Market Analysis
The global smart sensors market size is likely to touch USD 60 billion at a 21% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Smart sensors, put simply, are a combination of intelligent sensors with different functions like digital interface, embedded algorithms, and signal conditioning that allow the transmission of data over every available network and features like interaction with external devices, data conversion, and digital processing.
Various factors are fuelling the global smart sensors growth. As per the recent MRFR market estimates, such factors include growing market of smart cities, use of smart sensors in the healthcare sector, increasing environment safety concern, increasing implementation in various manufacturing industries, growing demand by automobile manufacturers, high investments in R&D activities by industry players, focus of society towards internet of things, growing need for electronics, and rising adoption of wearable devices and other innovative applications in the biomedical sector.
On the contrary, high development price of smart sensors may impede the Industrial Smart Sensors Market share over the forecast period.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global smart sensors industry based on type, end user, and technology.
By type, the global smart sensors market is segmented into touch sensors, temperature sensors, pressure sensors, position sensors, motion sensors, image sensors, and others. Of these, image sensors will lead the market over the forecast period.
By technology, the global smart sensors market is segmented into MEMS, CMOS, and others. Of these, the CMOS segment will dominate the market over the forecast period.
By end user, the global smart sensors market is segmented into medical, infrastructure/construction, industrial, consumer electronics, automotive, and others. Of these, consumer electronics will spearhead the market over the forecast period.
COVID-19 Analysis
The global industrial smart sensors market has been adversely impacted by the ongoing COVID-19 pandemic. Production facilities of semiconductors and electronics have been put on halt, due to unavailability of workforce and slowdown across the world. The pandemic had caused a noteworthy and protracted fall in manufacturing utilization and facility closures and travel bans have kept workers out of their factories that in turn impacted the market growth. However the negative effect of the outbreak on the market is likely to remain for a brief time period and the market is likely to soon observe robust recovery rate due to growing need for installation of IoT devices across different industries coupled with rapidly growing initiatives for smart grid technologies and smart cities.
Industry Updates
April 2021- Ural scientists are working to develop a technology which will significantly accelerate the digital transformation of the Russian energy sector. It is a comprehensive project for the creation of intelligent small-sized smart sensors for digital power grids.
Regional Analysis
By region, the global smart sensors market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will remain domineer in the market over the forecast period for being the most technically advanced application market owing to the presence of system suppliers, prominent players, and large semiconductor companies.
In Europe, the global smart sensors market will hold the second-largest share with regards to revenue generation during the forecast period. Wide acceptance of smart sensors, and growing adoption of consumer electronics, building, and automotive are adding to the global smart sensors market growth in the region.
In the APAC region, the global smart sensors market is predicted to have favorable growth over the forecast period. Increasing technology adoption, government initiatives to improve infrastructure, the region being the major market for different industries like healthcare, automobiles, and consumer electronics, large-value investments and business expansion opportunities, and industrial and technological growth in Japan and China are adding to the global smart sensors market growth in the region.
Key Players
The leading players profiled in the global smart sensors market report include Omron Corporation, Yokogawa Electric Corporation, Texas Instruments, Renesas Electronics Corporation, Eaton Corporation PLC, Honeywell International Inc., NXP Semiconductor N.V., Emerson Electric Company, ABB Ltd., and Rockwell Automation, among others.
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Smart Sensors Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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