Smart Sensors Market - Growth, Trends, Forecasts (2020 - 2025)

The Smart Sensors Market is segmented by Type (Flow, Humidity, Position, Pressure, Temperature), Technology (MEMS, CMOS, Optical Spectroscopy), Component (Analog-to-Digital Converter, Digital-to-Analog Converter, Amplifier), Application (Aerospace and Defense, Automotive and Transportation, Healthcare, Industrial Automation), and Geography.

Market Snapshot

Study Period:

2020-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

19 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The smart sensors market has valued a CAGR of 19% during the forecast period of (2020 - 2025).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)

Type
Flow Sensor
Humidity Sensor
Position Sensor
Pressure Sensor
Temperature Sensor
Other Types
Technology
MEMS
CMOS
Optical Spectroscopy
Other Technologies
Component
Analog-to-Digital Converter
Digital-to-Analog Converter
Amplifier
Other components
Application
Aerospace and Defense
Automotive and Transportation
Healthcare
Industrial Automation
Building Automation
Consumer Electronics
Other Applications
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia Pacific
China
India
Japan
Rest Asia Pacific
Latin America
Middle East and Africa

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

India to be the Fastest Growing Market During the Forecast Period

  • India is one of the fastest developing countries in the world, with the government investing significantly in advanced technologies and smarter infrastructures. With such rapid developments, sensors in the country are finding widespread applications in smartphones, automobiles, and healthcare, among others. Some of the most common sensors used in consumer electronics include motion sensors, temperature sensors, pressure sensors, etc.
  • Over the past few years, the country has witnessed a robust growth in the adoption of high-end technology products, such as smartphones and wearable devices, which make extensive use of touch and image sensors. Emerging nations, such as India, have witnessed the fall of data costs by 95% since 2013, thus, resulting in the growth of the number of smartphone users.
  • According to ASSOCHAM, the number of smartphone users in the country is expected to almost double from 468 million users in 2017, to reach to 859 million by 2022, witnessing a CAGR of 12.9% during the forecast period.
  • In recent years, India witnessed a notable surge in the usage of connected devices, including connected cars, smart home devices, wearables, and autonomous machines. The rise in demand for connected devices is expected to drive the smart sensors market during the forecast period.
  • According to Cisco, India is expected to have around 2.1 billion internet-connected devices, by 2023. The country is expected to cross the 900 million mark of internet users in the country, according to the recently published Cisco Annual Internet Report (2018–2023), owing to the increased penetration of affordable smartphones and cheaper internet plans.​

To understand geography trends, Download Sample Report.

Competitive Landscape

The smart sensors market is very competitive, with the presence of many national and international players in the market. The major players are following strategies like product innovation, mergers, and acquisition to expand their reach and hold their market position. The major players in the market are Honeywell international, ABB Ltd, Analog Devices inc., GE among others.

  • June 2020 - Honeywell announced a new software solution to help industrial facility operators and safety managers monitor workers' exposure to gas, weather and certain physiological conditions in real time to help prevent incidents and quickly respond to emergencies. Honeywell also began in-flight testing of sensors that will guide urban air mobility (UAM) vehicles to land without pilot intervention. Aircraft involved in the testing are outfitted with Honeywell sensors and include cameras that analyze visual markings resembling QR codes, which help guide the vehicle to a designated landing spot.
  • June 2020 - Salesforce and Siemens AG bundled their workplace management tools in a new IoT suite to help businesses reopen after lockdown and embrace new practices for physical workplaces, as new normal’ takes shape in the shadow of the global COVID-19 pandemic. The principle is to provide better space management solutions, through IoT-based sensors and sense-making tools, and social-media style user apps.

You can also purchase parts of this report. Do you want to check out a section wise price list?

Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Growing Demand for Energy Efficiency and Saving

      2. 4.3.2 Increasing Demand for Consumer Electronics Products

      3. 4.3.3 Higher Demand for Smart Sensors in the Healthcare and Automotive Industries

      4. 4.3.4 Technology Advancements in Miniaturization and Wireless Capabilities

    4. 4.4 Market Restraints

      1. 4.4.1 Relatively High Deployment Costs

      2. 4.4.2 Complex Design compared to Traditional Sensors

    5. 4.5 Value Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Flow Sensor

      2. 5.1.2 Humidity Sensor

      3. 5.1.3 Position Sensor

      4. 5.1.4 Pressure Sensor

      5. 5.1.5 Temperature Sensor

      6. 5.1.6 Other Types

    2. 5.2 Technology

      1. 5.2.1 MEMS

      2. 5.2.2 CMOS

      3. 5.2.3 Optical Spectroscopy

      4. 5.2.4 Other Technologies

    3. 5.3 Component

      1. 5.3.1 Analog-to-Digital Converter

      2. 5.3.2 Digital-to-Analog Converter

      3. 5.3.3 Amplifier

      4. 5.3.4 Other components

    4. 5.4 Application

      1. 5.4.1 Aerospace and Defense

      2. 5.4.2 Automotive and Transportation

      3. 5.4.3 Healthcare

      4. 5.4.4 Industrial Automation

      5. 5.4.5 Building Automation

      6. 5.4.6 Consumer Electronics

      7. 5.4.7 Other Applications

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

      2. 5.5.2 Europe

        1. 5.5.2.1 United Kingdom

        2. 5.5.2.2 Germany

        3. 5.5.2.3 France

        4. 5.5.2.4 Rest of Europe

      3. 5.5.3 Asia Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 India

        3. 5.5.3.3 Japan

        4. 5.5.3.4 Rest Asia Pacific

      4. 5.5.4 Latin America

      5. 5.5.5 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 ABB Ltd

      2. 6.1.2 Honeywell International

      3. 6.1.3 Eaton Corporation

      4. 6.1.4 Analog Devices Inc.

      5. 6.1.5 Infineon Technologies AG

      6. 6.1.6 NXP Semiconductors N.V.

      7. 6.1.7 ST Microelectronics

      8. 6.1.8 Siemens AG

      9. 6.1.9 TE Connectivity Ltd

      10. 6.1.10 Legrand Inc.

      11. 6.1.11 General Electric

      12. 6.1.12 Vishay Technology Inc.

  7. *List Not Exhaustive
  8. 7. INVESTMENT ANALYSIS

  9. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Related Reports