Market Synopsis of Smart Sensors Market
Cities are growing on a very fast pace. The growing advancement in technology has driven the demand for developing internet and communication network in a city to improve the operations. Increasing disposable income, growing deployment of cloud technology, advancement in automotive products and growing requirement of innovative solutions to handle increasing environmental pollution has created high demand for smart sensors as it is capable of reducing the carbon emission levels. Therefore, is widely adopted by coal power plants to manage their process efficiently. Smart sensors in smart cities are used for variety of purposes such as video authentication, parking management, weather monitoring, operations controlling, and also to save energy.
The major growth driver of Smart Sensors Market includes growing market of smart cities, rising deployment of smart sensor equipped devices in healthcare, and increasing environment concerns among others. However, high development cost of smart sensors is expected to hinder the market growth of smart sensors in the forecast period 2016-2022.
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- The global smart Sensors market is expected to reach USD 60 billion by 2022, growing with approximately 21% of CAGR during forecast period 2016-2022.
- By Type, Smart Image Sensors are dominating the market and has generated USD 5.18 billion in 2016. Whereas, Smart Touch sensor is expected to grow with fastest growing 27.51 % CAGR
- By Technology, CMOS based smart sensors is dominating the market and expected generate USD 40 billion market by 2022 and growing with 25.01% CAGR.
- North America is expected to dominate the market of smart sensors market throughout the forecast period.
Some of the major players in Global Smart Sensors Market include Rockwell Automation, ABB Ltd., Emerson Electric Company, NXP Semiconductor N.V., Honeywell International Inc., Eaton Corporation PLC, Renesas Electronics Corporation, Texas Instruments, Yokogawa electric Corporation, and Omron Corporation.
Global Smart Sensors Market can be segmented as follows:
- Segmentation by Type: image sensors, motion sensors, position sensors, pressure sensors, temperature sensors, touch sensors and others.
- Segmentation by Technology: CMOS and MEMS among others.
- Segmentation by End-User: automotive, consumer electronics, industrial, infrastructure/construction, medical and others.
The global Smart Sensors market is estimated to grow at a promising rate in upcoming years. North America is the leading region among Europe, Asia-Pacific and Rest of the world. Asia-Pacific is the fastest growing region which is estimated to show high growth during forecast period. Increasing technology adoption and government initiatives to improve infrastructure is expected to boost the smart sensors market in Asia-Pacific region. However, high installation cost of smart sensors is one of the major reason behind slow growth in Asia-Pacific region.
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- Sensor manufacturer
- Consumer electronics
- MEMS and CMOS suppliers
- Research institutes
The report for Smart Sensors Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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