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Smart Sensors Market

Global Market Study on Smart Sensors: Increasing Adoption of Automotive Sensors to be Witnessed in the Coming Years

Smart Sensors Market by Sensor Type (Motion Sensors, Temperature Sensors, Pressure Sensors, Image Sensors, Touch Sensors and Position Sensors)

Smart Sensors Market Outlook

Smart Sensors Market is analyzed to have the market value of US$ 39,656.5 Million in 2022 along with the market reach over US$ 2,53,824.3 Million in 2033. Moreover, the value share of market is analyzed to be around US$ 46,358.4 Million in 2023 and is estimated to develop at a CAGR of 18.5% from 2023-33.

Smart sensors are advanced sensors that are designed to be highly sensitive, efficient and able to collect and transmit data in real-time. They are equipped with built-in microprocessors, memory, and communication capabilities that allow them to process and communicate data about their environment without the need for additional hardware or processing power. The market for smart sensors accounts for 40% of the sensors market.

Smart sensors can be used in a wide range of applications, from environmental monitoring to industrial control systems, and are designed to provide greater accuracy, reliability and efficiency than traditional sensors. They can also be integrated with other devices and systems to provide intelligent and autonomous control, allowing for automated decision-making and action based on real-time data.

Increasing demand for automation together with rising demand for intelligent and connected devices are the major factors influencing the growth of the smart sensors market. The development of advanced technologies such as IoT, AI, and machine learning have greatly enhanced the capabilities of smart sensors and expanded their potential applications.

North America will account for 28.9% of the global market in 2022, according to geographical market projections. Consumption of these solutions in Europe is predicted to account for around 26.8% of the market in 2023.

Smart Sensors Market Size (2023)

US$ 46,358.4 Million

Projected Market Value (2033)

US$ 2,53,824.3 Million

Global Market Growth Rate (2023 to 2033)

18.5%

Touch Sensors segment Market Share (2022)

26.5%

Indian Market Growth Rate (2023 to 2033)

21.1%

MEMS-based Smart Sensors Segment Market Share (2022)

39.3%

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What are the Major Impediments to the Growth for Smart Sensors industry?

“High Cost coupled with the Lack of Standardization”

One of the major impediments to the growth of the smart sensors industry is the high cost associated with the technology. Smart sensors are more expensive than traditional sensors due to their advanced features, making it difficult for smaller businesses to adopt them.

Another issue facing the smart sensors industry is the lack of standardization, which can lead to compatibility issues and make it more difficult for businesses to integrate them with existing systems.

Additionally, the implementation of smart sensors requires a certain level of technical expertise, which can be a barrier for businesses that do not have the necessary resources or knowledge to implement the technology effectively.

  • In April 2022, Arccos launches next generation of smart sensors. The technology powered by an artificial intelligence (AI) machine. It combines Arccos technology and software to identify shots more precisely than before.
  • In January 2022, Kepler Vision Technologies had launched its new range of Kepler Vision smart sensors to ensure precise the wellness of senior people in care home environments.
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What factors are Boosting the Adoption of Smart Sensors in United States?

“Adoption of Industry 4.0 Technologies Faster than Other Countries Allows Smart Sensors to have a Large Market Share in United States”

Growing demand for automation across various industries, including manufacturing, automotive, and healthcare, is driving the adoption of smart sensors as a key component in smart and autonomous systems. Fast adoption of industry 4.0 technologies in United States is driving demand for smart sensors in US market, the country has large oil and gas, agriculture, healthcare and pharmaceuticals and manufacturing industries. Adoption of industry 4.0 in these industries can spearhead the adoption of numerous smart sensors of various types across sectors.

Additionally, development of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and machine learning have greatly enhanced the capabilities of smart sensors and expanded their potential applications.

Such factors are analysed to accelerate the market growth in the United States region with the considerable market share of 20.1% in 2022.

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What are The Opportunities for The Charging of Smart Sensors in India?

“Widespread Adoption of Smart Sensors in Agriculture Sector is Hastening the Adoption of Smart Sensors

India is having a strong agriculture market, and there is a great opportunity for smart sensors to be used in the agriculture sector. Smart Sensors can help farmers monitor the moisture levels in the soil, temperature, and humidity, and provide insights to optimize crop yields and save water.

India is undergoing rapid urbanization, and the government has launched several initiatives to develop smart cities across the country. Smart sensors can be used to monitor traffic, air quality, and energy usage, among other things, to improve the quality of life for citizens.

Additionally, healthcare sector in India is rapidly growing, and smart sensors can be used to monitor vital signs, track medication adherence, and detect falls in elderly patients, among other things.

These factor are promising the market growth in India with the rate of 21.1% during the predicted period.

