Global Smart Sensor Market Size USD 39,856 Million By 2030 | CAGR of 14%

Introduction

A crucial technological advancement created is a smart sensor, which can be used to control better and monitor various operations. For example, it can detect physical input such as light and heat and then respond with output on a display or a transmission of information in electronic form for further processing using signal conditioning, embedded algorithms, and a digital interface. Even though they operate in low-noise environments, these sensors collect a high volume of environmental data with high accuracy. It is possible to use intelligent sensors in advanced I.T. solutions, such as M2M and analytics. It is also possible to use these sensors to monitor changes in parameters such as the process's temperature, pressure, and acceleration. Smart grids, smart cities, intelligent environments (forest fire control, snow level monitoring, earthquake early detection), automotive, defense, sports, and electronic industries also use these devices.

Market Dynamics

Growing Demand for Automotive Smart Sensors and Rising IoT Trend Drives the Global Market

Sensors have become an indispensable part of the production process due to increased productivity and accuracy of automation. Sensors monitor temperature, pressure, flow, and level using robots to control and manage the process. Intelligent sensors like pressure and accelerometer sensors are used in cars to improve safety and fuel efficiency. Motor vehicle manufacturers adopt intelligent sensors for safety features like airbags due to safety concerns and can reduce accidents and passenger injuries.

People prefer IT-driven automation solutions and services due to their innovative and cutting-edge applications; IoT devices have gained popularity. Mobile devices, microwaves, refrigerators, and even entire buildings can all be connected to the internet using the Internet of Things (IoT). Internet of Things gadgets can facilitate M2M and P2C communication and assist in collecting and transmitting electronic data. Intelligent bridge sensors can send weather information to an approaching vehicle via the internet to slow it down. They can also monitor cracks, stresses, and warpages. In electronics, these intelligent sensors monitor electricity consumption in power grids. The escalating IoT market and government initiatives are expected to boost the smart sensor market over five to six years.

Wearable Devices and Innovative Biomedical Applications Creates Tremendous Opportunities

The doctors use these intelligent sensors to monitor routine check-ups, such as the patients' blood pressure and body temperature. In addition, intelligent sensors measure things like the heartbeat and the amount of oxygen in the blood. Then they send that information to the cloud, where medical professionals can access it. Additionally, these sensors enable telemedicine to provide healthcare in underserved and remote areas. The market for wearable technology is a new market that is developing within the biomedical industry.

Regional Analysis

Asia-Pacific is the highest revenue contributor to the global smart sensor market and is estimated to grow at a CAGR of 15.9% during the forecast period. The number of people who have access to the internet and those using smartphones and other intelligent devices is rising due to the proliferation of internet-connected devices. This, in turn, accelerated the use of smart sensors in residences, workplaces, and other buildings, necessitating automatic temperature control.

North America is the second-largest global smart sensor market contributor and is estimated to reach around USD 27,113.2 million at a CAGR of 13.6% during the forecast period. The rise in the average disposable income of people in North America is the primary factor driving the market for equipped gate driver I.C.

Key Highlights

• The global smart sensor market was valued at USD 97,640.4 million in 2021. It is expected to reach USD 338,147.7 million by 2030, growing at a CAGR of 14.8% during the forecast period (2022–2030).
• Based on the sensor, the global smart sensor market has been categorized into touch, image, temperature, motion, pressure, gas, light, and position sensors. The image sensors segment is the highest contributor to the global smart sensor market and is estimated to grow at a CAGR of 12.9% during the forecast period.
• Based on the end-user, the global smart sensor market has been categorized into industrial, medical equipment, automotive, consumer electronics, infrastructure, and other (avionics and food and beverage) sectors. The automotive segment is the highest contributor to the global smart sensor market and is estimated to grow at a CAGR of 17.9% during the forecast period.
• Asia-Pacific is the highest revenue contributor to the global smart sensor market and is estimated to grow at a CAGR of 15.9% during the forecast period.

Competitive Players

Competitive Analysis

The key players in the global smart sensor market include ABB Ltd., Analog Devices, Eaton, Honeywell, Infineon Technologies, NXP Semiconductors N.V., Renesas Electronics, Siemens, STMicroelectronics, and Texas Instruments Sciences.

Recent Developments

Recent Developments

• May 2022- Infineon and pad technologies develop 3D depth-sensing technology for Magic leap 2 – enabling advanced cutting-edge industrial and medical applications.
• April 2022- Hyundai Motor Group honors Infineon for supply competence and strategic cooperation for electric cars.
• March 2022- Infineon and Sleepiz enabled high-precision sleep monitoring at home based on radar technology.

Segmentation

Global Smart Sensor Market: Segmentation

By Type

• Touch Sensor
• Image Sensor
• Temperature Sensor
• Motion Sensor
• Position Sensor
• Pressure Sensor

By End-User

• Automotive Industry
• Consumer Electronics
• Industrial
• Infrastructure
• Healthcare

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA