Persistence Market Research offers an 8-year forecast for the smart sensor market between 2018 and 2026. In terms of value, the smart sensor market is expected to register a CAGR of 15.3% during forecast period. This smart sensor market study demonstrates the global market dynamics and trends across various regions, such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Middle East & Africa, and Japan, which influence the current nature and future status of the smart sensor market over the forecast period.
This research report provides a detailed analysis of the smart sensor market and offers insights on various factors. This smart sensor market study provides a comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. The stakeholders in this smart sensor market include smart sensor manufacturers, technology providers, system integrators, and others. The smart sensor report segregates the market based on sensor type, component, technology, and end-use industry across different regions worldwide.
Advancements in semiconductor technology has led to the rapid development of smart sensor technologies that are used for various applications such as consumer electronics, healthcare, automotive, infrastructure, industrial, healthcare, and others. Nowadays, most of the sensors have smart features that include integrated electronics and sensing elements on the same chip. Benefits of smart sensor include high reliability, failure detection, and low power consumption. Smart sensors have currently established a strong presence in the consumer electronics sector due to robust growth in smartphones, tablets, monitors, and other electronic devices. The demand for smart sensors in infrastructure application is increasing due to the demand for energy-saving devices and rise in smart city projects. Also, there is demand of smart sensor, such as pressure and position sensors, in the automotive sector for automated driving applications, which is expected to create growth opportunities for the smart sensor market in the automotive sector.
The report starts with an overview of the global smart sensor market in terms of value. In addition, this section includes the analysis of key trends, drivers, and restraints that are influencing the smart sensor market. An impact analysis of key growth drivers and restraints is included in the smart sensor market report to facilitate clients with crystal-clear decision-making insights.
The global smart sensor market is categorized on the basis of sensor type, component, technology, end-use industry, and region. On the basis of sensor type, the global smart sensor market is segmented into motion sensors, temperature sensors, pressure sensors, image sensors, touch sensors, position sensors, and others. Revenue contribution from the touch sensors in the sensor type segment is expected to expand at a CAGR of 17.6% during the forecast period due to an increase in the usage of touch sensors in the healthcare sector.
Another segment of the smart sensor market includes end-use industries where smart sensors are being used. End-use industries of the smart sensor market are segmented into healthcare, automotive, infrastructure, industrial, consumer electronics, and others.
The next section highlights a detailed analysis of smart sensors across various countries in different regions. It provides a market outlook for 2018–2026, and sets the forecast within the context of the smart sensor market to include the latest technological developments as well as service offerings in the market. This smart sensor study discusses key trends within countries contributing to growth of the smart sensor market as well as analyzes degrees at which the drivers are influencing this market in each region. Key regions and countries assessed in this smart sensor report include North America (U.S. and Canada), Latin America (Brazil, Mexico, and the Rest of Latin America), Western Europe (Germany, UK, France, Italy, Spain, Nordic, BENELUX, and the Rest of Europe), Eastern Europe (Russia, Poland, and the Rest of Eastern Europe), APEJ (India, China, ASEAN, Australia and New Zealand, and the Rest of APEJ), Japan, and MEA (South Africa, North Africa, GCC Countries, Turkey, and the Rest of MEA).
The smart sensor report evaluates the present scenario and growth prospects of the smart sensor market across various regions globally for the period 2018–2026. We have considered 2017 as the base year, and provided data for the remaining 12 months. The forecast presented in the smart sensor report assesses the total revenue by value across the market. To offer an accurate forecast, we started by sizing the current smart sensor market, which forms the basis of how the smart sensor market will develop in the future. Given the characteristics of the smart sensor market, we have triangulated the outcome of the analysis of different types and verticals based on technology trends.
In addition, it is imperative to note that, in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the smart sensor market and to identify the right opportunities across the market.
