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Global Smart Sensors Market - Segmented by Type, Technology, Network Connectivity, Component, Application, and Region - Growth, Trends, and Forecast (2022 - 2030)
SKU ID : INH-13101681 | Publishing Date : 07-Mar-2018 | No. of pages : 115
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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 “intelligence” 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 ‘economies of scale’, 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 person’s 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.
Key Developments in the Market
• August 2017 - Honeywell International launched self-diagnosing sensors to improve performance and safety of Aircraft systems
• August 2017 - Honeywell International launched indoor air-quality monitoring sensor for building owners and consumers
• May 2017 - Analog Devices launched two MEMS Accelerometers in its series of low noise, low drift, low power, three-axis MEMS accelerometers to provide Wireless Condition Monitoring
Major Players: ABB LTD., HONEYWELL INTERNATIONAL, EATON CORPORATION, INFINEON TECHNOLOGIES AG, GENERAL ELECTRIC (GE), and SIEMENS AG, amongst others.
Reasons to Purchase this Report
• Current and future of Global Smart Sensors Market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identifying the latest developments, market shares and strategies employed by the major market players
• 3 month analyst support along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
We interact with smart sensors across all walks of life. The “intelligence” 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 ‘economies of scale’, 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 person’s 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.
Key Developments in the Market
• August 2017 - Honeywell International launched self-diagnosing sensors to improve performance and safety of Aircraft systems
• August 2017 - Honeywell International launched indoor air-quality monitoring sensor for building owners and consumers
• May 2017 - Analog Devices launched two MEMS Accelerometers in its series of low noise, low drift, low power, three-axis MEMS accelerometers to provide Wireless Condition Monitoring
Major Players: ABB LTD., HONEYWELL INTERNATIONAL, EATON CORPORATION, INFINEON TECHNOLOGIES AG, GENERAL ELECTRIC (GE), and SIEMENS AG, amongst others.
Reasons to Purchase this Report
• Current and future of Global Smart Sensors Market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identifying the latest developments, market shares and strategies employed by the major market players
• 3 month analyst support along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
