The global smart sensors market is expected to witness a growth of 15.8% CAGR during the forecast period from 2019 to 2027.
The global smart sensors market was valued at US$ 34.61 Bn in 2018 and is expected to witness substantial growth, expanding at a CAGR of 15.8% during the forecast period from 2019 to 2027. Sensors and sensor systems have an important impact in meeting environmental challenges and have emerged as a standout amongst the most broadly and significantly utilized segments in various end-use applications. The sensor applications in several fields including smart industrial process control, smart buildings, and smart power grids contribute significantly to more efficient and effective use of resources. Smart sensors are basic sensing elements with embedded intelligence. A transformative advancement in the field of sensor technology has been through the development of smart sensors. As a result, surging demand for efficiency has prompted the popularity of smart sensors.
By Sensor Type (Motion Sensors, Temperature & Humidity Sensors, Light Sensors, Position Sensors, Pressure Sensors, Touch Sensors, Image Sensors, and Others),
By Technology (MEMS-based Smart Sensors, CMOS-based Smart Sensors, and Others),
By Component (Analog-to-Digital Converter, Digital-to-Analog Converter, Amplifiers, Transceivers, Microcontrollers and Others),
By Connectivity Type (Wired and Wireless),
The smart sensors market is segmented based on sensor type, technology, component, connectivity, end-user and geography. Based on end-user, consumer electronics segment led the market in 2018. Consumers across the globe are rapidly adopting new and emerging products like smart home devices, wearables, voice-activated smart speakers, etc. Smart sensors are extensively used in the aforementioned devices for measuring, monitoring, control, and data logging. As a result, continual demand, as well as the adoption of these consumer electronics products, is expected to enhance in the days to come. Furthermore, based on geography, the smart sensors market was dominated by North America in 2018. The region is expected to reign during the forecast period from 2019 to 2027. The growth is mainly backed by the rising adoption of smart homes and IoT.
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Major players 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.,
- TE Connectivity,
- Siemens AG,
- TDK Corporation,
- Robert Bosch GmbH,
- General Electric,
- Sensirion AG among others.
The major players are focusing on taking up strategies such as product innovation, partnerships, etc. to sustain and flourish in the competitive market surroundings.
Reuters: Smart Sensors Market is Growing With 15.8% CAGR During 2019 to 2027