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
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Increasing demand for efficiency and rapid adoption of smart sensors is expected to drive the market.
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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.
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Increasing urbanization and usage of IoT in smart phones, vehicles, and wearable is anticipated to boost the market during the projected period.
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Rising demand for low powered wide area networks in smart factories is expected to spur the market.
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Increasing support by the government, favorable regulations, and investments to attract foreign companies is anticipated to propel the market in the coming years.
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High cost incurred in integration of smart sensors act as a major factor that can hamper growth of the market.
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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
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Details
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Report Title
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Smart Sensors Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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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)
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Regional Scope
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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
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Siemens AG; Analog Devices Inc; Honeywell International; ABB Ltd; General Electric.
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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
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.
