Smart Sensors Market Forecasts to 2030 - Global Analysis By Sensor Type, Technology, Component, Application, End User and By Geography

According to Stratistics MRC, the Global Smart Sensors Market is accounted for $47.34 billion in 2023 and is expected to reach $184.82 billion by 2030 growing at a CAGR of 21.48% during the forecast period. Smart sensors are gadgets that gather information from the outside world, process it before sending it, and use internal computing power to carry out predetermined actions when specific inputs are identified. Smart sensors make it possible to collect environmental data more accurately and automatically, with less error-causing noise interfering with the information that is accurately collected. The Internet of Things (IoT) is an increasingly popular environment where almost anything imaginable can be provided with a unique identity and the ability to transmit data via the Internet or a similar network. The smart sensor is an essential component of the IoT.

According to the India Brand and Equity Foundation, in India, the 'Smart City Mission' was given a total investment budget of US$28.31 billion in 2020.

Market Dynamics:

Driver:

Increasing demand for smart sensors in consumer electronics and IoT-based devices

The global Smart Sensors market expected to drive growth during the forecast period. The development of sensors has advanced significantly thanks to the Internet of Things. The IoT platforms deliver intelligence and data using a variety of sensors, enabling devices to operate independently and the ecosystem as a whole to become smarter. Devices share information and enhance their effectiveness and functionality by combining a set of sensors and a communication network. In 2020, the consumer market will account for about 60% of all IoT-connected devices, with IoT devices being used in all kinds of industry verticals and consumer markets.

Restraint:

High cost of smart sensor installation and maintenance

The global Smart Sensors market expected to hinder growth during the forecast period, due to the high cost of the sensors due to their expensive components and batteries, the deployment of smart sensors has been restricted. These batteries have a shorter lifespan and are depleted more quickly because of the energy demands of the sensors and wireless network. Last but not least, because of the energy requirements of the sensors and wireless link, as well as the poor radio range and the use of technologies intended for short-range applications, there is a limited amount of battery life. The potential for fusing signal processing intelligence with a network or sensing technologies is included in the implementation costs.

Opportunity:

Increased demand for smart wearables with sensors

The global Smart Sensors market expected to drive growth during the forecast period. Wearable technology typically includes smart sensors and an internet connection for data transmission, logging, and analysis. Wearable technology is used to monitor a variety of biometric factors, including body temperature and heart rate. Users are embracing this technology to improve their overall health and fitness, particularly for medical and fitness tracking purposes, which is causing a rapid increase in the adoption of various wearable devices. Smart sensors are used in a variety of products, including smart textiles, headbands, and neckwear. They are also used in ring- and finger-worn scanners, athletic, fitness, and sports shoes, wristwear, advanced electronic watches, and wristbands. These devices have smart sensors built in to transmit health-related information about the patient to a caregiver or healthcare provider so that the patient can receive quick medical attention at a lower cost.

Threat:

Demanding performance standards from cutting-edge sensor applications

The global Smart Sensors market expected to hamper growth during the forecast period. As the sensor parameters vary depending on the end use or application, ensuring accuracy in the measurement and sensing performance of smart sensors is a key challenge for the growth of this market. Critical applications in industrial automation companies (chemicals, oil & gas, textile) have different requirements, such as the higher level of accuracy required in this industry. On the other hand, building automation applications like access control, HVAC, and RFID demand constant oversight and management. As a result, manufacturers must adhere to strict standards based on end-use applications. This problem is further complicated by volume discounting in the case of inexpensive sensors.

COVID-19 Impact:

The COVID-19 pandemic has had an impact on the market for smart sensors by raising demand for specific sensor types, like temperature and occupancy sensors, in order to monitor and manage the virus's spread. Production delays and supply chain disruptions have resulted from it, though, as it has also affected the manufacturing processes and supply chains of sensor manufacturers. The inability to obtain certain parts and raw materials required for the manufacture of sensors has also been impacted by factory closures and trade restrictions. Despite these difficulties, it is anticipated that the market for smart sensors will eventually rebound due to rising demand in a variety of industries, including healthcare, automotive, and industrial automation, as well as the growing popularity of the Internet of Things (IoT) and Industry 4.0.

The MEMS (Micro-Electromechanical Systems) technology segment is expected to be the largest during the forecast period:

Over the anticipated period, MEMS (Micro-electrical mechanical systems) technology is anticipated to hold the largest market share for smart sensors. This technology enables the sensor to function intelligently by allowing it to store a sizable amount of data in the span of a single eyeblink. Prior to either erasing it or storing it based on a complex calculation, the microprocessor processes the typical data collected by the sensor. One of the primary benefits of MEMS technology is its reduced energy and material consumption. Other benefits include improved reproducibility, increased precision, and increased sensitivity and selectivity.

The touch sensor segment is expected to have the highest CAGR during the forecast period:

During the forecast period, the touch sensor segment is anticipated to have the highest CAGR. The physical contact or embrace of an object or device may be recorded and captured by a touch sensor. It allows for the detection of touch or proximity, usually from a human user or operator, allowing a machine. With touch-sensitive input devices, there are countless options for novel interaction techniques. They can also be used to replace mechanical switches and buttons and reduce mechanical wear and tear. These can be set for basic sliders, rotary wheels, or touch pads for user interfaces.

