Positive initiatives issued by the government, improvements in consumer the aerospace and defense and electronics industry, and the increasing development of miniaturization are all factors that are driving the smart sensor market. Worldwide, government agencies are investing a large amount in smart technologies. Producers are making more and more use of miniaturization by providing options for mounting that are more flexible, adding various functionalities into a single smart sensor chip, and are developing sensors of smaller sizes.
The development of trends that include smart homes and cities are anticipated to offer profitable growth opportunities for the smart sensor market. These devices are being used for various purposes, including lighting systems, more enhanced monitoring, and are being incorporated into surveillance and security systems, all of which are key components in connected technologies. Additionally, large investments from the government for the development of smart cities will further aid in the growth of the sensor market industry.
Lastly, the smart sensor market is illustrating a marked effect in meeting certain challenges regarding the environment; most notably, they assist with the reduction of carbon emission levels. As such, smart sensors are being used to better maintain the processes employed in coal power plants.
Analysis of the Smart Sensor Market According to Product
The growth of the smart position sensor market share is expected to see a tremendous amount of growth by the year 2024. This projection is largely due to the use of these types of sensors in both the aerospace and automotive industries. Advancements in the industrial robotics sector are assisting the drive for demand.
Touch sensors will also experience a significant amount of growth by the year 2024. This projection is largely due to the use of touch activated displays. The ever-rising demand for devices that make use of touch activated displays, including smartphones and tablets, are the primary factors that are driving the growth of this segment. Moreover, the research and development to actively improve sensitivity of touch enabled displays will drive the demand of the smart sensor market.
Smart Sensor Market by Technologies
Micro-Electro-Mechanical Systems (MEMS) a technology that involves miniaturizing both mechanical and electro-mechanical elements is projected to experience a compound annual growth rate of more than 15 percent between 2016 and 2024. Constant advancements in the Internet of Things and the increased use of wearable technologies, like smartwatchs, are expected to drive the demand for MEMS technology in the smart sensor market. In the automotive industry, this technology is largely being introduced in airbag systems in order to meet regulations set forth by the government to secure the safety of passengers. In the healthcare industry, the increasing interest in smart home services for the purpose of regulating costs will also help to propel the demand for smart sensor technology in the foreseeable future.
The Smart Sensor Market Growth by Networks
Wireless networks that are employed in the smart sensor market will see a tremendous amount of growth. This will largely be due to the high speed that these sensors provide, as well as their cost efficiency, since they don’t require infrastructure. Furthermore, the increasing use of wireless networks in commercial applications in an effort to reduce the disruptions that occur in wired networks will further drive the demand for wireless networks.
Since wired networks will continue to show an inability to maintain a large amount of devices, the demand for this market will continue to decrease. Moreover, the wired network will be further weakened by the cost that is needed to establish and maintain infrastructures for this market. Lastly, the lack of speed provided by wired networks is significantly lower than the speed provided by wireless networks, which will also contribute to the decrease in this market.
Growth of the Smart Sensor Market by Application
The most significant growth in the smart sensor market in the upcoming years is expected to occur in residential applications. This is projected to include both home security and the management of energy. Smart sensors are currently being employed in security devices that are used to alert homeowners and renters of thefts, fires, and other types of emergencies. The use of smart sensors in this application is expected to continue and grow exponentially.
There will also be a high demand for the application of smart sensor technologies in the aerospace and defense industries. Several technologies that can sense chemicals in order to screen conditions in space for the operation of both space- and aircraft operations will drive growth. For example, smart sensors that can sense elements of fire, such as oxygen, carbon dioxide and carbon monoxide levels, are – and will continue to be – employed.
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Smart Sensor Market Growth According to Region
The Asian-Pacific smart sensor market is expected to experience the most significant growth. This is largely due to the increasing development of industries that manufacture these products in this region, as well as quick industrialization. Notable economic advances in Japan, China and India will add to the increased global economic growth in the smart sensor market in this part of the world.
Competitive Market Share of the Smart Sensor Market
There are several large companies that integral roles in the development of smart sensors. Notable companies include Analog Devices, Eaton Corporation, ABB, Emerson Electric, Robert Bosch, InvenSense, Honeywell, and General Electric, to name a few. The trend toward the development of smart homes and cities is inciting these companies to create products that will allow for improved use in these applications. For example, in 2017, General Electric stated that they will begin distributing sensors for use in traffic signals, roadways and street lights to collect pertinent data regarding traffic and crime aid in advances toward turning San Diego into a smart city.