Smart Sensors Market to Expand at a CAGR of 15.3% by the end of Forecast Period to 2026

According to predictions from a recent market analysis conducted by Persistence Industry Research, the global smart sensor market's revenue will increase from an expected US$ 82 billion by the end of 2026, representing a growth rate of 15.3%. With rising adoption projected to be seen throughout the region's automotive industry, Asia Pacific is anticipated to play a significant role in this expansion.

Automation has redefined the global manufacturing and industrial landscape, with semiconductor technologies taking center stage across a multitude of industry applications. The demand for smart sensors market and associated technologies is likely to remain on a very high growth trajectory, with demand pouring in from emerging and technologically aware markets such as Japan, China, and South East Asia.

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The U.S is expected to maintain a leading position in the global market for smart sensors, owing to the presence of large global players operating in the smart sensor space in the country. Significant growth potential exists in countries such as Japan, India, and China predominantly due to the steadily increasing demand for smart sensor technology from the automotive and manufacturing industries in these countries.

Rise of the Industrial Internet of Things (IIot) and Implementation of Sensor Technology in Supply Chain Management to Push Revenues in the Global Smart Sensor Market

The in-depth analysis of the global market for smart sensors by Persistence Market Reveals attributes the stellar growth of this market to three key factors - proliferation of the IIoT, increasing use of smart sensors in wearable devices, and integration of sensor technology in supply chain management. IIoT is fast emerging as a future ready concept across diverse industries that deploy sensor-based measurements for analysis and decision making.

Applications of smart sensors in system assembly lines, testing, and inspection are rapidly increasing in the manufacturing sector and this adoption is further fueled by constant innovation in sensor technology. A rapidly growing demand for automation in the process manufacturing sector is expected to push revenue growth of the global smart sensor market in the near future.

The use of smart sensors in wearables has been witnessing increasing traction of late. Smart sensors find application in several wearable medical devices and are used in blood glucose monitoring, sensor fusion, and smart biomedical sensing, to name a few. Technological breakthroughs in sensor technology have created new avenues in medical wearable technology.

Wearable medical devices with embedded smart sensors send information about patient health to healthcare professionals and caregivers, thereby speeding the process of administering medical aid. The adoption of smart sensors in healthcare applications is expected to surge in the coming years, hence boosting revenue growth of the global smart sensor market.

Another prominent use of smart sensors is in supply chain management. Smart sensors take supply chain and logistics data and convert this into digital insights that help manufacturers make critical supply chain decisions. By providing real-time information on store and warehouse inventory, machine performance, and raw material availability, smart sensors help track logistics and prevent mismanagement across the supply chain. This integration of sensor technology in supply chain management is fueling global market demand for smart sensors.

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Increasing Applications of Smart Sensor Technology to be Observed Across the Food & Beverages and Industrial Automation Sectors in the Coming Years

Over the years, the adoption of smart sensors has been explored as a lucrative opportunity across the food and beverages industry. Smart sensors are used to automate several food and beverage manufacturing processes, creating immense growth opportunities for manufacturers of smart sensors.

There is a consistent demand for automation in critical industrial processes owing to the current technological progression that calls for the adoption of technically advanced products and solutions. Smart sensors such as flow sensors, motion sensors, and light sensors are finding application across diverse industries, more specifically the F&B and Industrial Automation sectors. Persistence Market Research predicts a boom in the adoption of smart sensors across these two key industries in the years to come.

Companies

Microsemi Corporation
STMicroelectronics
Infineon Technologies AG
Vishay Intertechnology
ABB Ltd.
Omron Corporation
Rockwell Automation, Inc.
SICK AG
Eaton Corporation
Honeywell International, Inc.
Texas Instruments Incorporated
Renesas Electronics Corporation
Yokogawa Electric Corporation
NXP Semiconductors
Analog Devices, Inc.
TE Connectivity
Others

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Key Segments Covered in the Smart Sensor Market

Sensor Type
Motion Sensors
Temperature Sensors
Pressure Sensors
Image Sensors
Touch Sensors
Position Sensors
Others

Component
Analog-to-Digital Converters (ADC)
Digital-to-Analog Converters (DAC)
Amplifiers
Microcontrollers
Others
Technology
MEMS-based Smart Sensors
CMOS-based Smart Sensors
Others

End-Use Industry
Healthcare
Automotive
Infrastructure
Industrial
Consumer Electronics
Others

Key Regions Covered
North America
Latin America
Western Europe
Eastern Europe
Japan
APEJ
Rest of APEJ
Middle East & Africa

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This release was published on openPR.