Smart Sensors Market is segmented By Type (Flow Sensor, Humidity Sensor, Position Sensor, Pressure Sensor, Temperature Sensor, Others), By Technology (MEMS, CMOS, Optical Spectroscopy, Others), By Component (Analog-to-Digital Converter, Digital-to-Analog Converter, Amplifiers, Others), By Application (Aerospace and Defense, Automotive and Transportation, Healthcare, Industrial Automation, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Smart Sensors Market Report Overview
The Smart Sensors Market report analyzes the global market size, shares, recent trends, competitive intelligence, and future market outlook. Smart sensors are advanced sensing devices equipped with built-in processing capabilities, enabling real-time data acquisition, analysis, and communication. The market is driven by the increasing demand for IoT-enabled devices and systems, the growing need for monitoring and control in various industries, and the advancements in sensor technology. In Europe, the Smart Sensors Market is experiencing significant growth. Key players in the market include Honeywell International Inc., Siemens AG, ABB Ltd., and other prominent players.
Smart Sensors Market Scope and Summary
|
Metrics |
Details |
|
Market CAGR |
19.50% |
|
Segments Covered |
By Type, By Technology, By Component, By Application, By End-user, and By Region |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
|
Fastest Growing Region |
Asia Pacific |
|
Largest Market Share |
North America |
For more insights - Download the Sample
Smart sensors are tools that use wireless connections and embedded microprocessors to monitor, analyze and maintain diverse systems. They gather data from the physical environment. They can gather environmental data more precisely and with less false noise. Despite having a wide range of uses, they are most frequently found in monitoring systems like smart grids, research applications, and security systems. Smart sensors rely on embedded microprocessors to assist them in carrying out various tasks, including digital processing, analog-to-digital code conversion, interface operations, and computations. Following the information gathered, they also decide when data has to be erased or retained. As a result, smart sensors are used in various fields, including healthcare, defense, electronics, and aerospace.
As per DataM Intelligence, the Smart Sensors Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Smart Sensors Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
The North American region is expected to hold the largest share of the global market over the forecast period. Smart Sensors Market in the United States and Canada produces the utmost share. Whereas the European Smart Sensors Market is projected to continue its presence globally from 2022 to 2029.
Smart Sensors Market Dynamics and Trends
The market is expanding primarily due to the rising demand for smart sensors in consumer electronics, IoT-based products, and smart wearable technology. However, the high costs of repair and maintenance could restrain market expansion.
The expanding use of smart sensors in IoT-based products
The Internet of Things has propelled sensor development to unprecedented heights. Developing IoT applications requires smart sensors since they update and streamline communication and analytics. Today, various smart sensors are being used by connected people, smart cities, smart buildings, and linked factories to gather real-time data for analysis and decision-making.
IoT sensors boost workflow and process visibility, allowing businesses to see where things are, thanks to real-time data. Smart sensors used in logistics can collect data on a driver's driving habits, the product size & weight, and external information like traffic or climate conditions that could impact delivery. As a result of these reasons, the need for smart sensors for IoT-connected devices will rise.
The rising demand for smart wearable technology
Wearable technology is a new trend that allows electronics or devices to link with our everyday routines and encourages us to get more involved in even the most minute details of our lives. Wearable technology is a major trend because its primary functionalities of connecting to the Internet and moving data from one device or network to another are crucial aspects many people look for.
According to Cisco Systems, there will be a significant increase in the number of linked wearable devices: from 593 million in 2018 to 1,105 million more in 2022. The smartwatch category is also anticipated to grow due to its developments and features that suit its customers' modern lifestyles. To retain their earnings, two major players in the smartwatch market, Apple and Fossil, are keeping their prices near those of conventionally expensive watches. All
High costs of development and maintenance
Smart sensors' limited use results from the high cost of their pricey components and batteries. Such batteries have a shorter lifespan and run out of power more quickly since the sensors and wireless networks have high energy requirements.
Finally, technologies created for short-range applications and limited battery life are employed for short-range applications due to the energy requirements of the sensors and wireless link and the weak radio range. The implementation expenses consider the possibilities for integrating sensing devices with a network or signal processing intelligence.
COVID-19 Impact on Smart Sensors Market Growth
Consumers and businesses are adopting new technology and learning about its benefits as the world continues to combat the same enemy. IoT sensor technologies have become quite important. The hardest part of the pandemic has been overcoming because of sensors. The pandemic might have permanently altered how people view IoT. IoT has made it possible for remote patient diagnosis and treatment during periods of physical separation. Additionally, it has made it possible to transport crucial medical supplies and medications to remote locations.
