Smart Sensor Market, Size, Share, Growth, Analysis and Forecast 2021 – 2027

Summary

A New Market Study, titled "Smart Sensor Market Upcoming Trends, Growth Drivers and Challenges" has been featured on Market Research Future.

Market synopsis

According to MRFR, the Smart Sensor Market 2020, is poised to develop from USD 18 billion in 2017, to USD 47.20 billion by 2023, at a CAGR of 18.20% during the forecast period.

Market Highlights

The key factors driving the growth of smart sensor markets are the growing use of sensors in various vertical industries, such as consumer electronics, automotive, logistics, defense and healthcare. For intelligent devices, the sector such as telecommunications, data processing, and electronics is approaching because a large amount of energy is being saved. The automobile industry has seen tremendous successes, from the manual transmission to fully automated vehicles. The new trend is the driverless car, and with the aid of an intelligent sensor, key players like Google Inc, Volvo, Toyota and Mercedes create less car for the drivers. Of which the market is dominated by the LiDAR and vision base sensor. At the end of 2023 the driverless car is expected to be the industry leader, but it all depends on how data is embedded in the intelligent sensor. Recent advances in the intelligent sensor industry and wearable use of this technology or tools have helped the healthcare sector and people all over the world. With the aid of sensor position in their system, the doctor can keep track of their patients. Sensors inside wearable devices can track people's or older people's health conditions. In addition, the consumer electronics and products industry is also making full use of this technology. Today, these sensors are built into shoes, wrist or watch bands, eyeglasses, and smartphones so people can live a healthier lifestyle and track changes there. Both of this element are critical drivers for the global smart sensor market to expand. Besides this, the growing proliferation of new wireless devices and wearable technology will increase the demand for the smart sensor size segment.

Due to features such as miniaturization and durability, the Smart Sensor Market will expand at an adequate pace in the coming years. The demand for smart sensors is set to have enormous opportunities in the biomedical, consumer electronics and healthcare sectors. On the other hand, complex design structure and lack of customization are the limiting factors hampering the growth for Smart Sensor Market.

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Segmental Analysis

The market is segmented by form into flow, moisture, motion, temperature, strain, velocity and others.

The market is segmented by part into DAC, transducer, microprocessor, ADC, data acquisition and others.

The market is segmented by technology into MEMS, CMOS, and Optical spectroscopy.

The market is segmented by application into consumer electronics, healthcare, automobile, manufacturing, aerospace & defence etc.

The market is segmented by area into Europe, North America, Asia-Pacific and the rest of the world

Regional Outlook

The geographic analysis of the market for intelligent sensors is being studied for Europe, North America, Asia-Pacific and the rest of the world.

Owing to developments in healthcare quality and improved technological infrastructure in European countries such as France, Germany, Italy, the UK and many others, the European region is expected to dominate the global smart sensor market.

North America is also anticipated to see significant growth as a result of rising consumer electronics demand. The Asia-Pacific region is projected to see a tremendous potential for growth on the market due to the enormous demand for consumer electronics in countries like India and China.

Competitive Dashboard

The prominent players in the Smart Sensor Market are Eaton Corporation (Ireland), LG Electronics (South Korea), ABB Ltd (Switzerland), Honeywell International Inc (US), Analog Devices Inc (US), Vishay Intertechnology Inc (US), Delphi Automotive LLP (Ireland), and Emerson Process Management (US).

Other players in the Smart Sensor Market are Oceana Sensor Technologies (US), Invensys plc (UK), Meggitt Sensing Systems (US), Robert Bosch GmBH (Germany), Siemens AG (Germany) and Yokogawa Electric Corporation (Japan).

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