Smart Sensors Market Size, Share, and Industry Report [2031]

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Smart Sensors Market Size, Share, and Industry Report [2031]

Smart Sensors Market Size, Share, and Industry Report [2031]

Segments - Global Smart Sensor Market by Types (Humidity Sensor, Position Sensor, Pressure Sensor, Temperature Sensor, Flow Sensor, and Others), Technologies (CMOS, MEMS, Optical Spectroscopy, and Others), Components (Digital-to-Analog Converter, Analog-to-Digital Convertor, Amplifier, and Others), Applications (Healthcare, Aerospace & Defense, Automotive & Transportation, Industrial Automation, Building Automation, Consumer Electronics, and Others), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

The global smart sensor market size was USD 45.8 billion in 2022 and is likely to reach USD 201.60 billion by 2031, expanding at a CAGR of 17.9% during 2023 – 2031. The growth of market is attributed to rising need for efficiency and performance.

Growing urbanization and internet of thing (IoT) taking over worldwide escalated automation in vehicles and smart wearable system for health tracking, which is anticipated to boost the market during the projected period.

Authorities worldwide are supporting the use and adoption of smart sensors owing to the favorable rules and policies from industries perspective and encourage foreign companies for investment which is estimated to propel the market growth.

Growing demand for the low-powered wide-area network (LPWAN) technologies such as LTE-M, LoRa, Sigfox, and NB-IoT are boosting the industry internet of thing (IIoT) market allows low powered devices to stream packages of data wirelessly but with a wide area, which is highly used in production facility.

Market Trends, Drivers, Restraints, and Opportunities

Increasing demand for efficiency and rapid adoption of smart sensors is expected to drive the market.
R&D and technological advancement in smart sensors as compared to the conventional one with non-accuracy data collection is estimated to boost the market in the coming years.
Increasing urbanization and usage of IoT in smart phones, vehicles, and wearable is anticipated to boost the market during the projected period.
Rising demand for low powered wide area networks in smart factories is expected to spur the market.
Increasing support by the government, favorable regulations, and investments to attract foreign companies is anticipated to propel the market in the coming years.
High cost incurred in integration of smart sensors act as a major factor that can hamper growth of the market.
High energy consumption, more complexity in nature, and low flexibility possess a challenge that can hinder the market expansion during the forecast period.

Scope of Smart Sensor Market

The report global smart sensor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Smart Sensors Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Humidity Sensor, Position Sensor, Pressure Sensor, Temperature Sensor, Flow Sensor, and Others), Technologies (CMOS, MEMS, Optical Spectroscopy, and Others), Components (Digital-to-Analog Converter, Analog-to-Digital Convertor, Amplifier, and Others), Applications (Healthcare, Aerospace & Defense, Automotive & Transportation, Industrial Automation, Building Automation, Consumer Electronics, and Others)
Regional Scope	North America [United States, Canada], Europe [Germany, United Kingdom, France, Rest of the Europe], Asia Pacific [China, Japan, India, Rest of the Asia Pacific], Latin America, Middle East and Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Siemens AG; Analog Devices Inc; Honeywell International; ABB Ltd; General Electric.

Smart Sensor Market Segment Insights

The Temperature Segment is Estimated to hold Large Share of the Market

Based on types, the market is bifurcated into humidity sensor, position sensor, pressure sensor, temperature sensor, flow sensor, and others. The temperature segment is estimated to hold large share of the market.

Temperature sensor measures the heat, meeting necessary conditions when dealing with extreme heat, and inaccessible measuring points, demand for reliability in turn elevated the demand for micro technology and nanotechnology, stick-on printed sensors can be used with the device, low cost, small in size, and user friendly amidst strong consumers interest.

The MEMS Segment is Anticipated to Accounts a Key Market Share

On the basis of technologies, the market is segregated into CMOS, MEMS, optical spectroscopy, and others. The MEMS segment is anticipated to accounts a key market share due to increasing demand in healthcare sector for structural health tracking and devices that consumes less energy are some factors propelling the market.

The Analog-to-digital Convertor Segments Constitute Key Share of the Market

Based on components, the market is categorized into digital-to-analog converter, analog-to-digital convertor, amplifier, and others. The analog-to-digital convertor segments constitute key share of the market due to its importance in temperature sensor which measures heat and ensure that the process stays within a specific range providing safety guideline for the applications.

The Aerospace and Defense Segment Expected to Exhibit high CAGR

On the basis of end-users, the market is fragmented into healthcare, aerospace & defense, automotive & transportation, industrial automation, building automation, consumer electronics, and others. The aerospace & defense segment expected to exhibit high CAGR in the coming years owing to accuracy of data and less time consumed in the analysis process of data.