Businesses across the globe have suffered revenue losses and supply chain delays due to the outbreak's industrial closures and quarantine measures. The pandemic-caused global slowdown has caused several issues that will impact the smart sensors industry's growth to be examined to predict possible consequences. It is fair to conclude that COVID-19 has acted as a stimulant for smart sensors, given its crucial significance in various applications.
Smart Sensors Market Segment and Shares
By type, the smart sensors market is segmented into flow sensors, humidity sensors, position sensors, pressure sensors, temperature sensors, and others.
The expanding need for temperature sensors
The sensors that sense heat or temperature are the most often utilized types of sensors. Temperature sensors are highly reliable in repeated experiments, precise and inexpensive. Both embedded and surface mount applications would benefit from them. The smaller thermal mass results in a quicker response time. It has a few indicators appropriate for presenting temperature directly; hence, they are applicable for remote detection and data logging. Its temperature probes offer low hysteresis and perfect linearity.
Temperature sensors are sealed. They are completely sealed with a pure vacuum, thanks to electron beam welding. Sensors are widely used in various industries, including automotive, residential, medical, environmental, food processing, and chemical, due to their low cost, compact size, and ease of use.
Smart Sensors Market Geographical Analysis
Asia-Pacific’s growing industrialization
Due to the increasing industrialization of developing nations like China and India, the Asia-Pacific region is anticipated to dominate the market over the forecast period. In various end-use industries, Asia-Pacific is the most significant market for smart sensors, with China, India, and Japan having the most demand. As the global manufacturing hub for several industries, including semiconductors and automotive, which produce home appliances, cellphones, laptops, and peripheral devices, China's manufacturing sector has experienced substantial growth.
The market for smart sensors in this region is expanding due to rising government initiatives to expand the manufacturing sector in developing countries, increasing foreign investment in the industrial and manufacturing sectors, and the rising population. In addition, several manufacturing facilities are present, smart sensors are inexpensive, and emerging markets are experiencing rapid technological advancements.
Smart Sensors Companies and Competitive Landscape
The smart sensor market is quite competitive with numerous domestic and foreign businesses. The top companies use strategies like product innovation, mergers, and acquisitions to broaden their customer base and keep their market position.
Major global intelligent sensors market companies include ABB Ltd, Honeywell International Inc., Eaton Corporation, Analog Devices Inc., Siemens AG, Infineon Technologies AG, NXP Semiconductors N.V., TE Connectivity, ST Microelectronics, and Legrand Inc.
Siemens AG
Overview: Siemens, headquartered in Munich and with branches globally, is a German multinational conglomerate and Europe's largest industrial manufacturing firm. Industry, energy, healthcare, infrastructure & cities are the company's primary divisions, highlighting the company's core activities. The firm is a well-known medical diagnostics equipment maker. After the industrial automation division, the medical healthcare section is the company's second-most profitable division, accounting for roughly 12% of overall revenues.
The Euro Stoxx 50 stock market index includes the company's stock. Siemens and its subsidiaries employ 293,000 people all around the world. The Siemens Group achieved US$ 60.2 billion in sales and US$ 4.57 billion in net earnings in fiscal 2020.
Product Portfolio: Siemens' Enlighted IoT platform is based on an advanced smart sensor that includes motion sensing, light level sensing & control, power level monitoring, temperature measurement, and local Bluetooth communication, among other features. The Enlighted IoT platform creates the groundwork for a smart building with our groundbreaking sensor technology.
Each light fixture has smart sensors that record occupancy, ambient light, temperature, and energy consumption data. The IoT sensors digitalize the building by collecting a rich and continuous stream of data that provides great insights into building operations and enables digital applications that add substantial value to your business.
Key Development: At Hannover Messe 2021 in April 2021, Siemens unveiled Sitrans SCM IQ, a new Industrial Internet of Things (IIoT) solution for Smart Condition Monitoring. It allows for the early detection and prevention of possible events, lowering maintenance costs and downtimes while enhancing plant performance by up to 10%. The wireless, rugged Sitrans MS200 multi-sensors serve as the foundation for vibration and temperature data collection on machineries such as pumps, gear units, compressors, and drive trains.
