Meticulous Research®, a premier global market research company, has released a detailed report entitled Smart Sensors Market by Component (Transceivers, Amplifiers), Technology (Optic, Ultrasonic), Application (Remote Monitoring, Wearable Devices), Sensor Type (Image Sensors, Pressure Sensors), End User (Automotive, Retail, BFSI), and Geography – Global Forecast to 2030.’
According to this latest report, the global smart sensors market is projected to reach $137.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 16.3% from 2024 to 2030.
The market's growth is fueled by the rising demand for smart sensors in IoT-based devices, the increasing popularity of smart sensor-enabled wearable devices, and the expanding use of smart sensors in healthcare and automotive industries. The burgeoning consumer electronics market and the enhanced utilization of smart sensors for industrial automation are expected to provide substantial growth opportunities. Nonetheless, the high installation and maintenance costs may inhibit market growth, and regulatory compliance along with data security and privacy issues remain significant challenges.
The global smart sensors market is segmented by component (analog-to-digital converters, digital-to-analog converters, transceivers, amplifiers, microcontrollers, and other components including microprocessors, transducers, and frequency to digital converters), technology (microelectromechanical systems, complementary metal-oxide semiconductor, capacitive, Doppler, inductance, optic, ultrasonic, and other technologies), application (environmental monitoring, remote monitoring, predictive maintenance, inventory management, advanced driver assistance systems, wearable devices, precision agriculture, livestock monitoring, traffic monitoring and control, building and infrastructure, and other applications), sensor type (temperature & humidity sensors, pressure sensors, flow sensors, proximity sensors, image sensors, motion & occupancy sensors, water sensors, position sensors, light sensors, ultrasonic sensors, and other sensors), and end user (manufacturing, agriculture, retail, BFSI, logistics and transportation, aerospace & defense, automotive, biomedical & healthcare, industrial automation, building automation, consumer electronics, and other end users). The study evaluates industry competitors and provides a regional and country-level market analysis.
In 2024, the analog-to-digital converter segment is expected to dominate the component category, driven by the need for high precision and accuracy in measurements, the increasing use of embedded processing capabilities, and the rising popularity of battery-powered or energy-efficient smart sensors. This segment is also anticipated to register the highest CAGR during the forecast period.
The micro-electromechanical systems (MEMS) segment is forecasted to lead the technology category in 2024, driven by the demand for miniaturization of mechanical components, high precision, and power-efficient sensors. This segment is expected to achieve the highest CAGR during the forecast period due to continuous advancements in sensor technology.
In terms of application, the wearable devices segment is predicted to hold the largest market share in 2024, driven by the increasing use of wearables for fitness tracking, health monitoring, chronic disease management, and safety. This segment is also expected to register the highest CAGR during the forecast period.
Among sensor types, image sensors are expected to account for the largest market share in 2024, driven by their application in enhancing functionality, improving user experiences, quality control, and security. This segment is also projected to achieve the highest CAGR during the forecast period.
The consumer electronics segment is expected to dominate the end user category in 2024, driven by the integration of smart sensors to enhance user experience, functionality, and introduce new features in consumer devices. This segment is also anticipated to grow at the highest CAGR during the forecast period.
Geographically, Asia-Pacific is projected to hold the largest share of the global smart sensors market in 2024, driven by strong demand from China, Japan, India, South Korea, and Singapore. The region's adoption of smart sensors in manufacturing, vehicle tracking, traffic management, and smart city projects contributes to its leading market share. However, North America is expected to register the highest CAGR during the forecast period, fueled by investments in smart city initiatives and the growing use of smart sensors in various applications, including advanced driver assistance systems and remote patient monitoring.
Key Players
The key players operating in the global smart sensors market are Analog Devices, Inc. (U.S.), Infineon Technologies AG (Germany), STMicroelectronics N.V. (Netherlands), Honeywell International Inc. (U.S.), General Electric Company (U.S.), EATON CORPORATION plc (Ireland), Robert Bosch GmbH (Germany), Siemens AG (Germany), ABB Ltd. (Switzerland), NXP SEMICONDUCTORS N.V. (Netherlands), Ambetronics Engineers Pvt. Ltd. (India), RPL Automation Pvt. Ltd. (India), Total Control & Automation Pvt. Ltd. (India), Vighnaharta Technologies Pvt. Ltd. (India), and Ecobee (Canada).
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Key questions answered in the report:
- Which are the high-growth market segments in terms of component, technology, application, sensor type, and end user?
- What is the historical market size for smart sensors across the globe?
- What are the market forecasts and estimates for 2024–2030?
- What are the major drivers, restraints, opportunities, and challenges in the global smart sensors market?
- Who are the major players in the global smart sensors market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global smart sensors market?
- What are the different strategies adopted by the major players in the market?
- What are the geographic trends and high-growth countries?
- Who are the local emerging players in the global smart sensors market, and how do they compete with other players?
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