Smart Sensor Market: Global Industry Analysis and Forecast (2023-2029)

Smart Sensor Market size was valued at US$ 49.78  Billion in 2022 and the total Smart Sensor revenue is expected to grow at 16% through 2023 to 2029, reaching nearly US$ 140.70 Billion.
Smart Sensor Market Overview:
A smart sensor takes input from the physical environment and uses built-in compute resources to perform predefined functions after it detects a specific input and then processes data before passing it on. It can perform data conversion, digital processing, and can communicate to external devices and or to the cloud.

Demand for sensor technology is always expanding. Smart sensors are the heart of modern technology from navigation systems in cell phones to object detection and driver assistance systems. Internet of Things, along with the increase in automation in vehicles and smart wearable devices for health monitoring, is responsible for faster growth in demand for sensors. Despite being essential high-tech components, the sensor market faces continuous price deterioration. The prices of sensors are falling because of factors like supplier competition and increasing demand for low-cost products in new high-volume consumer electronics products. Smart sensors are generally tailored towards specific applications and therefore they are considered specialized products. Hence, established players cannot simply rely on an economies of scales approach through standardized products only to cater to the smart sensors market across industries.To know about the Research Methodology :- Request Free Sample Report
Smart Sensor Market Dynamics:
Smart sensors are the drivers of the technology industry in factories and workplaces. Once implemented, the combination of sophisticated sensors and increased computational power enables new methods to analyze data and gain insights on improving many operations. The result is sharp production processes that ensure and enhance performance across a range of industrial sectors. As more sensors are built into products, they can predict demand for replacements or consumables, thus enabling a more deft response in the value chain. You can expect a disruptive reallocation of after-market service and parts supply structures across all sectors. Additionally, lower-cost sensors are expected to enrich the information gathering process significantly and predictive analytics is bound to switch to a dynamic way of running equipment and processes.

The rapid rate of digitization and the increase in requirement for industrial automation is one of the key factors which drive the growth of the market. For example, smart sensors are widely used in automobiles for an auto-braking system, blind-spot detection mechanism, lane departure notifications, and safety errors. The increase in deployment of smart grids, smart cities and automated forest fire control systems, snow level monitoring, and early earthquake detection mechanisms, provide a thrust to the smart sensor market growth. Simultaneously, the widespread use of smart sensors in wearable devices also contributes to the growth of the market.
Smart Sensor Market Segment Analysis:
By Type: The smart sensor market is further sub-segmented into different types of sensors namely Touch, Image, Temperature and Motion sensors. The touch sensor market is projected to increase at the CAGR of xx% market in the forecast period of 2023 to 2029. The increased implementation of touch sensors in touch-based devices is one of the significant factors that are driving the growth of the touch sensor market. Image Sensor Market was valued at US$ xx Billion in 2022 and is projected to reach US$ xx Billion by 2029, growing at a CAGR of xx% from 2023 to 2029. The increased expenditure on surveillance in public places around the world is expected to drive the image sensor market over the aforementioned forecast period.

The global temperature sensors market valued at US$ xx Billion in 2023, is expected to reach a value of US$ xx Billion by 2029, at a CAGR of xx%, during the forecast period (2023-2029). Ever since the COVID-19 pandemic, there has been a need to check temperatures routinely. The Motion Sensor Market is forecast to grow from US$ xx Billion in 2022 to US$ xx Billion by 2029, at a CAGR of xx% during the forecast period (2023–2029). The major factors that are expected to drive the market are a rise in demand for automation across industries, a growing need for medical automation, and a growing e-commerce industry.

By Technology: The CMOS sensors market was valued at US$ xx Billion in 2022 and is expected to reach US$ xx Billion by 2029  and grow at a CAGR of xx% over the forecast period (2023-2029). With the high demand for high-definition image capturing devices in various industries e.g. image processing industry, the CMOS sensor technology has witnessed a high adoption rate, because it provides a faster exposure time while delivering high-quality images.

The (MEMS) sensor market is projected to witness a CAGR of xx% over the forecast period (2023-2029) because of high technological advancement in the field of semiconductors and telecommunication.

