Global smart sensors market to value over USD 62 Billion by 2026 end and register a CAGR of over 18% from 2019 to 2026.
Smart sensors are a combination of intelligent sensors with diverse functions such as signal conditioning, embedded algorithms and digital interface which enable the transmission of data over all the available networks and features such as digital processing, data conversion, and interaction with external devices. Owing to the augmented usage and extensive application in major industries such as consumer electronics, automotive, and healthcare.
The dynamic market is characterised by endless developments and innovation to keep up with recent trends and outdo competitors. Continuous efforts in R&D to develop the improved product at a reasonable price is an influencing factor for cost reduction, thereby boosting the growth of the global sensor market. The rising need for automobiles and their safety and advanced features coupled with rising consumer awareness has led to an increase in the demand worldwide. Increase in extremist activity and security concerns further highlight the importance of smart sensor in counter-terrorism applications such as GIS, TerrorView, FlexiSpy. The wireless technological improvement in the smart sensor configuration is expected to create more growth opportunity, especially in the healthcare sector.
In terms of maximum revenue generation, the automotive end-use application vertical has proved to be the most lucrative segment and is estimated to remain dominant throughout the forecast period. This is attributed to an increase in demand for vehicles, driver security measures, and the introduction of advanced features by major automobile players. The segment and their growth are majorly attributed to technological advancements.
Concerning the geographical landscape, Europe generates major revenue owing to the rise in adoption of automotive, building, and consumer electronics along with the wide acceptance of smart sensors. Due to vast technological resources, North America is also a major market in the global geographical overview due to the extensive industrialisation. The Asia Pacific is anticipated to grow at a high CAGR due to the developing nations and their growing demand.
Major firms in the market adopt numerous strategies to gain a stronger market position. Companies enter into various agreements and partnerships such as supply & sales agreements and plant manufacture partnerships to serve their customers efficiently and increase consumer base. In 2016, Analog Devices, for instance, signed an agreement with LifeQ with an aim to improve the effectiveness of body monitoring devices in health management.
The competitive landscape of the market presents valuable insights into the various players in the smart sensor market. Some of the major firms in the global market are Analog Devices, Inc. (U.S.), Infineon Technologies AG (Germany), STMicroelectronics N.V. (Switzerland), TE Connectivity, Inc. (U.S.), Atmel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), InvenSense, Inc. (U.S.), Robert Bosch GmbH (Germany), and Sensirion AG (Switzerland) among others.
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Global Smart Sensors Market: Segmentation
By Type: • Temperature & Humidity Sensors
• Pressure Sensors
• Touch Sensors
• Motion & Occupancy Sensors
• Water Sensors
• Position Sensors
• Light Sensors
By Component: • Amplifiers
By Technology: • MEMS
By End-User Industries: Automotive
By Region: • Europe
• North America
• Latin America
• Rest of World
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Competitive Landscape: • Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
FutureWise Key Takeaways: • Growth prospects
• SWOT analysis
• Key trends
• Key data points affecting market growthObjectives of the Study: • To provide with an exhaustive analysis on the global smart sensors market based on sensor type, component, technology, end-user industries, and region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials, and core competencies
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