The global smart sensor market accounted for a value of USD 33.1 billion in 2019 and is projected to register growth at a CAGR of 15.2% during forecast period.
COVID-19 has impacted the smart sensor market. The manufacturing units have to halt its production due to lockdown. The supply chain of raw material and finished products got disrupted due to travel restriction. The import and export activities also suspended due border closer by government. The demand for smart sensors is declined from end-user industry as majority of end-user industry are shut and there is decline in sales of products of such industries. The market for smart sensor is likely to grow post COVID-19.
For more details, visit: Global Smart Sensor Market By Type (Pressure Sensors, Flow Sensors, Others), By Technology (MEMS, CMOS, Others), By Component (Microcontroller, Transceivers, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The demand for smart sensors is increasing in the world and various verticals such as healthcare, automotive etc are adopting smart sensors widely. The demand for miniaturized products is increasing which utilize smart sensors. This drives growth in smart sensors market during forecast period.
On the basis of type, the smart sensor market is segmented into pressure sensors, flow sensors, image sensors, temperature & humidity sensors, touch sensors, water sensors, motion & occupancy sensors, position sensors, light sensors, ultrasonic sensors and others. The temperature & humidity sensor segment is estimated to register growth at highest CAGR during forecast period. The demand for temperature & humidity sensor is increasing in the world. These sensors are widely used in instrumentation and measurement control systems. The temperature sensors are used to provide temperature reading in digital format which is easy to use and has various applications across automotive, building and healthcare industry. This drives growth in temperature & humidity sensor segment during forecast period.
On the basis of end-user, the smart sensor market is segmented into aerospace & defense, automotive, industrial automation, biochemical & healthcare, consumer electronics, building automation and others. The consumer electronics segment is estimated to hold largest market share during forecast period. The consumer electronics is rapidly changing and adopting advanced technology to sustain competition. The manufacturers are constantly trying to bring unique products into the market. There are various types of smart sensors used in consumer electronics. This increases demand for smart sensors in consumer electronics and drives growth in consumer electronics segment during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The demand for smart sensors is rapidly growing in this region and the investment in this sector is growing immensely. This region is a major market for various industries such as healthcare, automobiles and consumer electronics. The adoption of smart sensor is rapidly increasing across these applications. This increases market for smart sensors in this region and drives growth in Asia-Pacific region during forecast period.
The key market players in smart sensors industry are Analog Devices, Infineon Technologies, Stmicroelectronics, TE Connectivity, Microchip Technology, NXP Semiconductor, ABB, Siemens, TDK Corporation, Robert Bosch GMBH, Honeywell International, Eaton Corporation, Emerson Electric Company, General Electric, Legrand, MEMSIC and Sensirion.
- What are the expected industry trends over the next three to five years?
- Which of the smart sensor type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?