Asia Pacific is Anticipated to Dominate the Market

In the terms of regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the projected period due to significant investment in enhanced technology and smarter infrastructure, various applications of sensors in automobiles, smart phones, healthcare, and more.

Segments

The global smart sensor market has been bifurcated on the basis of

Types

Humidity Sensor
Position Sensor
Pressure sensor
Temperature Sensor
Flow sensor
Others

Technologies

CMOS
MEMS
Optical Spectroscopy
Others

Components

Digital-to-Analog Converter
Analog-to-Digital Convertor
Amplifier
Others

Applications

Healthcare
Aerospace and Defense
Automotive and Transportation
Industrial Automation
Building Automation
Consumer Electronics
Others

Regions

North America
Asia Pacific
Europe
Latin America
Middle East & Africa

Key players

Siemens AG
Analog Devices Inc
Honeywell International
ABB Ltd
General Electric.

Competitive Landscape

Key players competing in the global safety motion control market include Siemens AG; Analog Devices Inc; Honeywell International; ABB Ltd; General Electric.

Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance

In June 2020, Honeywell launched a new software solution for the industrial facility operators and safety mangers to monitor workers who are exposed to, weather, gas, and certain physiological condition in real-time basis to prevent any incident to happen and quickly respond to the crisis.

Smart Sensor Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Sensors Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Smart Sensors Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Smart Sensors Market - Supply Chain
  4.5. Global Smart Sensors Market Forecast
     4.5.1. Smart Sensors Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Smart Sensors Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Smart Sensors Market Absolute $ Opportunity
5. Global Smart Sensors Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Smart Sensors Market Size and Volume Forecast by Types
     5.3.1. Humidity Sensor Position Sensor Pressure sensor Temperature Sensor Flow sensor Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Smart Sensors Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Smart Sensors Market Size and Volume Forecast by Applications
     6.3.1. Healthcare Aerospace and Defense Automotive and Transportation Industrial Automation Building Automation Consumer Electronics
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Smart Sensors Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Smart Sensors Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Smart Sensors Demand Share Forecast, 2019-2026
8. North America Smart Sensors Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Smart Sensors Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Smart Sensors Market Size and Volume Forecast by Types
     8.4.1. Humidity Sensor Position Sensor Pressure sensor Temperature Sensor Flow sensor Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Smart Sensors Market Size and Volume Forecast by Applications
     8.7.1. Healthcare Aerospace and Defense Automotive and Transportation Industrial Automation Building Automation Consumer Electronics
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Smart Sensors Demand Share Forecast, 2019-2026
9. Latin America Smart Sensors Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Smart Sensors Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Smart Sensors Market Size and Volume Forecast by Types
     9.4.1. Humidity Sensor Position Sensor Pressure sensor Temperature Sensor Flow sensor Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Smart Sensors Market Size and Volume Forecast by Applications
     9.7.1. Healthcare Aerospace and Defense Automotive and Transportation Industrial Automation Building Automation Consumer Electronics
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Smart Sensors Demand Share Forecast, 2019-2026
10. Europe Smart Sensors Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Smart Sensors Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Smart Sensors Market Size and Volume Forecast by Types
     10.4.1. Humidity Sensor Position Sensor Pressure sensor Temperature Sensor Flow sensor Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Smart Sensors Market Size and Volume Forecast by Applications
     10.7.1. Healthcare Aerospace and Defense Automotive and Transportation Industrial Automation Building Automation Consumer Electronics
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Smart Sensors Demand Share Forecast, 2019-2026
11. Asia Pacific Smart Sensors Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Smart Sensors Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Smart Sensors Market Size and Volume Forecast by Types
     11.4.1. Humidity Sensor Position Sensor Pressure sensor Temperature Sensor Flow sensor Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Smart Sensors Market Size and Volume Forecast by Applications
     11.7.1. Healthcare Aerospace and Defense Automotive and Transportation Industrial Automation Building Automation Consumer Electronics
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Smart Sensors Demand Share Forecast, 2019-2026
12. Middle East & Africa Smart Sensors Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Smart Sensors Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Smart Sensors Market Size and Volume Forecast by Types
     12.4.1. Humidity Sensor Position Sensor Pressure sensor Temperature Sensor Flow sensor Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Smart Sensors Market Size and Volume Forecast by Applications
     12.7.1. Healthcare Aerospace and Defense Automotive and Transportation Industrial Automation Building Automation Consumer Electronics
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Smart Sensors Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Smart Sensors Market: Market Share Analysis
  13.2. Smart Sensors Distributors and Customers
  13.3. Smart Sensors Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Siemens AG Analog Devices Inc Honeywell International ABB Ltd General Electric.