Global Smart Sensors Market is valued at USD 42.74 Billion in 2021 and expected to reach USD 145.30 Billion by 2028 with the CAGR of 19.1% over the forecast period.
Basic smart sensors can measure physical conditions of external world and compute, process signals and can communicate with other devices through wired or wireless networks. Most smart sensors are capable of decision making, self diagnosis and error-correction. A smart sensor have circuits of transduction component, signal conditioning, and a processor or controller that supports required intelligent functions in a single package or microchip to perform all the functions. Smart sensors have multi-sensing capabilities that measure temperature, pressure, humidity, and conditions and process data using microprocessors and advanced calculation models. Smart sensors cost less because they use less hardware. Smart sensors presently have a strong presence in consumer electronics & automotive applications. In addition, the demand for micro-electromechanical systems technology in smart sensors has increased as this technology allows smart sensors to handle large amounts of data in a matter of seconds. Furthermore, data collected by smart sensors is processed by microprocessors, which store data through advanced calculations. The demand for smart sensors in smart city projects is increasing due to the rising use of various types of smart sensors such as light sensors, environmental sensors, temperature and humidity sensors, and position sensors for infrastructure applications.
The eruption of Covid-19 has had a significant impact on the electronics and sensors sector. Business and manufacturing units in various countries were shut down due to an increase in Covid-19 cases. In addition, partial or complete lockdowns have disrupted global supply chains and challenged manufacturers to reach consumers. The overall manufacturing process has been negatively impacted; however, growing demand in the healthcare & automotive sectors is driving the global smart sensors market growth. Additionally, Covid-19 has had a serious impact on the electronics sector as manufacturing facilities have stalled, which is insignificant demand in the industry.
The global smart sensors market is segmented into technology, type, end-user, and region & country level. On the basis of technology, the global smart sensors market is classified into CMOS, MEMS, and others. On the basis of type, the market is classified into image sensors, pressure sensors, temperature & humidity sensors, flow sensors, position sensors, light sensors, touch sensors, water sensors, motion & occupancy sensors, ultrasonic sensors and others. On the basis of end-user, the global smart sensors market is classified into consumer electronics, industrial automation, biomedical & healthcare, building automation, automotive, aerospace & defense and others.
Increasing number of product offerings by key players, rising investment for innovation and growing competition in the market are some of the factors driving the market growth. From the last few years, market players are launching many new advanced sensors for various industrial uses. And also, many market players have tried to build a strong base in the market through various collaborations, acquisitions, and mergers. For example; on October 28th, 2021; ABB launched its new FusionAir Smart Sensor, a touch free room sensor with optional room control sensors capable of monitoring the temperature, humidity, carbon dioxide (CO2) and VOCs to improve the overall IAQ and reduce the risk of viral exposure. And, The ABB Ability Smart Sensor for motors was launched in 2016 and earned of lot of interest since then in many industries. In 2018, ABB introduced the ABB Ability Smart Sensor for pumps followed by a version for bearings and gearing. At the upcoming Hannover Messe 2020, ABB was going to launch the next version, a smart sensor for hazardous areas for rotating machines, such as motors and pumps. This provides a cost-efficient condition monitoring solution for chemical and oil and gas industries. And in March 2020, TE Connectivity integrated its sensor products into the MeasureWare hardware measurement kit and software studio tools for analog devices. Integration TE will allow customers to easily develop accurate sensor applications without having to know the exact analog or sensor design.
The rising popularity of Industrial 4.0 and IIoT are also driving the growth of the smart sensors market. Industrial 4.0 Industry development continues, and the benefits of using new disruptive technologies are evident for development in existing industries. AT&T and Google Generator tech giants are also entering Industry 4.0 solutions. Industrial Internet of Things (IIoT), a subdivision of IoT, liaison for industrial purposes such as manufacturing and banking chain monitoring and management. The evolutionary use of IIoT complements the power of industry sensors, including automotive and healthcare. Sensor technology, with computing power, provides customers with high productivity solutions.
However, OEMs expect sensor manufacturers to offer the greatest technology at a lesser cost. This raises pricing stress on sensor manufacturers, owing to which they have to lean down on profits. This is the biggest restraining factor for the market growth.
Considering the use of smart sensors in industrial automation and building automation, the demand for these smart sensors is also increasing in many other industries, such as petrochemical, sensors, food processing and transportation due to their ability to monitor and process vibration and sound signals. Smart sensors have the ability to collect, transmit and process information. Therefore, they are able to detect the health of the machine and estimate the probability of its malfunction, which helps the manufacturing industry to reduce maintenance costs and save more costs by reducing downtime. This will open up more growth opportunities for the market in the future.
October 28th, 2021; ABB launched its new FusionAir Smart Sensor, a touch free room sensor with optional room control sensors capable of monitoring the temperature, humidity, carbon dioxide (CO2) and VOCs to improve the overall IAQ and reduce the risk of viral exposure. In addition to temperature, humidity, CO2 and VOC sensing, the FusionAir Smart Sensor can also deliver intelligent control of HVAC, lighting and blindsvia connection to Passive Infrared (PIR) sensors or door entry data. The FusionAir Smart Sensor feeds information back to the connected controller triggering it to react and make intelligent adjustments to lighting, shading, and HVAC, ensuring lights are not left on in empty meeting rooms and costly HVAC is turned off when not required.
March 22nd, 2021; Danfoss introduced game-changing smart sensors and Edix communication tool. Danfoss Smart Sensors is a digital and editable sensor electronics platform that enables the users to use new programmable features when developing and integrating new sensors for their application. The sensor solution is built on the well-proven and robust DST P140 pressure transmitter tailored for water applications, as well as the new DST P300 pressure transmitter. A One-Wire-Interface (OWI) communication protocol allows easy access to the brain of the sensor via the electrical connector of the sensor to speak with the sensor.
Asia Pacific is expected to witness a fastest growth in the global smart sensors market. India is rapidly accelerating the deployment of many emerging smart sensors and IoT technologies. Also, new IoT-based opportunities and ecosystems are evolving every day. In addition, the Government of India is taking a number of steps to adopt emerging technologies with innovative initiatives. These initiatives are further boosting the sensor market in the country. Furthermore, political pressure for industrial modernization in China is creating a huge demand for smart manufacturing products such as smart sensors and wireless sensor networks. International suppliers of sensor technology are currently in a gold-rush mood in China. China's industry is in high demand for high-end machine tools, smart sensors, and other technologies. Also, South Korean company Hyundai Mobis is set to expand the automobile system with biometric heart-rate measurement by the end of the year. The system uses sensors to detect passengers more accurately. This will lead to a huge increase in Asia Pacific in the years to come.
North America is expected to witness a significant growth in the smart sensors market due to the increasing technological advancements and early adoption of new technology in the various sectors in this region.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2020:||USD 42.74 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 145.30 Billion|
|Tables, Charts & Figures:||175|
|Smart Sensors Companies||Hewlett Packard Enterprise (HPE), Infineon Technologies AG, Microchip Technology Inc., NXP Semiconductor, Panasonic Corporation, Qualcomm Technologies, Inc., STMicroelectronics, Sony Corporation, TE Connectivity, Texas Instruments, Others|
|Segments Covered||By Technology, By Type, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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