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

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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 or intelligent sensors are the sensors that produce an electrical output when combined with interfacing electronic circuits. Smart sensors are a cost effective solution that provides multi-sensing features. They have a wide application in industrial monitoring and geological mapping, along with certain other applications such as consumer electronics, medical, automotive, security & defence, and entertainment. These sensors communicate with the user by converting the analog data into digital representations. The advent of smart sensors has helped in the efficient functioning and acceptance of IoT. The main advantage of such sensors is the plethora of information that can be collected by reducing the downtime and improving the quality. The current trend of smart gadgets, smart cities, smart parking and smart homes are propelling the use of smart sensors and offering humongous opportunities to the key market players.

Market Determinants

The increasing number of initiatives being taken up by the government authorities is majorly driving the growth of global smart sensor market. Government of several nations is investing heavily in the concept of smart technologies, which is fuelling the market growth. In addition, the smart sensor technology has proved to be an effective solution in reducing the carbon emission levels and thus overcoming the environmental challenges. This has increased the scope of these sensors in the industrial sector, where power plant industries are adopting this technology at an alarming rate. Moreover, the surging trend of miniaturization adopted by various manufacturers is also contributing in the growth of smart sensors market. Such sensors are also witnessing a high acceptance rate in the connected technologies as well. This is expected to offer various opportunities during the forecast period. However, privacy concerns, complex structure of sensors, and high cost of deployment are anticipated to hamper the market growth.

SMART SENSOR MARKET DETERMINANTS-IMPACT ANALYSIS, 2017 Vs. 2024

Smart Sensor Market

 

Market Segmentation

The segmentation of global 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, approximately 1.3 million people die in road crashes each year, on an 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 be doubled by 2020, hence giving a boost to the growth of smart sensor market.

GLOBAL SMART SENSOR MARKET BY END USER, 2016 – 2024

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., and Honeywell International, Inc. Some other market players include Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics, Siemens AG, STMicroelectronics N.V and Yokogawa Electric Corp. The key growth strategy adopted by the market players is partnership and agreements, in order to maintain their foothold in such a competitive market.

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

Smart Sensor Market Key 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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