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Smart Sensor Market is expected to reach US$ 77,747.6 million by 2028 | The Insight Partners
Smart Sensor Market
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 positive impact on smart sensor market size.
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The Internet of Things (IoT) has accelerated the evolution of 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 the smart sensor market growth.
The List of Top Companies - Smart Sensor Market
Analog Devices Inc.
Infineon Technologies Inc.
STMicroelectronics
TE Connectivity
Microchip Technologies
NXP Semiconductor
Siemens AG
ABB Ltd.
Robert Bosch GmbH
Honeywell International Inc.
The demand for smart sensors in home automation is increasing with the rise in safety and security concerns. Automation sensors can become the eyes and ears of the home 24/7 as they can efficiently control various electronics home appliances, such as fans, speakers, doorbells, and indoor and outdoor cameras. Smart sensors, such as smart smoke and CO sensors, weather sensors, video doorbell, window and door sensors, water leak/freeze sensors, motion sensors, light sensors, temperature sensors, and smart thermostats, are a few types of smart sensors that are mostly preferred in home automation. With the rising investment in home automation created lucrative opportunities for smart sensor market players.
Based on technology, the smart sensor market is segmented into MEMS, CMOS, and Others. In 2021, the MEMS segment led the smart sensor market. Based on type, the market is segmented into temperature & humidity sensors, pressure sensors, motion sensors, position sensors, and others. In 2021, the temperature & humidity sensors segment accounted for the largest market share. Based on the end-user industry, the market is segmented into consumer electronics, automotive, healthcare, manufacturing, retail, and others. In 2021, the consumer electronics segment accounted for the largest market share. By geography, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share of the smart sensor market.
Impact of COVID-19 Pandemic on Smart Sensor Market Growth
The COVID-19 crisis significantly impacted the global smart sensor market due to the slowdown and unavailability of workers worldwide. Electronics and semiconductor production facilities were shut down during the initial phase of the outbreak. The pandemic resulted in a significant and long-term drop in manufacturing utilization and travel bans. Facility closures kept workers out of their factories, resulting in a slowdown in smart sensor market growth in 2019. However, post-pandemic, the market is expected to recover quickly by early 2022. The negative impact of COVID-19 on the market is only expected to last for a short time due to the widespread demand for IoT device installation across a wide range of industries and the rapid rise in initiatives for smart cities and smart grid technologies.
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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, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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