Region with largest share:

APAC is anticipated to have the largest share in the smart sensor market during the forecast period. With the highest demand coming from China, India, and Japan, the automotive, infrastructure, consumer electronics, and pharmaceutical industries all use it as the top market for smart sensors. As the global manufacturing hub for a number of industries, including semiconductor and automotive, which produce home appliances, smartphones, computers, and peripheral devices, China's manufacturing sector has experienced tremendous growth. This has greatly increased the potential for manufacturing and selling sensing devices. Along with the noticeable presence of numerous manufacturing facilities, the low cost of smart sensors, and the swift technological advancements in emerging markets, the growth of the smart sensors market in this region.

Region with highest CAGR:

The highest CAGR over the forecast period is anticipated to be in North America. Early adoption of cutting-edge technology and rising per capita income are credited for the region's growth. Furthermore, the region's market growth is anticipated to be fueled by the rising demand for smart sensors from a variety of industries, including oil and gas, transportation, and others. For instance, the US Energy Information Administration predicted in a report released in January 2023 that US crude oil production would average 12.4 million barrels per day in 2023 and 12.8 million in 2024, exceeding the previous year's record of 12.3 million barrels per day in 2019. Thus, over the anticipated period, demand for smart sensors will increase due to the growing exploration and production activities in the oil and gas industry.

Key players in the market

Some of the key players in Smart Sensors market include ABB Ltd., Amphenol Corporation, Broadcom Limited, Customer Sensor & Technologies Inc. , Emerson Process Management, GE Measurement & Control Solutions, Hitachi, Ltd., Honeywell International, Inc. , Microchip Technology Inc., Murata Manufacturing Co., Ltd., NXP Semiconductors N.V., Omron Corporation, Panasonic Corporation , Qualcomm Technologies, Inc., Robert Bosch GmbH, Rockwell Automation, Inc., Schneider Electric, Siemens AG, STMicroelectronics and Texas Instruments Incorporated.

Key Developments:

In March 2023, the PCB-less pressure sensor line of Melexis, a multinational microelectronics engineering company, now includes two additional products. Relative pressure sensors, such as the MLX90823 and MLX90825, can be employed in gauge mode. They measure the pressure difference between the two sides of the sensor, as opposed to absolute pressure sensors. These factory-calibrated instruments were made to measure pressure between 0.1 and 1.5 bars.

In February 2023, Henkel, a leading provider of material technologies worldwide, introduced a cutting-edge sensor experience kit designed specifically for IoT engineering across industries. Four different printed electronics technologies are available in the unique Henkel Qhesive Solutions Sensor INKxperience Kit, which comes pre-configured with hardware and software for prototype and engineering ideation. The kit, which was created for professional engineers, enables them to investigate and experiment with the technology of printed electronics for the creation of IOT sensor solutions rapidly and effectively.

In January 2023, Elliptic Labs, a global AI software company and the world leader in AI Virtual Smart Sensors introduced AI Virtual Distance Sensor, the recent addition to its AI Virtual Smart Sensor Platform. With the help of the AI Virtual Distance Sensor, which is a software-only solution, devices may dynamically measure their distance from one another and provide relative location detection.

Sensor Types Covered:

• Temperature & Humidity Sensors
• Pressure Sensors
• Flow Sensors
• Touch Sensors
• Image Sensors
• Turbidity Sensor
• Motion & Occupancy Sensors
• Water Sensors
• Gas Sensor
• Position Sensors
• Light Sensors
• Ultrasonic Sensors
• Electrical Conductivity Sensors
• Gesture Sensors
• Radar Sensors
• Magnetic Field Sensors
• Oxidation-Reduction Potential (ORP) Sensors
• Other Sensor Types

Technologies Covered:

• MEMS (Micro-Electromechanical Systems)
• CMOS (Complementary Metal-Oxide Semiconductor)
• Optical Spectroscopy
• Microsystem Technology (MST)
• IC-compatible 3D micro-structuring
• Hybrid Sensing
• Other Technologies

Components Covered:

• Analog-to-Digital Converters (ADC)
• Digital-to-Analog Converters (DAC)
• Transceivers
• Amplifiers
• Microcontrollers
• Microprocessors
• Transistors
• Frequency-to-Digital Converters
• Transducers
• Other Components

Applications Covered:

• Animal and Agriculture Tracking
• Flood and Water Level Monitoring
• Industrial Applications
• Traffic Monitoring and Control
• Remote System Monitoring and Equipment Fault Diagnostics
• Transport and Logistics
• Environmental Monitoring
• Other Applications

End Users Covered:

• Aerospace & Defense
• Automotive
• Avionics
• Biomedical & Healthcare
• Industrial Automation
• Building Automation
• Consumer Electronics
• Food and Beverages
• Education
• Infrastructure
• Robotics
• Agriculture
• Transportation
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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