Smart Sensor Market Foreseen to Draw a Promising Growth by 2031

Global smart sensor market size was valued at $37.25 Billion in 2019, and smart sensor market size is projected to reach $91.37 Billion by 2027, registering a CAGR of 14.30%. Asia-Pacific is expected to be the leading contributor to the global smart sensor market during the forecast period, followed by North America and Europe.

Internet of Things has taken the evolution of sensors to an entirely different level. The IoT platforms delivers intelligence and data using a variety of sensors, making it possible for devices to function autonomously and for the whole ecosystem to become smarter. By combining a set of sensors and a communication network, devices share information and improve their effectiveness and functionality. IoT devices are used in all types of industry verticals and consumer markets, with the consumer segment accounting for around 60% of all IoT-connected devices in 2020. All these factors will boost the market for smart sensors for IoT-connected devices.

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The smart sensor market holds a substantial scope for growth in the global market. Currently, it is in its growing stage, however, its contribution to the global market is expected to witness significant growth within the next six years. High cost associated with this technology is a major limitation for market growth. However, recent innovations, which embed high efficiency and innovative features in smart devices, have enabled the technology to reach a wider audience base. Numerous players are entering the smart sensor industry with innovative products. Emerging development in IoT and growth of autonomous products are expected to drive the smart sensor market growth in the future.

The significant factors impacting the growth of the global smart sensor industry 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.

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The global smart sensor market is segmented into type, end use, and region. By type the global market is segmented into pressure sensors, temperature and humidity sensors, flow sensors, touch sensors, image sensors, motion & occupancy sensors, water sensors, position sensors, light sensors, ultrasonic sensors. The image sensors segment is expected to hold the largest market share during the forecast period.

The end use segment is divided into automotive industry, consumer electronics, industrial, infrastructure, healthcare, and others. The consumer electronics segment is expected to register the highest growth rate over the forecast period. Smartphones, tablets, PCs, and wearable devices are witnessing an increasing demand globally. The growth of the smart sensors market is driven by the increasing adoption of smart devices such as smart appliances and wearables. Technological developments in smart sensors are leading to advancements in consumer electronics such as smart home appliances and smart TV. In addition to consumer electronics, cities are also becoming smart owing to the deployment of IoT technology.

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Region wise, the smart sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed maximum revenue in 2019. This is attributed to the increase in penetration of smartphones and adoption of smart electronic appliances in residential, commercial, and industrial sectors. In addition, Owing to technological advancements, the appliances in residential buildings, such as washing machines, heating, and cooling equipment, and refrigerators can be operated remotely with the help of internet.

The key players profiled in the report include ABB Ltd., Analog Devices, Eaton, Honeywell, Infineon Technologies, NXP Semiconductors N.V., Renesas Electronics, Siemens, STMicroelectronics, and Texas Instruments. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the industry.

Key Findings Of The Study
• The image sensor segment is projected to be the major type over the forecast period followed by touch sensor.
• APAC and North America collectively accounted for more than 72.71% of the smart sensor market share in 2019.
• Asia-Pacific is anticipated to witness highest growth rate during the forecast period.
• China was the major shareholder in the Asia-Pacific smart sensor market, accounting for approximately 42.00% share in 2019.

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