LOS ANGELES, July 14, 2021 (GLOBE NEWSWIRE) — The Global Smart Sensor Market is expected to grow at a CAGR of around 19.5% from 2020 to 2027 and reach the market value of over US$ 88.9 Bn by 2027.
North America and Western Europe continue to hold a dominant position in the market, accounting for a sizable share of the smart sensor market. The trend toward miniaturization and flexibility is making these products effective in consumer electronics and wearable devices, driving market revenue in Europe. The Asia Pacific market, on the other hand, is expected to have the fastest growing CAGR in the smart sensor market. This is because strong economic development in China, India, and Japan is contributing to global revenue. The consumer preference for energy conservation and wireless technology has accelerated adoption of energy management and monitoring devices. Self-diagnosis and self-calibration capabilities will also contribute to regional growth. Furthermore, growth and expansion of various end user verticals such as automotive, consumer electronics, and healthcare, to name a few. Rising technological adoptions, combined with the government’s increased emphasis on infrastructure development, will drive demand for smart sensors in this region even higher.
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Market Dynamics
Favorable government initiatives, advancements in the consumer electronics and aerospace and defense industries, and the growing trend of miniaturization are propelling the global smart sensor market. Globally, government administrations are increasing their investments in smart technologies on a large scale. Smart home and smart cities are emerging trends that will provide lucrative growth opportunities for the market size. The devices are used for functions such as effective monitoring, lighting systems, and security and surveillance systems, which are critical components of connected technologies. Furthermore, active government participation in the development of the smart cities market through lump sum investments will contribute to the industry’s growth.
The growing use and penetration of the internet of things (IoT), as well as increased automation in vehicles and smart wearable systems for health monitoring, are expected to drive the growth of the smart sensor market over the forecast period.
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Segmental Outlook
The global smart sensor market is segmented as type, technology, industry, components, and connectivity. By type, the market is segmented as pressure sensors, temperature & humidity sensors, flow sensors, image sensors, touch sensors, water sensors, motion & occupancy sensors, position sensors, light sensors, ultrasonic sensors, and others. Based on technology, the market is segmented as CMOS, MEMS, and others. Industry is segmented as industrial automation, biomedical & healthcare, consumer electronics, building automation, automotive, aerospace & defense, and others. By components, the market is segmented as ADC, microcontroller, transceivers, amplifier, DAC, and others. Furthermore, connectivity is classified into wired and wireless.
According to technology, MEMS is expected to grow exponentially, resulting in significant growth for the smart sensor market. Because of government regulations regarding driving and growing concerns about passenger safety, the technology is being widely implemented in airbag systems for the automotive industry. Nursing wearable technology will help generate technology demand in the future, with an increasing propensity toward smart home services to help minimize healthcare costs.
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In terms of connectivity, the wireless segment will experience rapid growth due to its high speed and low cost, as it does not require infrastructure. Furthermore, rising adoption of wireless networks in commercial spaces to eliminate disruptions caused by wired networks will drive demand.
Competitive Landscape
The major players involved in the smart sensor market involve Infineon Technologies AG, Microchip Technology Inc., Analog Devices, Inc., TE Connectivity, STMicroelectronics, Eaton Corporation plc, Honeywell International Inc., and among others.
Some of the key observations regarding the smart sensor industry include:
- In September 2020, Infineon Technologies AG, Elliptic Labs, a global AI software company and world leader in virtual smart sensors, has announced a partnership. This collaboration adds new capabilities such as breathing and heartbeat detection to Elliptic Labs’ existing presence and gesture detection capabilities.
- In October 2019, Through the 4G and cloud enabled ParceLive, TE Connectivity announced a collaboration with Hanhaa and Avnet to make significant advances in improving the ability to identify the location of a package as well as its condition.
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