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

Smart Sensor Market Forecast to 2028 - Global Analysis - by Technology (MEMS, CMOS, and Others), Type (Temperature and Humidity Sensors, Pressure Sensors, Motion, and Others), and End-use Industry (Consumer Electronics, Automotive, Healthcare, Manufacturing, Retail, and Others)

Smart sensor is faster and more accurate than traditional sensors. These sensors are smaller and consume less power than conventional sensors. The use of smart sensors technology in IoT-based devices and consumers electronics and its application in the aerospace & defense, automotive, biomedical & healthcare, industrial automation, building automation, consumer electronics, education, robotics, agriculture, and transportation industries have attracted much interest in the past few years. With rising safety and security concerns, the demand for smart sensors in consumers electronics is increasing. Various sensors, such as night vision IR sensors, sound sensors or microphones, and smart toilets, are used in home automation. Companies incorporate various features, such as automatic cleaning, automatic flushing, tank-leak monitoring, water overflow protection, and health monitoring, into their smart sensors. Lights and fans can be controlled with an automatic system that uses infrared or motion sensors.

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A temperature sensor's primary application is in a smart home device's smart thermostat. Due to significant consumer interest, incremental technology breakthroughs, and increased accessibility, the total market for smart homes is expected to expand fast, fueling the demand for smart sensors in the smart sensors market. Analog Devices, Inc., STMicroelectronics, TE Connectivity Corporation, Microchip Technology Inc., NXP Semiconductors, and other firms provide a wide range of temperature and humidity sensors to the global smart sensor market.

Growing Popularity of Smart Sensors in Industrial Automation

Smart sensors are pioneer components in industrial control. With the uptake of smart sensors, many industrial verticals are modernizing their state-of-art facilities. The array of smart sensors helps collect data to a central and cloud-based computing resource over the Internet. Asset tracking and predictive maintenance applications run on analytics software's cloud computers that can turn massive amounts of data into actionable information. Many companies are confronted with a diverse selection of smart sensors and device applications to consider when starting their projects.

Further, these sensors can quickly diagnose anomalies under the ISO 10816 vibration monitoring standard, allowing users to evaluate machine vibration through measurements without coding it. This new class of smart sensors is designed with IP66 protection and is ideal for Low-Power Wide-Area Network (LPWAN) applications, such as HVAC systems, pumps, motors, and facility monitoring. In addition, to achieve maximum capacity, users can quickly view and understand the utilization rates of all devices.

The increasing proliferation of smart sensors in various industries, ranging from consumer electronics to retail, is pushing the government and companies worldwide to focus and invest in this smart sensor market. APAC is also expected to be the fasted growing regional market for smart sensors market during the forecast period. The rise in governments investments and initiatives, such as Make in India, has attracted many Foreign Direct Investments (FDIs) to invest more in this region, making it lucrative for smart sensor producers positively impacting smart sensor market. Countries, such as India, China, South Korea, and Japan, have a high demand for smart sensors thus many new entrants are investing in smart sensor market. The outbreak of COVID-19 created an opportunity to develop intelligent wireless sensors that help reduce energy consumption while maintaining a high level of efficiency in the MEA. With the surge in military spending, unmanned aerial vehicles (UAVs) and drones are becoming more common in the Middle East thus, many key players are focusing on this region and establishing their business footprints which in turn is supporting the smart sensor market.

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Based on end-use industry, the smart sensor market is segmented into consumer electronics, automotive, healthcare, manufacturing, retail, and others. In terms of smart sensor market share, the consumer electronics segment accounted for the largest share of the market in 2021. Smart sensors may be used in sophisticated IT solutions, such as machine-to-machine communication and analytics, and to detect temperature or pressure acceleration variations, which are crucial for a process. These devices are also utilized in smart grids, smart cities, smart environments (forest fire management, snow level monitoring, and earthquake early detection), and the automobile, defense, sports, and electronics sectors.

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