United States Smart Sensors Market Size

US Smart Sensors Market Analysis

The United States Smart Sensors Market is expected to grow at a CAGR of 18.4% over the forecast period. The increasing market demand for smart sensors is being driven by the growing need for energy-saving devices. The changing scenario demands energy-efficient equipment and products, considering the fact that businesses are in energy-saving mode.

• Sensors have become one of the most important and widely used components in various applications. The increasing demand for performance and efficiency has helped in the rising adoption of smart sensors over the past few years.
• These sensors represent an upgrade over conventional sensors, enabling the automated collection of environmental information with a significantly lower error rate. Smart sensors improve the following applications, Self-calibration (Adjust deviation of o/p of sensor form), Communication (Broadcast information about its own status), Cloud support (Access Big Data Analytics and machine learning (ML) algorithms), Cost-effectiveness (Less hardware and reduction of repetitive testing make smart sensors cost-effective), Multi-sensing (A single, smart sensor can measure pressure, temperature, humidity, gas flow and infrared, chemical reaction, surface, acoustic, vapor and more).
• The increasing utilization and penetration of the 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 sensors market over the forecast period. According to a study, nearly 1.3 million people die in road crashes each year, on average, 3,287 deaths per day. Hence, manufacturers are focusing on incorporating the ADAS system in passenger vehicles. Smart sensor technology is used vastly in automobiles for adaptive cruise control, park assistance, blind-spot detection, and collision avoidance.
• Companies that have integrated smart sensors in their manufacturing operations have achieved competitive advantage through improved asset management and predictive maintenance of industrial machinery. At Harley-Davidson's production facility, for example, every asset is connected, allowing management to track each step of production in real-time in a performance management system and monitor critical equipment to address potential interruptions proactively.
• Moreover, industry 4.0 influenced OEMs to adopt IoT across their operations. Maryville University estimated that by 2025 over 180 trillion gigabytes of data would be created globally every year. Industrial IoT (IIoT)IIoT-enabled industries are expected to generate a large portion of the data. A survey by industrial IoT (IIoT) giant Microsoft found that 85% of companies have at least one IIoT use case project. This number is expected to rise, as 94% of respondents said they would implement IIoT strategies by 2021.
• Additionally, the COVID-19 outbreak forced companies globally to adjust their strategies to survive in the "new normal." The outbreak affected the various manufacturing industries, resulting in a temporary shutdown of industrial operations. The supply chain's disruption affected the production of consumer electronics, automotive, healthcare devices, and other sectors, which are prominent adopters of smart sensors.