Global Smart Sensors Market size is projected to be valued $101 Billion by 2025; with a CAGR of 18.5% from 2017 to 2025. A smart sensor is an electronic sensing that can process data it receives to eliminate errors and noise from results before sending to a centralized source for collection. Smart sensor is a type of “intelligent” sensor as it has intelligent capabilities such as wireless communication and being an on-board microcontroller which is used for analog to digital conversion, digital processing, decision making and two-way communications. Smart sensors can perform various activities such as data conversion, bidirectional communication, take decisions, and perform logical operations. Some of smart sensors are used in accelerometer, optical sensors, fingerprint recognition, infrared detector array, integrated multisensors and others. Industrial applications of smart sensors include structural monitoring, geological mapping and othersdue to increasing usage of sensing element and process controls in this zone.
The major factors boosting the growth of the global smart sensor market are rising demand for electronics & automobile, increasing concern towards surveillance & security, wireless technology, and development of smart cities. Additionally, promising government initiatives have also stimulated the market growth. However, high prices, and complex structure are the key restraint for the market growth. Moreover, inclination of people towards IoT, increase in demand for vehicles & smart phones, advancement of smart cities, and enhanced security measures would unfold profitable growth opportunities for the market in the forthcoming future.
The bifurcations of the global smart sensors market are product, end user and geography. Product segment is classified into image sensors, touch sensors, smart motion sensors, smart temperature sensors, smart pressure sensors and smart position sensors. By end user, the market comprises industrial, medical equipment, automotive industry, consumer electronics, infrastructure, and other end users (avionics, food & beverage).
Based on geography, the global smart sensors market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Major companies operating in the global Smart Sensorsmarket are Infineon Technologies AG, Renesas Electronics Corporation, Emerson Electric Co., Siemens AG, ABB Ltd., Analog Devices, Inc., Yokogawa India Ltd., Eaton Corporation, NXP Semiconductors, and STMicroelectronics, among others.
The key takeaways from the report
Scope of the Global Smart Sensors Market
End User Segments