Press release
Smart Sensor Market Market Size Worth USD 80 Billion by 2024
Smart Sensor Market size is set to exceed USD 80 billion by 2024; according to a new research report. Global smart sensor shipments were over 15 billion units in 2015.Growing demand for smart electronics & wearable devices in the consumer electronics space is a major factor driving the smart sensor market across the globe. The mounting investments and reductions in development costs for speed & accuracy will be achieved in the coming years through measurement methods with innovative manufacturing technologies, high-tech signal processing methods and high performance. For instance, Notch, a wearable motion tracker app for rebuilding of body and motion structure helps increase performance, enhance movement techniques and reduces injury risks. The app allows movements which are captured by using wireless sensors and are linked to the smartphones.
Technological advancements since the last few years have led to substantial miniaturization in sensors, making them cost-effective, compatible and efficient, which is anticipated to fuel the smart sensor market growth. The growing implementation of MEMS technology has led to extensive usage in several industries such as aviation, automotive, consumer electronics, and healthcare. Several participants are focusing on environmental safety on account of the rising demand for eco-friendly protection, which is expected to boost the smart sensor market size.
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High demand for smart wearable devices and IoT is contributing towards the growth of MEMS technology. The commoditization of the technology is projected to ensure increased usage in other industries such as automotive, industrial, medical, semiconductor and telecommunication. Technological advancements in MEMS technology such as sensor fusion is anticipated to propel the smart sensor market size over the forecast timeframe.
The automotive smart sensor market share is predicted to grow considerably over the next few years. Automatic climate control in vehicles is achieved by using smart sensors which help control the cooling systems and improve passenger comfort. In addition, the products are incorporated within the air-conditioned seats to control humidity and temperature and help reduce the overall energy consumption in the vehicles.
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North America dominates the smart sensor market owing to the increasing demand for IoT and smart homes in the U.S. and the presence of major industry players in the region. The APAC smart sensor market is primarily driven by India, Japan and China, mainly due to the developing infrastructure and government initiatives to support projects such as smart cities and homes. India serves as the manufacturing base for various consumer electronics and automotive verticals which will further surge the regional industry demand.
Smart sensor market players include ABB Group Ltd., Analog Devices, Inc., Atmel Corporation Eaton Corporation PLC, Emerson Electric Company, General Electric, Honeywell International, Inc., Infineon Technologies AG, InvenSense, Inc., Legrand S.A., NXP Semiconductors N.V., Robert Bosch AG, Sensirion AG, Smart Sensors, Inc. and TE Connectivity Ltd.
Companies in the smart sensor market are entering numerous partnerships and agreements such as plant manufacturing partnerships and sales & supply agreements to provide their consumers in an improved manner. In 2016, Analog Devices Inc., announced that the company has signed an agreement with LifeQ for health management applications to improve efficiency of body monitoring devices.
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Related Reports: -
Global Smart Sensor Market Research Report Forecast 2017 to 2021
The Global Smart Sensor Market Research Report Forecast 2017-2021 is a valuable source of insightful data for business strategists. It provides the Smart Sensor industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable).
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