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Smart Sensor Market: Size, Trends, Key Insights, and Growth Factors Analysis
Smart Sensor Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing number of smart city projects is expected to propel the growth of the smart sensor market going forward. A smart city is a city that uses digital technology and data-driven solutions to enhance performance and well-being and reduce costs and resource consumption. Smart sensors in smart cities enable real-time data collection and analysis, optimizing resource utilization, improving traffic management, and enhancing overall urban efficiency and sustainability. For instance, in 2023, according to the IMD Smart City Index Report, a Switzerland-based business school, the number of smart cities has increased from 118 cities in 2021 to 141 cities in 2023 . Therefore, the increasing number of smart city projects is driving the growth of the smart sensor market.
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.
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Major Key Players of the Market:
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.
Smart Sensor Market 2024 Key Insights:
• 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%.
• Consumer Electronics Fueling The Surge In Smart Sensor Market Growth
• Mems Technology Dominates Smart Sensor Trends
• North America was the largest region in the smart sensor market in 2023
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