The global smart sensor market was valued at USD 37,124.5 million in 2019, and is projected to reach USD 143,657.6 million by 2027, registering a CAGR of 18.6% from 2020 to 2027.
A smart sensor is an important technological innovation that enables better control and monitoring over different operations, for instance, to sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmit the information in an electronic form for further processing with the help of signal conditioning, embedded algorithms, and digital interface. These sensors collect highly accurate environmental data with minimum level of noise. These sensors are applicable in advanced IT solutions, such as machine-to-machine communication and analytics, and to measure fluctuations regarding temperature, pressure acceleration, or others, which are critical for a process. In addition, these devices are implemented in smart grids, smart cities, smart environments (forest fire control, snow level monitoring, and earthquake early detection); and automobile, defense, sports, and electronic sectors.
The smart sensor market is currently in its growth stage and is expected to register substantial growth in the near future, attributed to high investment in R&D activities by market players and focus of society toward Internet of things (IoT). Other factors that drive the market growth include increase in demand for automobile & electronics and development of smart cities. According to the Edison Foundation, the U.S. installed 65 million smart meters in 2015 and the number of installations increased to 70 million in 2016, comprising more than half households in the country. Such significant adoptions are being supported by the American Recovery and Reinvestment Act of 2009 (ARRA), which include funding for the Smart Grid Investment Grant (SGIG) program that encourages utilities and municipalities to start implementing smart metering infrastructure in their communities. Similarly, California and Texas have developed smart grid policies due to rise in energy consumption. According to smart sensor market analysis, the California government implemented two key laws related to energy efficiency namely the Clean Energy and Pollution Reduction Act and State Assembly Bill 802, which is expected to double the savings of electricity and natural gas by 2030 as compared to 2015 levels. AB 802 law established buildings energy-use benchmarking and disclosure program to complement the act. These efforts further expand consumer access to energy data and ensure that more buildings are complying with efficiency standards and promote the smart cities market growth in the country.
Peratech, a UK-based sensor manufacturing company introduced a new force touch sensor for mobile devices. This distributed force array sensor uses quantum tunneling composite technology to provide an array of single point sensors that can be used in conjunction with a Position Sensor, to measure force and correlate it with position. Other than the conventional use of touch sensors, they find their extensive use in the educational and corporate sectors, where these devices can be used for the purpose of meetings, seminars, and presentations. Growth in adoption of touch-enabled devices in sectors such as retail, hospitality, education, and healthcare, is expected to fuel the market growth during the forecast period. The ability of touch-enabled devices to assist users in numerous end-user applications is anticipated to boost their adoption during the smart sensor market.
Factors such as robust demand for smart sensors in automobile sector, increase in trends toward Internet of Things, and surge in requirement of smart sensors for the development of smart cities act as major drivers which assist in the smart sensor market growth. However, incorporation of smart sensors in devices incurs extra value and reduces the life of devices is expected to hamper the smart sensor market growth to a certain extent. Furthermore, rise in adoption of wearable devices and various innovative applications in biomedical sector are the factors expected to offer lucrative smart sensor market opportunity globally.
The report segments the global smart sensor market size on the basis of sensor type, end use, and region. The type segment is divided into touch sensors, image sensors, temperature sensors, motion sensors, pressure sensors, gas sensors, light sensors, position sensors, and others. End users of these sensors include industrial, medical equipment, automotive, consumer electronics, infrastructure, and other (avionics and food & beverage) sectors. By region, the smart sensor market is analyzed across North America, Europe, Asia-Pacific, and LAMEA, along with its prominent countries.
The key smart sensor industry leaders profiled in the report include ABB Ltd., Analog Devices, Eaton, Honeywell, Infineon Technologies, NXP Semiconductors N.V., Renesas Electronics, Siemens, STMicroelectronics, and Texas Instruments. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration.
