The smart sensors market is garnering significant traction. Smart sensors with their self-testing capabilities, self-identification, self-validation, and self-adaptation have garnered massive popularity over the past couple of years. Increasing smart sensor applications in automotive, electronics, and defense industries worldwide drive the market growth. This report offers an understanding of various drivers, threats, opportunities, restraints, growth and Smart Sensors market forecast.
With the increasing adoption of smart sensors in the biomedical, wearables, and healthcare sectors, the market is projected to perceive vast gains. In this regard, Market Research Future (MRFR) asserts that the global smart sensors market would reach exponential valuation by 2027, growing at a phenomenal CAGR during the review period (2020-2027).
Moreover, additional advantages of smart sensors, such as high reliability, high performance, compact size, low power consumption, and minimal requirement of interconnecting cables, escalate the market growth, increasing its application areas. Considerable investments in research & development of smart sensors and increasing product development and launches boost the growth of the market.
Additionally, the spurting growth in IoT-based solutions and the demand for smart sensors boost the market growth. Conversely, complex design structure and lack of customization are the key factors estimated to obstruct the market's growth. Nevertheless, the growing deployment of cloud technology and increasing smart city projects would support market growth.
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Smart Sensors Market - Segmentation
Sensor Type
- Motion Sensors
- Temperature Sensors
- Pressure Sensors
- Image Sensors
- Touch Sensors
- Position Sensors
- Others
Component
- Analog-to-Digital Converters (ADC)
- Digital-to-Analog Converters (DAC)
- Amplifiers
- Microcontrollers
- Others
Technology
- MEMS-based Smart Sensors
- CMOS-based Smart Sensors
- Others
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End-Use Industry
- Healthcare
- Automotive
- Infrastructure
- Industrial
- Consumer Electronics
- Others
Global Smart Sensors Market - Regional Analysis
North America leads the global smart sensors market, witnessing the rising demand. Besides, the rising demand for smart sensors in the consumer electronics sector and autonomous devices drive regional market growth. Favourable government regulations for the implementation of automotive safety technologies and steady rise in vehicle production & sales, alongside the augmenting demand for safety and comfort features, impact the market growth positively.
Furthermore, growing application areas of smart sensors in the manufacturing sector foster market growth in the region. The US market dominates the smart sensors market in the region. The North American smart sensors market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global smart sensors market. The market is driven by vast advancements in sensing technology, improvements in healthcare standards, and improved technical infrastructure. Moreover, the extensive uptake of smart sensors in the burgeoning end-use industries fosters market growth.
Furthermore, the growing economy and demand from the aerospace, automotive, and defense sectors influence the market growth. The smart sensors market in the Asia Pacific region is growing rapidly. Factors such as government initiatives and the increasing uptake of smart technology to improve infrastructure boost the regional market growth. Moreover, the rapidly growing economy in the region increases the size of the smart sensors market, increasing consumer purchasing power and consumer inclination towards high-end luxury cars. China, Japan, and India are key markets for smart sensors in the region.
Moreover, stringent government regulations and influential car designs that can upgrade the safety provision in the region influence the market positively. Furthermore, increasing applications of smart sensors in medical devices, logistics, transportation, and consumer electronics sectors impact the regional market growth positively. Increased vehicle production and implementation of regulations on driving safety propel the growth of the regional market.
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Smart Sensors Market - Competitive Analysis
Highly competitive, the smart sensors market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launch.
Smart Sensors Market Key Players
Players leading the global smart sensors market include -
- ABB Ltd.
- Rockwell Automation
- Emerson Electric Company
- Honeywell International Inc.
- NXP Semiconductor N.V.
- Eaton Corporation PLC
- Texas Instruments
- Renesas Electronics Corporation
- Omron Corporation
- Yokogawa Electric Corporation
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