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.’
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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 is expected to offer significant growth opportunities for the stakeholders in the smart sensors market. The high installation & 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 electronic mechanical 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 user). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, the global smart sensors market is segmented into analog-to-digital converters, digital-to-analog converters, transceivers, amplifiers, microcontrollers, and other components. In 2023, the analog-to-digital converter 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 need for high accuracy and precision in measurements, growing use of embedded processing capabilities to analyze digital data, increasing popularity of battery-powered or energy-efficient smart sensors, and 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.
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Based on technology, the global smart sensors market is segmented into microelectronic mechanical systems, complementary metal-oxide semiconductors, capacitive, doppler, inductance, optic, ultrasonic, and other technologies. In 2023, the micro-electronic mechanical systems 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 growing need to develop power-efficient sensors. The use of MEMS technology in smart sensors has led to more advanced and capable devices for monitoring and controlling various physical parameters in fields such as consumer electronics, healthcare, automotive, industrial automation, and environmental monitoring. Such rapid applications are supporting the growth of this segment. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Based on application, the global smart sensors market is segmented into 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. 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, growing use of wearable devices for chronic disease management, increasing adoption of wearable devices for safety and emergency response, increasing use of sensor-enabled wearables to track performance, optimize training, and reduce the risk of injury for sports person. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Based on sensor type, the global smart sensors market is segmented into temperature & humidity sensors, pressure sensors, flow sensors, proximity sensors, image sensors, motion & occupancy sensors, water sensors, position sensors, light sensors, ultrasonic sensors, and 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, increasing adoption of image sensors for quality control and inspection tasks, and growing use of image sensor in security and surveillance systems. Moreover, this segment is projected to register the highest CAGR during the forecast period.
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Based on end user, the global smart sensors market is segmented into manufacturing, agriculture, retail, BFSI, logistics and transportation, aerospace & defense, automotive, biomedical & healthcare, industrial automation, building automation, consumer electronics, and 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, increasing adoption of wearable devices, growing popularity of smart TVs and streaming devices, and growing use of smart sensors in smart home devices. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Based on geography, the global smart sensors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global smart sensors market. Asia-Pacific’s major market share is attributed to the growing demand for smart sensors from 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, increasing need of smart sensors for wearable health devices, and telemedicine applications. Furthermore, several cities in the Asia Pacific region, including Singapore, South Korea, and Japan, invested in smart city projects. Smart sensors are heavily deployed for traffic management, waste management, environmental monitoring, and public safety. These initiatives aimed to improve the quality of life in urban areas.
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, growing use of smart sensors for advanced driver assistance systems (ADAS) and self-driving technologies, rising need of smart sensors to monitor soil conditions, weather data, and crop health, and 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.
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).
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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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