In the final section of the smart sensor market report, we have included a competitive landscape to provide clients a dashboard view based on the categories of providers in the value chain, their presence in the smart sensor portfolio, and key differentiators. This section is primarily designed to provide clients an objective and detailed comparative assessment of key providers specific to a market segment in the smart sensor value chain as well as the potential players for the same. The smart sensor market report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on an in-depth assessment of their capabilities and success in the marketplace. Detailed profiles of smart sensor providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings, and recent developments in the smart sensor space. Some of the key competitors covered in the report are 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; and Analog Devices, Inc.
Key Segments Covered in the Smart Sensor Market
Key Regions Covered
Global Smart Sensor Revenue to Expand at a CAGR of 15.3% During the Forecast Period (2018–2026), Driven by the Growing Trend of Miniaturization of Sensors
A smart sensor has a multi-sensing capability that measures the temperature, pressure, humidity & position and processes the data using microprocessors & advanced computation models. The cost of smart sensors is low as they use less hardware. Smart sensors have currently established a strong presence in consumer electronics and automotive applications. In addition, there is an increase in the demand for MEMS technology in smart sensors as this technology helps smart sensors handle a massive amount of data in a fraction of seconds. The data that is recollected by the smart sensor is processed with microprocessors, which, through advanced computation, store the data. This MEMS sensor technology makes these smart sensors more flexible and improves their self-calibration abilities. The demand for smart sensors in smart city projects is rising owing to the usage of a variety of smart sensors, such as light sensors, environmental sensors, temperature & humidity sensors, and position sensors, among others, for applications in infrastructure. Advancements in semiconductor technology have led to the rapid development of smart sensors used for various applications, which include consumer electronics, healthcare, automotive, infrastructure, industrial, healthcare, and others. Moreover, with increasing urbanization and growing requirement for customer convenience & safety, automated & connected homes are increasingly gaining traction, which creates growth opportunities for smart sensor manufacturers across the globe.
Increase in the demand for smart sensors in automotive and consumer electronics to boost the smart sensor market
Increase in the demand of smart sensors in consumer electronics, rise in the demand for MEMS sensors in healthcare for structural health monitoring, and the growing demand for energy-saving devices are some of the major factors fueling the growth of the smart sensor market. However, high deployment and lengthy regulatory approval processes are identified to be among major restraints of the global growth of the smart sensor, especially in some of the developing economies.
Several players in this smart sensor market have started taking more interest in this market by investing in product launches & innovations and partnerships. For instance, in December 2016, Yokogawa Electric Corporation launched the ISA100 wireless-based field wireless vibration sensor. This sensor offers real-time updates on vibration levels in plant facilities as well as detects equipment anomalies & enables predictive maintenance.
In addition, in March 2017, Vishay Intertechnology launched an integrated automotive grade proximity and ambient light sensor for gesture recognition. This sensor also provides gesture recognition in consumer electronics such as notebooks and tablets.
Global smart sensor market is categorized on the basis of sensor type, component, technology, end use industry, and region
On the basis of sensor type, the smart sensor market is segmented into motion sensors, temperature sensors, pressure sensors, image sensors, touch sensors, position sensors, and others. The revenue contribution of smart sensors from the touch sensors segment is expected to expand at a CAGR of 17.6% during the forecast period. On the basis of technology, the smart sensor market is segmented as MEMS-based smart sensors, CMOS-based smart sensors, and other technologies. The revenue contribution of smart sensor from the MEMS-based smart sensors segment is expected to expand at a CAGR of 16.1% during the forecast period. On the basis of end-use industry, the global smart sensor market is segmented into healthcare, automotive, infrastructure, industrial, consumer electronics, and others. The revenue contribution of smart sensors from the automotive segment is expected to expand at a CAGR of 16.1% during the forecast period.
North America and Western Europe are expected to maintain key market positions in the smart sensor market in the coming years
Among the key regional markets, the APEJ smart sensor market is projected to exhibit relatively higher growth in the global smart sensor market with a CAGR of over 17.9% during the forecast period. Revenue from the smart sensor markets in North America and Western Europe is expected to collectively account for over 53.1% of the global smart sensor market revenue in 2018. Key competitors in smart sensor market are 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; and Analog Devices, Inc.