Intelligent Sensor Market Global Market - Overview
The global intelligent sensors market is growing rapidly, primarily due to the increasing applications of these sensors in some of the burgeoning industries such as automotive, electronics, defense, and healthcare, among others. In the future, these sensors are estimated to have tremendous opportunities in the biomedical, consumer electronics, and healthcare sector.
Acknowledging the significant traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study analysis asserts that the global Smart Sensors Market is poised to reach the valuation of USD 47.20 BN by 2023, registering 18.20% CAGR throughout the forecast period (2018 – 2023). In 2017, the market had evaluated at USD 18 BN. The increasing integration of these sensors in vehicles defines the market landscape.
On the flipside, factors such as the complex design structure and lack of customization are some of the key factors obstructing the growth of the intelligent sensor market. Intelligent sensors require both sensor processing and logic unit for managing sensor calibration, which ultimately increases the cost of these sensors.
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Key Players:
The prominent players in the market of Intelligent Sensor Market are – Custom Sensors & Technologies, Inc. (U.S.), Delphi Automotive LLP (U.K.), ABB Ltd. (Australia), Analog Devices, Inc.(U.S.), Honeywell International, Inc. (U.S.), Robert Bosch GmBH (Germany), Meggitt Sensing Systems (U.S.), Siemens AG (Germany), Yokogawa Electric Corporation (Japan) and Infineon Technologies AG (Germany) among others.
Global Intelligent Sensors Market - Segmentation
For ease of understanding, the analysis is segmented into five key dynamics:
- By Type : Flow, Humidity, Motion, Pressure, Temperature, and Speed among others.
- By Component: ADC, DAC, Microprocessor, Transducers, and Data Acquisition among others.
- By Technology: MEMS, CMOS, and Optical spectroscopy among others.
- By Application: Consumer Electronics, Healthcare, Automotive, Industrial, and Aerospace & Defence among others.
- By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Intelligent Sensors Market - Regional Analysis
The European region, heading with the vast advancements in sensing technology, dominates the global intelligent sensors market. Moreover, factors such as the advancements in healthcare standards and improved technical infrastructure in the European countries such as France, Germany, Italy, and the UK, among others drive the growth of the regional market.
The extensive uptake of these sensors in some of its burgeoning industries such as automotive, aerospace, and defense are some of the key driving forces behind the growth of the regional market. The resurging economy in the region is another key driver which propels the growth of the market in the region.
Furthermore, the growing demand for autonomous vehicles and automation in various other thriving sectors such as manufacturing fosters the growth of the regional market.
The intelligent sensors market in the North American region accounts for the second-largest market, globally. The rising demand for these sensors in the consumer electronics sector and the demand for autonomous devices foster the growth of the regional market.
Also, factors like the stringent government regulations towards vehicles’ safety, steady rise in vehicle production & sales, and the augmenting demand for safety and comfort feature positively impact the market growth in these regions.
Furthermore, factors such as the growing application area of intelligent sensors in the manufacturing of smart medical devices, and transportation are fostering the market growth in the region. The US market dominates the intelligent sensors market in the region.
The Asia Pacific, intelligent sensors market, is emerging as a profitable market globally. The rapidly improving economy in the region that is increasing consumers' purchasing power alongside increasing consumer inclination towards high-end luxury cars are some of the major driving forces pushing up the growth of the intelligent sensors market in the region.
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Intended Audience
- Component Manufacturers
- Electronic components
- Government bodies
- Research organizations
- Chip designers
- Equipment manufacturers
- Electronic manufacturers
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