Smart Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The smart sensors market is expected to grow at a CAGR of 19% over the forecast period (2021-2026). Sensors have become one of the most crucial and widely used components in various applications. The increasing demand for performance and efficiency helps in the rising adoption of smart sensors, over the past few years.

• These sensors represent a major upgrade over the conventional sensors, as they enable the automated collection of environmental information, with significantly lower error rate.
• The increasing utilization and penetration of internet of things (IoT), coupled with increasing automation in vehicles and smart wearable systems for health monitoring, is expected to augment the growth of the smart sensor market over the forecast period.
• Long-range low-power wide-area network (LPWAN) technologies such as NB-IoT, LTE-M, LoRa, and Sigfox are also driving innovation for IIoT connectivity. LPWANs for IoT sensors allow low powered devices to stream packets of data wirelessly but with a wider area, which is required in a manufacturing facility.
• Governments across the world are fueling market growth, due to favorable regulations and encouragement to foreign companies to invest, which is expected to propel the market growth.
• The COVID-19 outbreak is speeding up the adoption of Industry 4.0, leading enterprises across industries into a more sophisticated state of the IoT technology and workflow using sensors that influence production, maintenance with modified service intervals, human resources with new job requirements, and marketing with new and detailed knowledge of customers’ individual use cases.

Scope of the Report

A smart sensor is a device that takes input from the physical environment and uses built-in compute resources to perform predefined functions upon detection of specific input and then process data before passing it on. A smart sensor is also a crucial and integral element in the Internet of Things (IoT)

Report scope can be customized per your requirements. Click here.

Key Market Trends

Temperature Sensors to Witness High Growth

• A smart temperature sensor is an integrated system consisting of a temperature sensor, bias circuitry, and an analog-to-digital converter(ADC). A temperature sensor measures heat to ensure that a process stays within a specific range, providing safe usage of the application or meeting a necessary condition when dealing with extreme heat, hazards, or inaccessible measuring points.
• The demand for reliable, high-performance and low-cost sensors is increasing, thereby leading to the development of new technologies, such as microtechnology and nanotechnology. 
• Stick-on or printed sensors can be attached to devices as labels to measure various physical parameters, such as humidity, temperature and gas 
• The low cost, small size, and ease of use have led the sensors to have widespread utilization in various industries, such as automobile, residential, medical, environmental, food processing, and chemical.
• Temperature sensor finds its primary usage in a smart thermostat, which is a smart home device. The overall demand for smart homes is forecasted to grow rapidly, owing to strong consumer interest, incremental technological innovations, and greater accessibility.
• Microchip-embedded sensors can be installed to monitor almost any device in a building. Their cost is low and continues to fall. Wireless sensors can avoid the cost and disruption of new hardwiring, making them a particularly attractive option for retrofits, where wiring can cost more than the sensors.

To understand key trends, Download Sample Report