By End Users: The End Users Segment is further sub-segmented into Automation, Consumer Electronics and Healthcare. Global consumer electronic sensors market size is expected to reach US$ xx Billion by 2029. The increased use of smartphones and tablets on a global level is expected to drive demand over the forecast period (2023-2029). Sensors are the sensing organs of Industrial Automation. There are currently incredible developments in information and communication technology that provide great opportunities for process control and added value with dedicated cross-linked communicative sensors. As a result, smart process sensors enable new innovative business models for users, manufacturers, and service providers. Sensors and automation can also help augment the entire automation industry and reduce labor shortages.

As experienced workers reach near their retirement age, there aren’t always enough skilled laborers entering the industry who will replace the retired workforce. Therefore transition into partial or full automation can help keep the industry running.The healthcare sensors market is estimated to be worth US$ xx billion in 2022 and is projected to reach US$ xx billion by 2029, at a CAGR of xx%. The increased use of sensors in medical devices, rising demand for wearable medical devices, demand for IoT-based medical devices, increased expenditure on healthcare as well as increased demand for ventilators due to COVID–19 are some of the significant factors for the growth of the medical sensors market globally.
Regional Insights:
North America is expected to dominate the market because there is a growing implementation of sensors into touch-based devices in the continent. The demand for touch screen displays is continuously increasing. Europe is expected to dominate the market after the U.S. because of continuous investments in Research and Development, to develop more efficient touch sensors as well as increase their use in various applications.

Countries such as India and China are expected to contribute considerably to regional growth over the forecast period (2023-2029). The Asia Pacific consumer electronics sensors market is expected to grow at a CAGR of xx% over the forecast period due to the high demand for smartphones and smart TVs. North America is seen as the most important region for the MEMS market because of high growth in the consumer electronics industry and increased demand for modern automobiles and wearables. Europe is expected to hold the second-largest share of the MEMS sensor market in the year 2029.

The objective of the report is to present a comprehensive analysis of the global Smart Sensor market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Smart Sensor market dynamics, structure by analyzing the market segments and project the global Smart Sensor market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Smart Sensor market make the report investor’s guide.
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Global Smart Sensor Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 49.78  Bn.


Forecast Period 2023 to 2029 CAGR:
16 %
Market Size in 2029:
US $ 140.70 Bn.


 Segments Covered:
by Product
Touch Sensor
Image Sensor
Temperature Sensor
Motion Sensor


by Technology
CMOS
MEMS


by Application
Automation
Consumer Electronics
Healthcare



Smart Sensor Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. Siemens
2. TE Connectivity
3. Legrand
4. GE
5. Vishay
6. Siemens
7. Robert Bosch
8. TDK Corporation
9. General Electric
10. Legrand
11. Eaton
12. Analog Devices
13. Infineon
14. NXP Semiconductors
15. STMicroelectronics

FAQS:

1. How has the global smart sensor market performed and what will be its performance in coming years?
Ans. Smart Sensor Market size was valued at US$ 49.78 Billion in 2022 and the total Smart Sensor revenue is expected to grow at 16% through 2023 to 2029, reaching nearly US$ 140.70 Billion.

2. What is the impact of COVID-19 on the global smart sensor market?
Ans. The global temperature sensors market valued at US$ 49.78 Billion in 2022, is expected to reach a value of US$ 140.70 Billion by 2029, at a CAGR of 16%, during the forecast period (2023-2029). Ever since the COVID-19 pandemic, there has been a need to check temperatures routinely.

3. What is the sub-segment of the market based on the type?
Ans. The smart sensor market is further sub-segmented into different types of sensors namely Touch, Image, Temperature and Motion sensors

4. What is the sub-segment of the market based on the end user?
Ans. The End Users Segment is further sub-segmented into Automation, Consumer Electronics and Healthcare.

5. What are the key driving factors and challenges in the industry?
Ans. The rapid rate of digitization and the increase in requirement for industrial automation is one of the key factors which drive the growth of the market. . Smart sensors are generally tailored towards specific applications and therefore they are considered specialized products. Hence, established players cannot simply rely on an economies of scales approach through standardized products only to cater to the smart sensors market across industries.