Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Sensors Market by Component (Transceivers, Amplifiers), Technology (Optic, Ultrasonic), Application (Remote Monitoring, Wearable Devices), Sensor Type (Image Sensors, Pressure Sensors), End User (Automotive, Retail, BFSI), and Geography – Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global smart sensors market is projected to reach $137.6 billion by 2030, at a CAGR of 16.3% from 2023 to 2030. The growth of this market is driven by the growing demand for smart sensors in IoT-based devices, increasing demand for smart sensor-enabled wearable devices, and higher demand for smart sensors in the healthcare and automotive industries. The increasing demand for consumer electronics products and the increasing use of smart sensors for industrial automation are expected to offer significant growth opportunities for the stakeholders in the smart sensors market. However, the high installation and maintenance cost of smart sensors may restrain the market’s growth. Furthermore, regulatory compliance and data security and privacy concerns are expected to pose challenges to the growth of the smart sensors market.
The global smart sensors market is segmented by component (analog-to-digital converter, digital-to-analog converter, transceivers, amplifiers, microcontrollers, other components [microprocessors, transducers, and frequency-to-digital converters]), technology (micro-electromechanical systems, complementary metal-oxide-semiconductor, capacitive, Doppler, inductance, optic, ultrasonic, other technologies), application (environmental monitoring, remote monitoring, predictive maintenance, inventory management, advanced driver assistance systems, wearable devices, precision agriculture, livestock monitoring, traffic monitoring and controlling, building and infrastructure, and other applications), sensor type (temperature & humidity sensors, pressure sensors, flow sensors, proximity sensors, image sensors, motion & occupancy sensors, water sensors, position sensors, light sensors, ultrasonic sensors, other sensors), and end user (manufacturing, agriculture, retail, BFSI, logistics and transportation, aerospace & defense, automotive, biomedical & healthcare, industrial automation, building automation, consumer electronics, other end users). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Market Segmentation:
- By Component:
- Analog-to-digital converters
- Digital-to-analog converters
- Transceivers
- Amplifiers
- Microcontrollers
- Other components
In 2023, the analog-to-digital converter segment is expected to account for the largest share of the global smart sensors market. This segment’s large market share is attributed to the growing need for high accuracy and precision in measurements, the growing use of embedded processing capabilities to analyze digital data, the increasing popularity of battery-powered or energy-efficient smart sensors, and the increasing use of ADC in smart sensors to support calibration and self-diagnostics. Moreover, this segment is projected to register the highest CAGR during the forecast period.
- By Technology:
- Micro-electromechanical systems (MEMS)
- Complementary metal-oxide-semiconductors (CMOS)
- Capacitive
- Doppler
- Inductance
- Optic
- Ultrasonic
- Other technologies
In 2023, the MEMS segment is expected to account for the largest share of the global smart sensors market. The large market share of this segment is attributed to the increasing need for miniaturization of mechanical components, making it possible to create compact and lightweight sensors, the growing need to manufacture the sensing elements within smart sensors, the increasing need for high precision and accuracy, and the growing need to develop power-efficient sensors. This segment is projected to register the highest CAGR during the forecast period.
- By Application:
- Environmental monitoring
- Remote monitoring
- Predictive maintenance
- Inventory management
- Advanced driver assistance systems
- Wearable devices
- Precision agriculture
- Livestock monitoring
- Traffic monitoring and controlling
- Building and infrastructure
- Other applications
In 2023, the wearable devices segment is expected to account for the largest share of the global smart sensors market. The large market share of this segment is attributed to the growing use of wearable devices for fitness tracking and health monitoring, the growing use of wearable devices for chronic disease management, increasing adoption of wearable devices for safety and emergency response, and the increasing use of sensor-enabled wearables to track performance, optimize training, and reduce the risk of injury for sports persons. This segment is projected to register the highest CAGR during the forecast period.
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- By Sensor Type:
- Temperature & humidity sensors
- Pressure sensors
- Flow sensors
- Proximity sensors
- Image sensors
- Motion & occupancy sensors
- Water sensors
- Position sensors
- Light sensors
- Ultrasonic sensors
- Other sensors
In 2023, the image sensors segment is expected to account for the largest share of the global smart sensors market. The large market share of this segment is attributed to the increasing adoption of image sensors for enhanced functionality, improved user experiences, and the ability to collect and process visual data for a wide range of applications, the rising need for the collection of visual data from the environment, the increasing adoption of image sensors for quality control and inspection tasks, and the growing use of image sensors in security and surveillance systems. This segment is projected to register the highest CAGR during the forecast period.
- By End User:
- Manufacturing
- Agriculture
- Retail
- BFSI
- Logistics and transportation
- Aerospace & defense
- Automotive
- Biomedical & healthcare
- Industrial automation
- Building automation
- Consumer electronics
- Other end users
In 2023, the consumer electronics segment is expected to account for the largest share of the global smart sensors market. The large market share of this segment is attributed to the increasing integration of smart sensors into consumer electronics to enhance user experience, improve functionality, and enable new features, the increasing adoption of wearable devices, the growing popularity of smart TVs and streaming devices, and the growing use of smart sensors in smart home devices. This segment is projected to register the highest CAGR during the forecast period.
- By Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
In 2023, Asia-Pacific is expected to account for the largest share of the global smart sensors market. This region’s major market share is attributed to the growing demand for smart sensors from countries like China, Japan, India, South Korea, and Singapore, the growing use of smart sensors in manufacturing for process optimization, predictive maintenance, and quality control, the adoption of smart sensors for vehicle tracking, traffic management, and cargo monitoring, the increasing need for smart sensors in wearable health devices and telemedicine applications. Furthermore, several cities in the Asia-Pacific region, including Singapore, South Korea, and Japan, have invested in smart city projects where smart sensors are heavily deployed for traffic management, waste management, environmental monitoring, and public safety.
However, North America is projected to register the highest CAGR during the forecast period. The growth of this market is driven by the increasing proliferation of smart thermostats, lighting systems, security cameras, and other devices to improve energy efficiency, security, and overall convenience, the growing use of smart sensors for advanced driver assistance systems (ADAS) and self-driving technologies, the rising need for smart sensors to monitor soil conditions, weather data, and crop health, and the increasing use of smart sensors for remote patient monitoring and wearable devices. Many cities in North America are heavily investing in smart city initiatives, which involve the deployment of smart sensors for traffic management, waste management, energy efficiency, and public safety.
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Key Players
The key players operating in the global smart sensors market are Analog Devices, Inc. (U.S.), Infineon Technologies AG (Germany), STMicroelectronics N.V. (Netherlands), Honeywell International Inc. (U.S.), General Electric Company (U.S.), EATON CORPORATION plc (Ireland), Robert Bosch GmbH (Germany), Siemens AG (Germany), ABB Ltd. (Switzerland), NXP SEMICONDUCTORS N.V. (Netherlands), Ambetronics Engineers Pvt. Ltd. (India), RPL Automation Pvt. Ltd. (India), Total Control & Automation Pvt. Ltd. (India), Vighnaharta Technologies Pvt. Ltd. (India), and Ecobee (Canada).
Key questions answered in the report:
- Which are the high-growth market segments in terms of component, technology, application, sensor type, and end user?
- What is the historical market size for smart sensors across the globe?
- What are the market forecasts and estimates for 2023–2030?
- What are the major drivers, restraints, opportunities, and challenges in the global smart sensors market?
- Who are the major players in the global smart sensors market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global smart sensors market?
- What are the different strategies adopted by the major players in the market?
- What are the geographic trends and high-growth countries?
- Who are the local emerging players in the global smart sensors market, and how do they compete with other players?
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