NXP Semiconductors N.V., Renesas Electronics, Siemens, STMicroelectronics, and Texas Instruments.

KEY MARKET SEGMENTS
BY TYPE
- Touch Sensor
- Image Sensor
- Temperature Sensor
- Motion Sensor
- Position Sensor
- Pressure Sensor

BY END USE
- Automotive Industry
- Consumer Electronics
- Industrial
- Infrastructure
- Healthcare
- Others

BY REGION
- North America
o U.S.
o Canada
o Mexico
- Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa

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KEY PLAYERS
- ABB Ltd.
- Analog Devices
- Eaton
- Honeywell
- Infineon Technologies
- NXP Semiconductors N.V.
- Renesas Electronics
- Siemens
- STMicroelectronics
- Texas Instruments

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This release was published on openPR.