Top Impacting Factors
The significant factors impacting the growth of the global smart sensor market include robust demand for smart sensors in automobile sector, increase in trends toward Internet of Things, and surge in demand for smart sensors in the development of smart cities. However, high cost associated with smart sensors acts as the major barrier for its adoption under various applications, thereby hampering the growth of the smart sensor market size. On the contrary, rise in adoption of smart wearable devices and innovative applications in biomedical sectors are anticipated to provide lucrative opportunities for the growth of the smart sensor market share during the forecast period.
Robust demand for smart sensors in the automobile sector
Sensors have become an intrinsic part of the production process, as they help increase the efficiency and precision through automation. Sensors are used to keep a track of various parameters such as temperature, pressure, flow, level, and other parameters to control the whole process and ease it through robots. Smart sensors such as pressure sensors and sensors used in accelerometers are used in vehicles in the automobile industry to provide benefits such as safety and fuel efficiency. For instance, a smart sensor processes real-time data and notifies the engine-related problems. Moreover, these facilitate communication between engine, suspension, braking, and other controls of vehicles. Vehicle safety issues have led vehicle manufacturers to adopt smart sensors at a high rate, such as in airbags for safety. These air bags are more effective compared to the conventional air bags in sensing accidents, thus minimizing accidents and injuries sustained by the passengers.
Incorporating smart sensors in devices incurs extra value and reduces life of device
The addition of sensors help increase automation in electronic devices; however, it incurs an extra cost and thereafter it is avoided in cost-effective applications. The incorporation of sensors facilitates extra features and makes the devices more automated, although, it incurs some additional cost and thereafter it is avoided in cost-effective applications. In devices, which are continuously used for a long time, such as smart phones, laptops, and cameras, sensors create heating issues and reduce their overall life as these devices have components, which are temperature sensitive. The devices, which use battery as their power source, sensors reduce their battery life as they rely on device battery for their operation.
Moreover, smart sensors are expensive compared to other conventional sensors. Over the past five years, cost of smart sensors has reduced to about 10% per year due to increase in production and technological advancements in these sensors. However, they are still expensive as compared to other conventional sensors, thereby limiting the market growth. As a result, the adoption rate of these sensors is low across different applications. Thus, the high cost of smart sensors restrains the growth of the market.
Rise in adoption of wearable devices and innovative application in biomedical sector
Technological advancements in smart sensor technologies offer innovative and additional features to the medical devices and equipment. These smart sensors are used by doctors to monitor routine check-ups, such as blood pressure and body temperature of the patients. Moreover, smart sensors measure the heartbeat and blood oxygen content and transfer medical information through cloud to the healthcare professionals. These sensors also provide medical facilities by means of telemedicine in the rural and underdeveloped areas.
The wearable technology market is an emerging market in the biomedical sector. This market comprises hi-tech wearable devices, consisting of sensors that monitor different physical activities. These sensors collect the information about respective parameters, convert them into digital form and display them on screen. The growth in demand for wearable devices and increase in investment by governments of several countries to improve healthcare conditions are the reasons anticipated to increase the demand in the overall smart sensors market. Conversely, surge in adoption of wearable devices and innovative application in biomedical sector are expected to offer lucrative opportunities for the market globally.
By End Use
The Smart Sensor market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Smart Sensor market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Smart Sensor market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Smart Sensor market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Smart Sensor market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Smart Sensor capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Smart Sensor by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Smart Sensor market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Smart Sensor market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Smart Sensor market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Smart Sensor industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Smart Sensor market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Smart Sensor market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Smart Sensor market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Smart Sensor market. These factors have benefited the growth of the global market for Smart Sensor. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Smart Sensor. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Smart Sensor are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Low-Temperature Silver Sintering Paste Market Size, Share, Growth, Trends, Manufacturers Analysis and Forecast 2019-2026Read more...
High Voltage Cable Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027Read more...
Power Transformer Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027Read more...
Lithium-ion Battery Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027Read more...
Sensor Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027Read more...