The global smart sensors market was valued at US$ 34.61 billion in 2018 and is projected to witness remarkable growth, expanding at a CAGR of 15.8% during the forecast period from 2019 to 2027. Sensors play a vital role in modern technology, and particularly with the advent of the Internet of Things (IoT), 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, the 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 transform 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 the 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, aids in data processing and analysis at or near the source and reduces the amount of data that is transmitted between the device and the platform. In addition, the emergence of micro-electro-mechanical systems (MEMS) technology has permitted high functioning and the introduction of compact smart sensors by effectively incorporating microelectronic functions in minimal space.
Smart sensors are capable of automatically detecting faults during a particular operation and actively helping troubleshoot problems that may arise in the near future. Smart sensors represent a remarkable advancement over conventional sensors, as they empower automatically generated information about the environment with a fundamentally minimal mistake rate.
Market Snapshot
Consumer Electronics to Augment the Growth of the Market during the Forecast Period from 2019 to 2027
Rapid advancements in semiconductor technology have 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 2018, consumer electronics garnered the largest market share in the global smart sensor market. The segment is likely to grow at a substantial rate during the forecast period from 2019 to 2027. Smart sensors are being widely implemented in tablets, smartphones, and several other handheld and wearable devices.
These sensors are used to measure various parameters, such as temperature, motion, pressure, etc., in various consumer electronic devices. As a result, the 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 the Internet of Things (IoT), coupled with expanding automation in automobiles and smart wearable frameworks to keep track of health-related factors, it 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 the largest market share in 2018, while Asia Pacific emerged as the fastest-growing region during the forecast period.
Based on geography, North America dominated the smart sensor market in 2018 and is likely to reign during the forecast period from 2019 to 2027. Growing demand for smart homes and IoT is one of the major factors driving regional growth. The U.S. market led the North American market in 2018 and is 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 rate in the near future.
The evolving consumer electronics sector is poised to thrive with the growth prospects of the smart sensor market in the region. Also, the automotive industry in the Asia Pacific is likely to develop at a rapid pace, thereby boosting demand and providing growth opportunities for smart sensors in the region.
Competitive Insights
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, T.E. Connectivity, Siemens AG, TDK Corporation, Robert Bosch GmbH, General Electric, and Sensirion AG, among others. These players are continually focusing on strengthening their product portfolios in order to cater to the rising needs of their customers. New product development and partnership remain some of the major strategies adopted by the leading players to have the edge over their counterparts.
Historical and Forecast Period
The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The smart electronics market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global smart sensor market based on sensor type, technology, component, connectivity type, end-user, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report.
What was the size of the smart sensor market in 2018, and what is the forecast up to 2027?
What are the key factors driving the global market for smart sensors?
What are the key market trends and high-growth opportunities observed in the smart sensor market?
What are the drivers of the smart sensor market?
Which is the largest regional market for smart sensors?
Which segment will grow at a faster pace? Why?
Which region will drive the market's growth? Why?
Which players are leading the smart sensor market?
What are the sustainability strategies adopted by the key players operating in the market?
Frequently Asked Question:
The market for Smart Sensors Market is expected to reach USD$ 34.61 Bn in 2027.
The Smart Sensors Market is expected to see significant CAGR growth over the coming years, at 15.8%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Renesas Electronic Corporation, Yokogawa Electric Corporation, Omron Corporation, Analog Devices, Inc.are some of the major players in the global market.