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What Factors Influence Germany's Market Share in The Global Smart Sensors Market?

Rising Governmental Initiatives Are Facilitating the Adoption of Smart Sensors Services

The German government has been actively supporting the development and adoption of smart sensors, particularly in areas such as smart manufacturing, transportation, and building automation.

Moreover, Industry 4.0, which focuses on the integration of advanced technologies such as smart sensors, IoT, and AI in industrial processes, is gaining significant momentum in Germany. This is driving demand for smart sensors in the manufacturing sector.

Such considerations are predicted to hasten the deployment of smart sensors services in Germany.

Category-wise Insights

Why Touch Sensors Segment Hold the Major Market Share for Smart Sensors Market?

Touch interfaces are becoming increasingly popular in various devices, such as smartphones, tablets, and wearables. Touch sensors are used to detect touch inputs and are essential for the functioning of these devices.

Additionally, touch sensors are cost-effective to manufacture compared to other types of smart sensors such as image sensors or motion sensors, making them a preferred choice for many applications.

These factors are influencing the major share of 26.5% of touch sensors segment in the market.

Why the Adoption of MEMS-based Smart Sensors is maximum?

The adoption of MEMS-based (Micro-Electro-Mechanical Systems) smart sensors is maximum for several reasons like small size, low power consumption and so on. MEMS-based sensors are tiny, which allows them to be integrated into compact electronic devices, including smartphones, wearables, and other IoT-enabled devices.

Additionally, MEMS-based sensors can detect various physical and chemical parameters, such as pressure, temperature, humidity, and gas composition, making them suitable for a wide range of applications. MEMS-based sensors consume very little power, making them ideal for battery-powered devices.

Thus, market share of MEMS-based Smart Sensors is analysed to be 39.3% in 2022.

Competitive Landscape

The competitive landscape of the smart sensors market is expected to remain highly competitive, with companies investing in new technologies and strategic partnerships to gain a competitive advantage and capture market share.

  • In May 2022, LMI Technologies had launched a smart 3D line confocal sensors named Gocator 5500 series of. Additionally, it has a reliable smart sensor platform which is equipped with on-sensor.
  • In October 2021, ABB had launched a touch-free smart sensor with the aim at tackling air pollution. It provides four sensor choices for optimizing settings for improved safety, indoor air quality and comfort.

Recent developments related to key players providing smart sensors market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Smart Sensors Market Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Sensor Type
  • Component
  • Technology
  • End User Industry
  • Region

Key Companies Profiled

  • Microsemi Corporation
  • STMicroelectronics
  • Infineon Technologies AG
  • Vishay Intertechnology
  • ABB Ltd.
  • Omron Corporation
  • Rockwell Automation, Inc.
  • SICK AG
  • Eaton Corporation
  • Honeywell International, Inc.
  • Texas Instruments Incorporated
  • Renesas Electronics Corporation
  • Yokogawa Electric Corporation
  • NXP Semiconductors
  • Analog Devices, Inc.
  • TE Connectivity

Pricing

Available upon Request

Key Segments of Smart Sensors Market Industry Research

By Sensor Type

  • Motion Sensors
  • Temperature Sensors
  • Pressure Sensors
  • Image Sensors
  • Touch Sensors
  • Position Sensors
  • Others

By Component

  • Analog-to-Digital Converters (ADC)
  • Digital-to-Analog Converters (DAC)
  • Amplifiers
  • Microcontrollers
  • Others

By Technology

  • MEMS-based Smart Sensors
  • CMOS-based Smart Sensors
  • Others

By End-Use Industry

  • Healthcare
  • Automotive
  • Infrastructure
  • Industrial
  • Consumer Electronics
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • Microsemi Corporation
  • STMicroelectronics
  • Infineon Technologies AG
  • Vishay Intertechnology
  • ABB Ltd.
  • Omron Corporation
  • Rockwell Automation, Inc.
  • SICK AG
  • Eaton Corporation
  • Honeywell International, Inc.
  • Texas Instruments Incorporated
  • Renesas Electronics Corporation
  • Yokogawa Electric Corporation
  • NXP Semiconductors
  • Analog Devices, Inc.
  • TE Connectivity

- Frequently Asked Questions -

In 2023, the market value of smart sensors was US$ 46,358.4 Mn.

The global smart sensors market is estimated to advance at a 18.5% CAGR through 2033.

The market for smart sensors is forecasted to climb to US$ 2, 53,824.3 Mn by 2033 end.

Demand for smart sensors market in India is projected to rise at a CAGR of 21.1% for 2023-2033.

In 2022, the North America smart sensors market held a dominant market share of 28.9%.

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