Press release
At 14.30% CAGR, Smart Sensors Market Driven by Development In IoT and Growth Of Autonomous Products
The global smart sensor market (스마트 센서 시장) 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.
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The report offers an in-depth analysis of the market, such as estimates of revenue in the coming years, key segments, factors influencing growth, constraints, and conceivable opportunities. It also includes an assessment of the competitive landscape and regional analysis. This report serves as a valuable resource for industry leaders, stakeholders, new entrants, and brokers, assisting them in developing tactics to showcase market dominance and gain their enterprise goals.
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.
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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.
The global smart sensor market is segmented into type, end use, and region. By type, the market is segmented into touch sensor, image sensor, temperature sensor, motion sensor, position sensor, and pressure sensor. The end use segment is divided into automotive industry, consumer electronics, industrial, infrastructure, healthcare, and others.
The automotive segment accounted for the largest share in 2019, contributing to around one-fourth of the global smart sensor market, and is expected to maintain its dominant share in terms of revenue during the forecast period. Moreover, this segment is projected to grow at the fastest CAGR of 17.6% from 2020 to 2027. The report also analyzes segments including consumer electronics, industrial, infrastructure, healthcare, and others.
Region wise, the smart sensor market (スマートセンサー市場) 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.
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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.
Market Highlights
By Type
• Touch Sensor
• Image Sensor
• Temperature Sensor
• Motion Sensor
• Position Sensor
• Gas sensor
• Light sensor
• Pressure sensor
• Others
• icon_6
By End Use
• Automotive
• Consumer Electronics
• Industrial
• Infrastructure
• Healthcare
• Others
• icon_7
By Region
• North America (U.S, Canada, Mexico)
• Europe (UK, Germany, France, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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