Global Smart Sensors Market – Industry Trends and Forecast to 2030

Smart Sensors Market Analysis and Size

Rising demand for smart sensors by the various end-user verticals will induce growth in the market value. Increasing security and safety concerns will further foster growth in demand for smart sensors globally. Growing internet penetration coupled with increased adoption of the IoT will further create lucrative growth opportunities for the market. Rising investment in research and development proficiencies in this direction will indirectly promote market growth.

Data Bridge Market Research analyses that the global smart sensors market, which was USD 47,215.31 million in 2022, would rocket up to USD 109,402.58 million by 2030 and is expected to undergo a CAGR of 18.30% during the forecast period. “Temperature and Humidity Sensors” segment is expected to dominate the sensor type segment of the smart sensors market owing to the high demand for this type of sensor in the market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Smart Sensors Market Scope and Segmentation

Market Definition

Smart sensors are intelligent sensors that enable better control and monitoring of varied environmental operations. In other words, smart sensors take in, put from the external environment and then perform predefined functions using built-in computing resources. Smart sensors are used in a wide range of applications, such as detecting heat, light, pressure, and motion.

Smart Sensors Market Dynamics

Drivers

• Significant Growth in the Requirement for Sensor-Rich Applications

There is a growing need for low-latency data analysis with the rise of real-time applications such as autonomous vehicles and industrial automation. Smart Sensors enable data processing closer to the source, reducing the time it takes to make decisions. Sensor advancements that consistently provide precise and accurate measurements have been crucial in increasing demand for novel applications, further accelerating the market's growth.

• Growing Technological Advancements

The development of technologically advanced automation solutions and the integration of the Industrial Internet of Things (IIoT) and cloud computing are other growth-inducing factors. These solutions offer improved support and monitoring of remote sites, cloud-based tracking, smart event processing, and administration of unmanned operations.

Opportunities

• Increase in the Data Privacy and Security

Smart Sensors help organizations keep sensitive data on-premises, reducing the risk of data breaches and ensuring compliance with data privacy regulations. This is especially critical in industries such as healthcare and finance. Industry 4.0 and the industrial Internet of Things (IoT) have increased demand for diagnostics and mobile-based access, propelling the industry forward.

• Increasing Adoption of the Automation Industry

The increasing adoption of the automation industry and various technological advancements associated with various products have significantly contributed to the growth of the market. Advancement in automation, robotics, and RFID technology enables the accuracy of the products, which is reducing operational costs.The market is being driven by industrial automation and the desire for smaller consumer gadgets, such as wearables and IoT-connected devices, among other things, across geographies, which is expected to create opportunities for market growth.

Restraints/Challenges

• Rising Competitionbetween market players

The market is highly competitive, with numerous companies offering various products. This can make it challenging for new entrants or smaller companies to gain market share and establish a strong presence.Various market players are launching new technologically advanced products in the market, which is making it difficult for various players to stay in the market race.

• High Cost Associated with Implementation

The cost of smart sensors is very high in the market. Automotive systems and payers face cost pressures and a growing demand for cost-effective solutions. Manufacturers must balance innovative implants' development with affordability to meet market demands.The implementation cost is also rising across the globe which is expected to restrain market growth.

This global smart sensors market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Development

• In November 2020, Qualcomm Technologies and STMicroelectronics collaborated on unique sensor solutions for next-generation mobile phones, connected PCs, the Internet of Things, and portable applications

Smart Sensors Market Scope

The global smart sensors market is segmented on the basis of sensor type, technology, component, network connectivity, and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Sensor Type

• Temperature and Humidity Sensors
• Thermocouples
• Thermistors
• Resistance Temperature Detectors
• IR Sensors
• Other Types Of Temperature Sensor
• Pressure Sensors
• Capacitive
• Electromagnetic
• Resonant Solid State
• Optical
• Flow Sensors
• Touch Sensors
• Capacitive
• Resistive
• Infrared
• Image Sensors
• Motion and Occupancy Sensors
• Smart Motion Sensors
• Smart Occupancy Sensors
• Water Sensors
• Turbidity Sensors
• PH Sensors
• Soil Moisture Sensors
• Level Sensors
• Dissolved Oxygen (DO2) Sensors
• Light Sensors
• Analogue
• Digital
• Position Sensors
• Linear
• Rotary
• Proximity
• Ultrasonic Sensors

Technology

• MEMS
• CMOS
• SiP
• SoC
• Other Technology

Component

• Analogue to Digital Converters (ADCs)
• Digital to Analogue Converters (DACs)
• Transceivers
• Amplifiers
• Microcontrollers
• Others

Network Connectivity

• Wired
• Wireless

End User

• Industrial Automation
• Biomedical and Healthcare
• Consumer Electronics
• Building Automation
• Automotive
• Aerospace and Defence
• Others

Smart Sensors Market Regional Analysis/Insights

The global smart sensors market is analyzed, and market size insights and trends are provided by country, sensor type, technology, component, network connectivity, and end users, as referenced above.

The countries covered in the global smart sensors market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.

North America is expected to dominate the market due to the strong base of automotive facilities the strong presence of major players.

Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in automotive facilities, growing research activities in the region, availability of massive untapped markets, and large population pool.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce Competition from local and domestic brands, impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.

ICT Infrastructure growth Installed base and New Technology Penetration

The Smart Sensors market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Smart Sensors market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Smart Sensors Market. The data is available for historic period 2011-2021.

Competitive Landscape and Smart Sensors Market Share Analysis

The global smart sensors market competitive landscape provides details of competitors. 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, and application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the Smart Sensors market are:

• Honeywell International Inc. (U.S.)
• DENSO CORPORATION (Japan)
• OmniVision (U.S.)
• Alpha MOS (France)
• AMETEK.Inc. (U.S.)
• AlphaSense Inc. (U.S.)
• BorgWarner Inc. (U.S.)
• Figaro Engineering Inc. (Japan)
• Emerson Electric Co. (U.S.)
• General Electric Company (U.S.)
• Industrial Scientific (U.S.)
• SAMSUNG (South Korea)
• Teledyne Monitor Labs (TML)
• STMicroelectronics (Switzerland)
• NXP Semiconductors (Netherlands)
• Infineon Technologies AG (Germany)
• Qualcomm Technologies Inc. (U.S.)
• Microchip Technology Inc. (U.S.)
• Texas Instruments Incorporated (U.S.)
• Bosch Sensortec GmbH (Germany)
• Johnson Controls (Ireland)
• Sony Semiconductor Solutions Corporation (Japan)

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