Overview:
The global smart sensors market was valued at US$ 34.61 Bn in 2020 and is projected to witness remarkable growth, expanding at a CAGR of 15.8% during the forecast period from 2023 to 2030. Sensors play a vital role in modern technology, particularly with the advent of the internet of things (IoT), and the demand and adoption of these have increased significantly. From inertial celestial navigation solutions in mobile phones and smart wearable solutions for health monitoring to autonomous driving, demand for sensors has been growing at a rapid pace. Smart sensors are innovative platforms with involved technologies such as storage, microprocessors, connectivity and diagnostics tools that help transforming conventional feedback signals into true digital insights. These sensors provide valuable and timely data underpinnings to power analytical insights that can in turn drive improvements in performance, cost and customer experience. Rising penetration and utilization of internet of things (IoT) along with growing automation in vehicles and smart wearables are some of the major factors expected to boost the market for smart sensors worldwide.
Smart sensor computing capabilities have strengthened substantially over a period of time. This, thereby is aiding data processing, analysis at or nearby the source and is plummeting the amount of data that is transmitted between the device and platform. In addition, emergence of micro-electro-mechanical systems (MEMS) technology have permitted high functioning and introduction of compact smart sensors by effectually incorporating microelectronic functions in minimal space. Smart sensors are capable of automatically detecting faults during a particular operation and actively help in troubleshooting problems that may arise in the near future. Smart sensors depict a remarkable advancement over the conventional sensors, as they empower the automatically generated information about the environment, with fundamentally minimal mistake rate.
"Consumer Electronics to Augment the Growth of the Market during the Forecast Period from 2023 to 2030"
Rapid advancements in the semiconductor technology has led to the speedy development of smart sensor technologies that are used in various end-use verticals such as automotive, consumer electronics, healthcare, industrial, infrastructure, etc. In 2020, consumer electronics garnered largest market share in the global smart sensors market. The segment is likely to grow at a substantial rate during the forecast period from 2021 to 2029. Smart sensors are being widely implemented in tablets, smartphones and in several other handheld & wearable devices. These sensors are used to measure various parameters such as temperature, motion, pressure, etc. in various consumer electronic devices. As a result, rising penetration of various electronic devices with cutting-edge features is projected to propel the adoption of smart sensors in consumer electronics. With the advent of internet of things (IoT) coupled with expanding automation in automobiles and smart wearable frameworks to keep a track on health-related factors, is relied upon to further widen the expansion of smart sensors in the automotive and healthcare industries in the years to come.
"North America held Largest Market Share in 2020, while Asia Pacific to Emerge as the Fastest Growing Region during the Forecast Period"
Based on geography, North America dominated the smart sensors market in 2020 and is likely to reign during the forecast period from 2023 to 2030. Growing demand for smart homes and IoT is one of the major factor driving regional growth. The U.S. market led the North American market in 2020 and expected to retain its position in the years to come. Asia Pacific is expected to emerge as the fastest-growing region during the forecast period. The use of smart sensors in several consumer electronic devices is projected to grow at a higher growth rate in the near future. Evolving consumer electronics sector is poised to thrive the growth prospects of smart sensors market in the region. Also, automotive industry in Asia Pacific is likely to develop at a rapid pace, thereby boosting the demand and providing growth opportunities to the smart sensors in the region.
The major players identified in the smart sensors market include Honeywell International Inc., NXP Semiconductors N.V., Texas Instruments Inc., ABB Ltd., Emerson Electric Company, Eaton Corporation Plc, Renesas Electronic Corporation, Yokogawa Electric Corporation, Omron Corporation, Analog Devices, Inc., STMicroelectronics, TE Connectivity, Siemens AG, TDK Corporation, Robert Bosch GmbH, General Electric, and Sensirion AG among others. These players are continually focusing on strengthening their product portfolio in order to cater the rising needs of the customers. New product development and partnership remains some of the major strategies adopted by the leading players to have an edge over their counterparts.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Sensors market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Sensor
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Technology
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Component
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Connectivity
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End-user
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
