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Smart Sensor Market is anticipated to record a valuation of US$ 77,747.6 million to 2028 - Exclusive Research by The Insight Partners
Smart Sensor Market: Key InsightsAccording to our latest market study on "Smart Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by technology, type, and end-use industry" the global smart sensor market is expected to grow from US$ 31,731.1 million in 2021 to US$ 77,747.6 million by 2028; it is estimated to grow at a CAGR of 13.7% from 2021 to 2028.
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The Internet of Things (IoT) has accelerated the evolution of the smart sensor market to new heights. With the industry 4.0-powered cyber-physical transformation of manufacturing industries, many production facilities are taking up smart sensors. IoT platforms use a variety of sensors to deliver intelligence and data, allowing devices to function autonomously and the entire ecosystem to become more intelligent. Devices share information and improve their efficiency and functionality by combining sensors and a communication network. The demand for IoT is growing in various industrial verticals, which, in turn, is supporting the smart sensor market growth.
Smart sensors are well-suited to safety-critical applications, such as gas detection, fire detection, and intruder detection. Simply attach to a suitable surface (portable surface), such as a desk, wall, or door, and wirelessly transmit data to the cloud, making them easy to install and retrofit into existing structures. They are eco-friendly because they use low-power wireless technology and are self-powered, use ultra-long-life batteries, power over ethernet (PoE), or are mains-powered, eliminating the need to keep replacing batteries. Smart sensors have advantages, such as high reliability, withstand in a rugged environment, flexibility in size, and weight requirements which in turn have a positive impact on smart sensor market size.
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The demand for motion sensors in smart TVs is high. Many companies are investing in the smart sensor market with the rising demand for consumer electronics. Multi-communication interfaces, such as Wi-Fi, Bluetooth, near-field communication (NFC), and cellular communication features are provided by smart TV manufacturers. They also have embedded operating systems (OSs). For instance, the Samsung Smart control in the H series makes it simple to operate the TV and navigate the menu options. The Samsung smart control's motion sensor (gyro sensor) allows its movement and easily controls the TV by holding it after a pointer appears on the screen when a finger is placed on the touchpad. The pointer moves similarly on the control when the Samsung Smart Control is held in hand and moved around. On scrollable screens, it can also scroll up and down.
With the growth in the consumer electronic industry, such as in smart beverage vending machines, smart home automation systems, simple computers, digital assistants (such as Alexa), and human wearable devices, the demand for smart sensors has increased which is further supporting the demand for smart sensor market. Traditional consumer products, such as laptops, smartphones, and televisions, continue to exceed expectations as consumers continue to adopt new and emerging products, including wearables, voice-activated smart speakers, and smart home devices.
Currently, micro-electro-mechanical systems (MEMS) and nano-electro-mechanical systems (NEMS) are in high demand. Manufacturers can use modern sensor technologies in portable devices, smartphones, tablets, gaming devices, navigation, and home appliances. Smart sensor technologies also find applications in smart home automation, security systems, robotics, automotive, and healthcare. Hence, extensive uptake of smart sensors in IoT-Based devices and consumer electronics is driving the growth of the smart sensor market.
Smart Sensor Market: Competitive Landscape and Key Developments
Analog Devices Inc., Infineon Technologies Inc., STMicroelectronics, TE Connectivity, Microchip Technologies, NXP Semiconductor, Siemens AG, ABB Ltd., Robert Bosch GmbH, and Honeywell International are the key smart sensor market players. In addition to these, several other players were analyzed to understand the overall market.
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.
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