Smart Sensors Market Key Players, Industry Overview, Supply and Consumption Demand and forecast to 2022
The report on Smart Sensors Market sheds light on the important developments impacting and increasing the growth of the Smart Sensors market including its restraints, drivers and prospects. The Smart Sensors market report proposes complete synopsis of the market, covering several characteristics such as product definition, market breakdown based on several constraints, supply chain analysis, and the fundamental Key Players outlook.
The report on Smart Sensors Market will help Major Players and the new entrants to understand and scrutinize the market in detail. This information will encourage the Major Players to decide their business strategy and achieve proposed business aims.
The global smart sensors market was valued at USD 25.96 billion In 2017, and is forecasted to reach USD 72.39 billion by the end of 2023, with a CAGR of 18.64% during the forecast period (2018 – 2023). The scope of this report is limited to the type of smart sensors, such as flow, humidity, occupancy, position, pressure, speed, temperature, torque, touch, ultrasonic, vibration, and water, technologies used in smart sensors, such as mems, cmos, and optical spectroscopy, network connectivity used by smart sensors, such as enocean, wi-fi, zigbee, and z-wave, components of smart sensors, such as analog-to-digital converter, digital-to-analog converter, and amplifier, and applications of smart sensors, such as aerospace & defense, automotive & transportation, healthcare, industrial automation, building automation, and consumer electronics. The Regions considered in the scope of the report include – North America, Europe, Asia-Pacific, Latin America and The Middle East & Africa.
We interact with smart sensors across all walks of life. The âintelligenceâ component of these sensors differentiates them from other variants in the market. These sensors have evolved from being discrete devices designed to detect specific properties, to fully integrated sensor systems, offering enhanced computing capabilities. There has been a steady shift towards miniaturization of these devices, using MEMS technology. Smart sensor prices are expected to fall drastically in the coming decade, due to diminishing hardware costs, and âeconomies of scaleâ, which will be one of the major factors for increasing adoption of smart sensors in industries.
Technology Advancements in Miniaturization and Wireless Capabilities
Over the last few decades, smart sensors have evolved to become fully integrated sensor systems, from discrete analog devices. Originally, they performed simple functions, like converting impulses into electrical energy. However, rapid advancements in technology have led to the emergence of miniaturized versions of smart systems with enhanced reliability and sensitivity metrics. The smart sensors offer sensing and computing capabilities in a single device. The size of these sensors is rapidly diminishing, with changes in nanotechnology and material science. Silicon is the most used material in the manufacturing of smart sensors. Silicon-based miniaturization techniques offer better integration capabilities. Since, smaller versions of sensors are more flexible, they can be embedded in a variety of devices to obtain real time information.
The advent of MEMS (Micro Electrical Mechanical Systems) & on-board intelligence techniques has resulted in technological disruption in the field of smart sensors. MEMS comprise of three-dimensional structures, designed using micro-fabrication techniques. They enable the development of micron-sized sensors that can effectively interact with external environment. MEMS can be used to develop a wide variety of smart sensors, ranging from simple arrangements to high-end systems with multi-sensor capabilities, through the use of integrated microelectronics. Within the next decade, the market for MEMS devices is expected to surpass 1trillion units, per year, globally. MEMS-based smart sensors include equipment, like accelerometer, magnetometer, pressure sensors, environmental sensors, and many more.
North America to Hold the Largest Market Share
North America is expected to dominate the smart sensors market during the forecasted period, owing to the growing demand of IoT and Smart homes. IoT can be defined as an environment where various objects are connected to each other, through internet. Sensors embed IoT functionality into a wide range of systems and objects. The Growing trend of IoT, and increasing number of connected devices, is fuelling the growth of smart sensor market. Also, the emergence of new technologies, such as Zigbee, that work on inexpensive batteries, aid the growth of smart sensors. The overall demand for smart homes is forecasted to grow rapidly, owing to strong consumer interest, incremental technological innovations, and greater accessibility. Also, the rising level of disposable income has enabled consumers to opt for solutions that are more convenient. Smart homes, not only enhances energy conservation using smart meters, but also, have the ability to convert a home into a high-tech home connected by the Internet of Things (IoT). From using cameras to sensors, ensuring the authenticity and the safety, to sometimes even assessing the personâs physical conditions as part of the healthcare services, smart homes are bringing state-of-the-art technology and services together, for a safer and convenient life. The video monitoring, proactive event notification, and the alarms that further provide increased safety and security solutions, are alluring the consumers to adopt these solutions.
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Smart Sensors market report provides the comprehensive analysis of the market, based on leading players of present, past of Smart Sensors Industry and resourceful data that will act as a supportive guide for leading players.
Major Key Players of Smart Sensors Market Report: ABB Ltd., Honeywell International Inc., Eaton Corporation, Analog Devices, Inc., Infineon Technologies AG, NXP Semiconductors N.V., STMicroelectronics, Siemens AG, TE Connectivity Ltd., Legrand Inc, General Electric Co., Vishay Technology Inc..
Key Issues Addressed in this Report:
- Competitive Landscape and Strategic Recommendations
- The market forecast and growth areas for Smart Sensors Market
- Evolving market trends and dynamics
- Changing supply and demand scenarios
- Changing Market Trends and Emerging Opportunities
- Historical shipment and revenue
- Analysis key applications
- Main Players market share
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