Global Smart Sensor Market Size By Sensor Type (Pressure Sensors, Flow Sensors), By Technology (MEMS Technology, CMOS Technology), By Component (Transceivers, Amplifiers), By Connectivity (Wired Network Connectivity, Wireless Network Connectivity), By End-User Industry (Biomedical And Healthcare Ind

Smart Sensor Market Size And Forecast

Smart Sensor Market size was valued at USD 58.0 Billion in 2022 and is projected to reach USD 191.17 Billion by 2030, growing at a CAGR of 14.16 % from 2023 to 2030.

The rising implementation of smart sensors in various manufacturing industries and the increasing demand for smart sensors by automobile manufacturers to deliver improved safety and comfort. The Global Smart Sensor Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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Global Smart Sensor Market Definition

A smart sensor is a device that takes input from the external physical environment and uses built-in resources to perform predefined functions upon the detection of specific input and then processes the data before passing it on. The smart sensor is an integral element of the Internet of Things (IoT). The smart sensor enables the more accurate and automated collection of external data with less erroneous noise among the recorded information. Smart sensors are used for the monitoring and control mechanisms for a wide range of environments and can also incorporate software-defined elements that provide functions such as data conversion, digital processing, and communication to external devices.

Global Smart Sensor Market Overview

The rising implementation of smart sensors in various manufacturing industries and the increasing demand for smart sensors by automobile manufacturers to deliver improved safety and comfort. Also, the usage of smart sensors in a wide variety of applications expects boost to the market in the coming years. There are some limitations and difficulties that can restrict market expansion. The Initial cost associated with smart sensors is likely to act as a market restraint.

Global Smart Sensor MarketSegmentation Analysis

The Global Smart Sensor Market is Segmented on the basis of Sensor Type, Technology, Component, Connectivity, End-User Industry, And Geography.

Smart Sensor Market, By Sensor Type

• Temperature & Humidity Sensors
• Pressure Sensors
• Flow Sensors
• Touch Sensors
• Image Sensors
• Motion & Occupancy Sensors
• Water Sensors
• Position Sensors
• Light Sensors
• Ultrasonic Sensors
• Others

Based on Sensor Type, the market is bifurcated into Temperature & Humidity Sensors, Pressure Sensors, Flow Sensors, Touch Sensors, Image Sensors, Motion & Occupancy Sensors, Water Sensors, Position Sensors, Light Sensors, Ultrasonic Sensors, and Others. The temperature & Humidity Sensors segment is expected to hold the largest market share as they provide an interpretable temperature reading in a digital format that is easy to use in several applications like automotive and healthcare.

Smart Sensor Market, By Technology

• MEMS Technology
• CMOS Technology
• Other Technologies

Based on Technology, the market is bifurcated into MEMS Technology, CMOS Technology, and Other Technologies. MEMS Technology is predicted to hold the most significant CAGR in the forecasted period due to the upsurge in the usage of wearable technology such as smartwatches and the growth of the Internet of Things.

Smart Sensor Market, By Component

• Transceivers
• Amplifiers
• Analog to Digital Converters
• Digital to Analog Converters
• Microcontrollers

Based on Component, the market is bifurcated into Transceivers, Amplifiers, Analog to Digital Converters, Digital to Analog Converters, and Microcontrollers. Wide usage of various components in the consumer electronics industry will fuel the demand for smart sensor components.

Smart Sensor Market, By Connectivity

• Wired Network Connectivity
• Wireless Network Connectivity

Based on Connectivity, the market is bifurcated into Wired Network Connectivity and Wireless Network Connectivity. Wireless Network Connectivity is anticipated to have the highest CAGR in the forecasted period. The factors can be attributed to the growing adoption of wireless networks in commercial spaces to eliminate the disruptions made in wired networks and high speed coupled with cost efficiency without the need for infrastructure.

Smart Sensor Market, By End-User Industry

• Biomedical & Healthcare Industry
• Automotive Industry
• Aerospace & Defense Industry
• Building Automation Industry
• Consumer Electronics Industry
• Industrial Automation Industry
• Others

Based on End-User Industry, the market is bifurcated into the Biomedical & Healthcare Industry, Automotive Industry, Aerospace & Defense Industry, Building Automation Industry, Consumer Electronics Industry, Industrial Automation Industry, and Others. Consumer Electronics Industry is anticipated to have the highest CAGR in the forecasted period as sensors like pressure, touch, image, motion, & temperature sensors are used in consumer electronics to ensure comfort and control for the user.

Smart Sensor Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Smart Sensor Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share in the market will be dominated by the Asia Pacific owing to large-value investments and business expansion opportunities. Also, this region is a major market for healthcare, automobiles, and consumer electronics.

Key Players

The “Global Smart Sensor Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Kionix, Inc., Sensonor AS, Smart Sensors, Inc., XYZ Interactive Technologies Inc., SmarThings, Inc., and Knowles.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In February 2022, Kinova received an additional $60 million in capital as part of its continued growth in the industrial automation sector.
• In November 2021, Elixa Technologies Pvt Ltd, the firm behind Haber, an artificial intelligence-driven robot, announced a $20 million (about Rs 148 crore) Series B financing headed by Ascent Capital.
• In June 2020, Honeywell unveiled a new software solution to assist industrial facility operators and safety managers in real-time monitoring of workers’ exposure to gas, weather, and specific physiological circumstances in order to help avoid problems and respond promptly to crises. Honeywell has also begun in-flight testing of sensors that would guide urban air mobility (UAM) vehicles to a safe landing without the need for a pilot.
• In June 2020, Salesforce and Siemens AG combined their workplace management technologies in a new IoT Suite to enable firms to reopen after lockdown and adopt new physical workplace practices as the global COVID-19 epidemic takes shape. The idea is to deliver improved space management solutions using IoT-based sensors and sense-making technologies, as well as using apps similar to those found on social media.
• In January 2019, Eclipse Automation, a producer of automated solutions for a variety of sectors, announced intentions to expand its facilities in Rock Hill, South Carolina, by investing US$4.6 million.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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