At 19.1% CAGR, Smart Sensor Market Size is Expected to Reach USD 145.30 Billion by 2028, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Mar 07, 2022, 08:30 ET

LONDON, March 7, 2022 /PRNewswire/ -- According to Brandessence Market Research, The Global Smart Sensor Market size reached USD 42.74 Billion in 2021. Our analysts predict that the Smart Sensor market size is set to grow at robust CAGR of 19.1% during the 2022-2028 periods, reaching a total of USD 145.30 Billion by 2028 end. High competition in the global electronic market, steady improvement in electronic devices and growth in automation in the automotive industry through electronic devices are driving the growth of the Global Sensor Market.

The global smart sensors market all over the world is right now in a nascent growth stage but it is expected to grow further substantially in the coming years. The higher investments in the research and development of the global market are going to cause a further growth in the society. The other factors which are going to drive this market include increasing demand for the smart city development in electronics and automobiles. As per a few reports, it has been seen that the global smart sensors market in US has been increasing rapidly after the authorities have made a fund for the smarter grids and that is going to encourage the usage by companies and also the municipalities. The implementation of the dynamics of smart sensors are really going to help in the infrastructural developments of a lot of these smart cities and that is going to be a big factor in growth.

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Scope of The Smart Sensor Market Report:

The smart sensors market has been showing a steep increase of value resulting in a good amount of growth in the coming few years. Smart sensor is a technology which has innovated in making different operations simple and better to control and monitor. This has been a way by which digital interface and artificial intelligence has helped in better control of inputs which are sense-oriented like heat, light, moisture, pressure and motion or any such entity and an output which is going to display the information or transmit it in the electronic form using the signal conditioning, digital interface and the embedded algorithms. The sensors have been able to accumulate the environmental data which is accurate and produce the minimal noise levels. Its applications in various fields have been a smart sensors key driver for the market.

Smart sensors find their application in the communications which are machine-to-machine. Its solutions are seen where they also provide the analytics which are used for measuring the fluctuations with regard to the pressure accelerations and temperature that is a critical process for a lot of companies. As an addition, the devices have been implemented in the smart city programs, smart grids as well as smarter environments which are processes such as earthquake detection, monitoring and predicting snow levels and controlling forest fires as well as defense, sports, automobile and further in the electronic sectors. Smart sensors market size will keep expanding as long as the applications are increasing.

There are many other factors such as demand in the automobile sector and the growing use of internet everywhere that have been leading to a rise in the demand for technology which will save time and make it effective for the users. Another major factor for growth has been the smart cities which are developing in the world. The incorporation of the smart sensors in multiple devices can help these devices add value and reduce the device life. This is a big factor which is going to hamper the growth of the device as it would reduce the length of time these devices are used. But the reduction of growth will only be very limited and, overall, it is going to follow a growth curve only. Another factor which is going to increase the global smart sensors market is how people are adopting to the wearable devices and how applications are taking place in the biomedical sector which has been expected for offering a lot of marketing opportunities in the market all over the world.

Major Smart sensors companies :

Analog Devices
Eaton Honeywell
NXP Semiconductors N.V.
Siemens
Renesas Electronics
ABB Ltd.
Hewlett Packard Enterprise (HPE)
Infineon Technologies AG
Microchip Technology Inc.
Panasonic Corporation
Qualcomm Technologies, Inc.
STMicroelectronics
Sony Corporation
TE Connectivity
Texas Instruments
Taiwan Semiconductor Manufacturing Company Limited
others

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Global Smart Sensors Market Segmentation:

By Technology:

CMOS
MEMS
Others

By Type:

Image Sensors
Pressure Sensors
Temperature & Humidity Sensors
Flow Sensors
Position Sensors
Light Sensors
Touch Sensors
Water Sensors
Motion & Occupancy Sensors
Ultrasonic Sensors
Others

By End-User:

Consumer Electronics
Industrial Automation
Biomedical & Healthcare
Building Automation
Automotive
Aerospace & Defense
Others

Recent Developments:

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.

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Regional Analysis:

The global smart sensors market regional analysis shows that the market is segmented into Europe which includes countries like France, Germany, Italy, UK and Rest of Europe, North America which has Canada, US and Mexico, LAMEA which has Middle East, Africa and Latin America. In Asia-Pacific, the market has countries like Japan, China and India which are the main centers. The market in Asia-Pacific has been growing the fastest and will also be seeing the greatest amount of growth. This is primarily due to the population and the mass adoption of the smarter equipment all over the commercial, residential and the industrial sectors.

The recent developments in the smart sensors market have been the investments which are done in the field by big market players on the technological advancements. There are further advancements which are being made in residential services such as the voice control, temperature control, motion sensor, position sensor and other equipment which is going to give guests a better experience when they enter a home. This is what will drive mass adoption and create a better trend of growth for the market. The market growth will only be exceedingly progressive once the applications increase in the coming years.

On Special Requirement Smart Sensor Market Report is also available for below region:

North America

U.S.
Canada

Europe

Germany
France
U.K.
Italy
Spain
Sweden
Netherland
Turkey
Switzerland
Belgium
Rest of Europe

Asia-Pacific

South Korea
Japan
China
India
Australia
Philippines
Singapore
Malaysia
Thailand
Indonesia
Rest Of APAC

Latin America

Mexico
Colombia
Brazil
Argentina
Peru
Rest of South America

˙Middle East and Africa

Saudi Arabia
UAE
Egypt
South Africa
Rest Of MEA

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