Key Competitors of Smart Sensors Market:
Some of the prime players profiled by Market Research Future (MRFR) that are operating in the global smart sensors market are 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.
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The significant factors driving the global smart sensors market growth are the advancement in automotive products and demand for developing internet & communication network in smart cities. Other factors helping the market growth include growing deployment of cloud technology, growing requirement of innovative solutions to handle increasing environmental pollution, increasing environmental concerns, rapid technological advancement, rising disposable income, and rising deployment of smart sensor equipped devices in healthcare.
The global smart sensors market has been segmented on the basis of end users, technology, type, and lastly, region. Based on end users, this market has been segmented into automotive, consumer electronics, industrial, infrastructure/construction, medical, and others. Sensors are used in cars, refrigerators, industrial applications, construction activities, and medical treatments.
The technology-based segmentation segments the market into complementary metal-oxide-semiconductor (CMOS), and micro-electro-mechanical systems (MEMS) among others. During the forecast period, CMOS based smart sensors are dominating the market. It is expected to generate US $ 40 bn market revenue while growing at 25.01% CAGR.
Increasing demand for incorporation of technologically advanced solutions in various industries in order to optimize various functions and processes are inducing high demand for smart sensors, which in turn is propelling the growth of the global smart sensors market during the assessment period. Rise in demand for smarts sensors in various end-use industries such as automotive, building and construction, healthcare and others is also fueling the growth of the global smart sensors market.
The global smart sensors market has been segmented on the basis of type, technology, and end-user. Based on type, the global smart sensors market has been segmented into image sensors, motion sensors, position sensors, pressure sensors, temperature sensors, touch sensors, and others. The image sensors segment commands the maximum market share of the global smart sensors market with the market valuation of USD 5.18 Bn in the year 2016. Whereas, the touch sensor segment is projecting the fastest growth at a CAGR of 27.51% during the assessment period. Based on technology, the global smart sensors market has been segmented into CMOS and MEMs among others. The CMOS segment commands for the major share of the global smart sensors market and is marked to reach the market valuation of USD 40 Bn by the end of the year 2022, expanding at a remarkable CAGR of 25.01% During the review period. Based on end-user, the global smart sensors market has been segmented into automotive, consumer electronics, industrial, infrastructure/construction, medical and others.
The regional segmentation of the global smart sensors market segments the market into the global market into regional markets known as North America, Europe, Asia Pacific, and the Middle East & Africa (MEA). North America is the biggest regional market due to technological advancement, the presence of many key market players, and many established industries being present in this region. The maximum market revenue here comes from USA and Canada as these two are the strongest economies here.
The Asia Pacific has been estimated to rise as the fastest growing regional market during the forecast period. In this region, the market is growing due to the government initiatives to improve infrastructure and increasing technology adoption. However, the high installation cost of smart sensors is one of the major reason for slow growth because most countries in this region are developing countries. The economies that have the potential to generate the maximum market are China, India, and Japan.
In Europe, the main reason for the market growth is a technological advancement that is second only to North America. In this region, the biggest revenue-generating country-specific markets are France, Germany, and the UK. The MEA market is small due to poor countries, lack of awareness, lack of education, and lack of technological advancement.
In February 2019, Optical Scientific Inc. (OSI) has announced that it has developed an advanced line of optical flow sensors (OFS) which will be used as smart sensors for emission monitoring and process control applications in multiple industries.
In January 2019, it has been announced that the leaders of St. Louis city are focusing on modernization of technology in the city by deploying various types of smart sensors, including cameras, all over the city.
Table of Content:
1 Executive Summary
2 Market Dynamics
2.1 Market Drivers
2.2 Market Inhibitors
2.3 Supply Chain Analysis
2.4 Porter’s Five Forces Analysis
3 Global Smart Sensors Market, By Types
3.2 Market by Sub-Segment
4 Global Smart Sensors Market, By Technologies
Continued. . .
List of Tables:
TABLE 1 GLOBAL SMART SENSORS MARKET, BY TYPE, 2016-2022 (USD BILLION)
TABLE 2 GLOBAL SMART SENSORS MARKET, 2016-2022 (USD BILLION)
TABLE 3 GLOBAL SMART MOTION SENSORS MARKET, 2016 & 2022 (USD BILLION)
TABLE 4 GLOBAL SMART POSITION SENSORS MAREKT, 2016 – 2022 (USD BILLION)
TABLE 5 GLOBAL SMART PRESSURE SENSORS MAREKT, 2016 -2022 (USD BILLION)
Continued. . .
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