Smart Sensor Market by Product (Image, Touch, motion, temperature, pressure, positions) and By End User (Industrial, Medical Equipment, Automotive, Consumer electronics, Infrastructure, Others), Industry Trends, Estimation & Forecast, 2016 - 2024

August 2017

 Pages: 115

 ERC 8127

Smart Sensor Market is expected to reach $81.99 billion by 2024, with a CAGR of 18.9% during the forecast period of 2017 to 2024. Image Sensors occupied the largest revenue share in the global smart sensor market.

Smart sensors, also called as intelligent sensors are devices that receive input from the physical environment and use built-in computer resources to perform predefined functions upon detection of specific input and then process data before passing it on. In other words, sensors that are microprocessor-driven and include features such as communication capability and onboard diagnostics in order to provide information to a monitoring system are called smart/intelligent sensors. These sensors help a lot in increasing operational efficiency and reducing maintenance costs. Smart sensors are basically used for digital processing, that is, for analog to digital conversion. This technology is majorly used across various industries such as consumer electronics, automotive, industrial, medical, security & defense and entertainment as a result of increasing use of sensing element and process controls. Smart sensors transmit data to various available networks and enable the features such as digital processing, data conversion, and interaction with other external devices. These sensors have a major role in the current scenario, as a result of their increased usage over a vast application platform.

Market Dynamics

Favorable government initiatives such as investments in smart technologies are driving the growth of the market. Smart sensor technology has proved itself effective in meeting the environmental challenges owing to the reduction of carbon emission levels. As a result, power plant industries are also adopting the smart sensor technology leading to a growth of the market. Advancement in the consumer electronics and aerospace & defense industry is also a major driving factor. A rising trend of miniaturization is also pushing the overall smart sensor market growth driving the overall smart sensor market. Various manufacturers are adopting the miniaturization trend by offering flexible mounting options, small sensor sizes and incorporating several functionalities in a single chip. Emerging trends such as smart home, smart cities, and smart parking may contribute in the future growth opportunities for the smart sensor market. The devices are used for functionalities such as effective monitoring, lighting systems and are integrated into security and surveillance systems which are a critical part of connected technologies. However, the high cost of deployment and privacy concerns are expected to restrain the market growth. Lack of privacy, complex structure, high replacement, and deployment cost are expected to act as restraints to the growth of the market.

Market Segmentation

              Market by End User, 2016 – 2024

Smart Sensor Market

The segmentation of the Smart Sensor Market is done on the basis of Product, End User, and Geography. By Product, the market is segmented as image sensors, touch sensor, smart motion, smart temperature and smart position sensors. By End User, the categorization is done as Industrial, Medical Equipment, Automotive industry, Consumer electronics, Infrastructure and others. Geographically the market is segmented into North America, Europe, Asia Pacific and Rest of World. The automotive industry is expected to dominate the market throughout the forecast period because of increasing road safety awareness among people and growing trend of autonomous vehicles. Smart sensor technology is used vastly in automobiles for adaptive cruise control, park assistance, and blind spot detection and collision avoidance. 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 the incorporation of ADAS system in passenger vehicles. The global ADAS system market was valued at around $30 billion in 2016 and is expected to get doubled by 2020, hence giving a boost to the growth of smart sensor market.

The largest share of the global smart/intelligent sensors market is collectively held by key players such as Custom Sensors & Technologies, Inc., ABB Ltd., Delphi Automotive LLP, Analog Devices, Inc., Eaton Corp., Honeywell International, Inc., and others.
Some other major market players Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics, Siemens AG, STMicroelectronics N.V and Yokogawa Electric Corp.

Global Smart Sensor Market Segmentation

By Product

    • Image sensors
    • Touch sensors
    • Smart motion
    • Smart temperature
    • Smart pressure
    • Smart positions

By End User

    • Industrial
    • Medical Equipment
    • Automotive industry
    • Consumer electronics
    • Infrastructure
    • Others

By Geography

    • North America
    • Europe
    • Asia Pacific
    • Rest of World

Key Market Players

    • ABB Ltd.
    • Analog Devices
    • Eaton Corp
    • Emerson Process Management
    • Infineon Technologies AG
    • NXP Semiconductors N.V.
    • Renesas Electronics
    • Siemens AG
    • STMicroelectronics N.V
    • Yokogawa Electric Corp

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    What Information does this report contain?

    • What was the market size of the Smart Sensors Market in 2016 and the expected market size by 2024, along with the growth rate?
    • An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    • Which are the largest revenue generating products, services or regions and their comparative growth rate?
    • Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    • Which are the leading companies in the Smart Sensors Market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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