The
worldwide Smart Sensors Market is predicted to hold nearly USD 36.6 billion
for the year 2020. Further, it is anticipated to generate over 60 billion
market share by the end of the year 2022 and is projected to register 21% of CAGR
during the forecast period.
The global Smart Sensors Market growth is driven due to the rising use of Smart
sensors to optimize the combustion process and control carbon emission.
Additionally, the rapid growth of automotive products and cloud technology and
the growing disposable income of the population is boosting the global market
growth in the review timeframe.
Moreover, the rising demand in the
defence, aerospace sector and favouring governmental decisions regarding the
use of Smart Sensors are bringing lucrative opportunities for the market.
Further, the global Smart Sensors Market growth might
face restraints due to the higher development costs incurred in integrating the
Smart Sensors and smart cities.
Market Segmentation
The market segmentations are attributed
to higher Smart Sensors
Market growth, including
components, sensor type, end-users, and technology.
Based on the component segment, the
global market has been segregated into Digital-to-Analog Converters (DAC),
Microcontrollers, Analog-to-Digital Converters (ADC), Amplifier, and others. On
the basis of sensor type segment, the current market is segmented into
Temperature Sensors, Motion Sensors, Image Sensors, Pressure Sensors, Position
Sensors, Touch Sensors, and others. Out of all sensor type segments, the
temperature sensor segment is expected to hold a higher growth rate during the
assessment timeframe.
The Smart Sensors Market has been classified into CMOS-based Smart Sensors,
MEMS-based Smart Sensors, and others in terms of the technology segment. On the
basis of end-user segment, the present market is divided into various end-users
such as Consumer Electronics, Healthcare, Infrastructure, Automotive,
Industrial, and others.
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Regional Analysis
In various industrial operations, smart
sensors are extensively used to keep track of health parameters. Regionally,
this Smart Sensors Market has been spread across various parts of the globe
like Asia-pacific, North America, Latin America, Europe, and the rest of the
world.
Of these, the Asia-pacific regional
market is projected to show significant growth in CAGR during the assessment
timeframe due to the rising economic development in the nations like Japan,
China, and India. In addition, the increased usage of consumer electronics in
the region is fueling the Asian Pacific regional market growth. Also, the
demand for smart sensors is increasing in this reason because of the changing
trends towards wireless technology.
Furthermore, the demand for Smart
Sensors is currently increasing in China because of the intensive manufacturing
of smartphones and other electronic devices in the area. Apart from this,
regions like the Philippines, Vietnam, and Taiwan also manufacture smartphones
and export them to different countries for business benefits. All these factors
are thriving the regional market growth throughout the review timeframe.
Industry News
In June 2020, the prominent player
Honeywell announced a new software solution. It is designed for the safety
managers to monitor workers' exposure to gas and to help industrial facility
operators. Also, it is developed to quickly respond to emergencies and prevent
incidents.
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Smart Sensors Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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