Smart Sensors Market Expected to Grow at a Robust CAGR of 18% During the Forecast Period 2019-2026

  • 16 Jul 2019

Global smart sensors market to value over USD 62 Billion by 2026 end and register a CAGR of over 18% from 2019 to 2026.

Smart sensors occupy attributes such as intelligent sensors which are reliable, efficient power consumption, wireless configuration, performance, easy maintenance, size flexibility used for self-diagnosis, calibration and validation. Through management and control of various systems, the smart sensors help increase efficacy and decrease human involvement. 

Owing to the increase in demand for smartphones & vehicles, urbanisation and development of smart cities the smart sensors market is poised to foresee immense growth in the projected period.  With the increasing inclination towards adoption of IoT along with enhanced security measures fuel the global demand for the smart sensors market. 

The market is thriving and thus incentives are given for research and data initiatives.
High investments in R&D by the firms, and the growing inclination toward IoT. The rise in the incidence of extremist activities and thus the induced security issues furthermore highlights the importance of smart sensor in counterterrorism application and thus augments the expansion of the market globally. 

Incorporation of smart sensors in vehicles enhances and ensures safety and thus is one of the major drivers of the smart sensors market. The mounting need for safety features in vehicles, as well as the surge in demand for vehicles, both these factors coupled together, fuel the requirement for the global market. Additionally, advancement in technology and competitors trying to outdo their counterparts by providing extra features in their automobiles further propel the demand for smart sensors. However, the threat of privacy breach, complexity in structure, easy replacement, and deployment cost are projected to constrain the growth of the smart sensors market.

The firms in the global market follow strategies of partnership & agreement followed by the innovation of new products and their launch, mergers & acquisitions, geographical expansion, and joint ventures. Several companies enter into various agreements and partnerships such as supply & sales agreements and plant manufacture partnerships to serve their customers in a better manner and increase their market outreach.

For instance, in 2017, Honeywell International launched self-diagnosing sensors to improve the performance and safety of Aircraft systems. The firm also launched an indoor air-quality monitoring sensor to expand their market. In 2017 - Analog Devices launched two MEMS Accelerometers in its series of low noise, low drift, low power, three-axis MEMS accelerometers to provide Wireless Condition Monitoring. These advancements have helped the market to grow at a robust CAGR globally. 

Global Smart Sensors Market: Segmentation
By Type: 

•   Temperature & Humidity Sensors 
•   Pressure Sensors 
•   Touch Sensors  
•   Motion & Occupancy Sensors 
•   Water Sensors 
•   Position Sensors 
•   Light Sensors 
The pressure sensor is expected to garner the highest market revenue during the forecast period, as this category has wide utilization in automotive, industrial, healthcare, and consumer electronics industries.

By Component: 
•   Amplifiers 
•   Microcontrollers 
•   ADC 
•   DAC 

By Technology: 
•   MEMS 
•   CMOS 
The MEMS-based smart sensor is expected to garner maximum revenue in the smart sensor market during the projected time frame. The CMOS-based smart sensor is expected to follow the MEMS segment and grow at a healthy CAGR. 

By End-User Industries: 
•   Automotive 
•   Healthcare 
•   Industrial 
•   Consumer Electronics  
The consumer electronics industry is expected to hold the maximum market share in the global market during the forecast period. Smart sensors are employed in consumer electronics to regulate motion, temperature, and pressure among others. They are widely adopted in numerous devices such as smartphones, gaming consoles, PCs, home appliances, kitchen appliances, and others and are extensively used. 

By Region:  
•   Europe  
•   North America  
•   APAC  
•   Latin America 
•   Rest of World 
North America is expected to hold the major market share between 2019 to 2026 owing to the growing demand for smart homes and IoT in the U.S., presence of major players in the region, early adoption of new technologies, and growing automotive and consumer electronics industry. The APAC market is expected to grow at the highest CAGR owing to the increasing demand from end-user industries such as consumer electronics and automotive.
 

Competitive Landscape:  
•   Tier 1 players- established companies in the market with a major market share  
•   Tier 2 players 
•   Emerging players which are growing rapidly
•   New Entrants   
Major firms in the global smart sensors market are Infineon Technologies AG, ABB Ltd., NXP Semiconductors N.V., Yokogawa Electric Corp, Analog Devices, Siemens AG, Renesas Electronics, STMicroelectronics N.V., and Eaton Corp.

FutureWise Key Takeaways:  
•   Growth prospects  
•   SWOT analysis 
•   Key trends 
•   Key data points affecting market growth 
 

Objectives of the Study: 
•   To provide with an exhaustive analysis on the global smart sensors market based on sensor type, component, technology, end-user industries, and region 
•   To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•   To evaluate and forecast micro-markets and the overall market  
•   To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa 
•   To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•   Profiling of companies to evaluate their market shares, strategies, financials, and core competencies

 

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