Press release
Smart Sensor Market: Comprehensive Analysis of Industry Demand, Emerging Trends, and Future Forecasts
Smart Sensor Market
Smart Sensor Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $108.67 billion In 2028 At A CAGR Of 16.3% :
The smart sensor market size has grown rapidly in recent years. It will grow from $50.94 billion in 2023 to $59.42 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to consumer electronics growth, automotive industry innovations, environmental monitoring needs, focus on energy efficiency, smart cities initiatives, security and surveillance.
The smart sensor market size is expected to see rapid growth in the next few years. It will grow to $108.67 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The growth in the forecast period can be attributed to rise in demand for home automation, global health preparedness, autonomous vehicles development, focus on energy efficiency, security and privacy considerations. Major trends in the forecast period include rapid growth of iot ecosystem, integration of ai and machine learning, advancements in mems technology, proliferation of edge computing, advances in wireless connectivity, customization and application-specific sensors.
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Smart Sensor Market Major Segments
The smart sensor market covered in this report is segmented -
1) By Type: Touch Sensors, Flow Sensors , Smart Temperature Sensor, Smart Position Sensor, Turbidity Sensor
2) By Components: Digital-To-Analog Converter, Analog-To-Digital Convertor, Amplifier, Other Components
3) By Technology: CMOS, MEMS, Optical Spectroscopy, Other Technologies
4) By End-Users: Automotive, Consumer Electronics, Infrastructure, Healthcare, Other End-Users
Key Driver - Consumer Electronics Fueling The Surge In Smart Sensor Market Growth
Growing demand for consumer electronics is expected to drive the smart sensor market going forward. Consumer electronics refers to any electronic equipment, gadgets, or devices made to be purchased and regularly used for non-commercial or professional purposes by consumers. Consumer electronics can create demand for smart sensors as they use various intelligent sensors to perform predetermined tasks to reduce time and operational costs. For instance, in June 2021, Oberlo, a Lithuania-based e-commerce platform, said globally 6.4 billion people use smartphones. Therefore, the growing demand for consumer electronics is propelling the smart sensor market.
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Prominent Trend - Mems Technology Dominates Smart Sensor Trends
The penetration of MEMS technology in smart sensors is a key trend in the smart sensor market. Major players are focusing on creating innovative MEMS technologies to sustain their position in the smart sensor market. For instance, in January 2022, TDK Corporation, a Japan-based electronic devices and components manufacturing company, launched BalancedGyroTM (BG) technology. BalancedGyro technology is a gyroscope MEMS architecture that provides the best temperature stability and vibration rejection performance. This technology is used in smartphones, robotics, virtual reality, drones, and flight controllers.
Smart Sensor Market Players
Major companies operating in the smart sensor market report are Murata Manufacturing Co. Ltd., Skyworks Solutions Inc., Qorvo Inc., Broadcom Inc., NXP Semiconductors N.V., Analog Devices Inc., MACOM Technology Solutions Holdings Inc., STMicroelectronics N.V., Communications & Power Industries LLC, National Instruments Corporation (now part of NI), Infineon Technologies AG, Texas Instruments Inc., Mitsubishi Electric Corporation, Renesas Electronics Corporation, RFHIC Corporation, ON Semiconductor Corporation, Maxim Integrated Products Inc., Microchip Technology Inc., Renesas Electronics Corporation, Silicon Laboratories Inc., L3Harris Technologies, Mini-Circuits, Qorvo, TTM Technologies Inc., Kyocera Corporation, Johanson Technology Inc., TransDigm Group Inc., Yageo Corporation, Taiyo Yuden Co. Ltd., Vishay Intertechnology Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the smart sensor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the smart sensor market report during the forecast period. The regions covered in the smart sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Sensor Market Report Structure
3. Smart Sensor Market Trends And Strategies
4. Smart Sensor Market - Macro Economic Scenario
5. Smart Sensor Market Size And Growth
…..
27. Smart Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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