New York, US, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Sensors Market, By Type, By End-User - Forecast to 2030, the market is anticipated to acquire a valuation of approximately USD 190.74 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 19.49% during the assessment timeframe.
Smart Sensors Market Overview:
The smart sensors market is growing rapidly across the globe. The market is estimated to continue, witnessing increasing application areas of smart sensors across industries in the coming years.
Over the past couple of years, smart sensors have garnered massive popularity due to their self-testing capabilities, self-identification, self-validation, and self-adaptation. With huge technological advances, smart sensors have evolved significantly, demonstrating high reliability & performance and a small form factor that allows low power consumption and minimal requirement of interconnecting cables.
In addition to industrial, communication, and digital healthcare, smart sensor technologies are also extensively used in automotive safety devices to improve data center efficiency, automate factories, and enhance the security of embedded and wearable solutions. Besides, increased production of vehicles and continuous implementation of driving safety regulations propel the growth of the market.
Players leading the global smart sensors market include-
- ABB Ltd.
- Rockwell Automation
- Emerson Electric Company
- Honeywell International Inc.
- NXP Semiconductor N.V.
- Eaton Corporation PLC
- Texas Instruments
- Renesas Electronics Corporation
- Omron Corporation
- Yokogawa Electric Corporation.
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Smart Sensors Market Report Scope:
| Report Metric | Details |
| Smart Sensors Market Revenue forecast in 2030 | USD 190.74 Billion |
| Smart Sensors Market Growth Rate | CAGR of 19.49% from 2020 to 2030 |
| Base Year | 2019 |
| Study Period | 2020-2030 |
| Key Market Opportunities | The intensive usage of electronic sensors in smart cities is increasing owing to their effective monitoring and controlling systems |
| Key Market Drivers | Several Governments are working towards Smart cities in recent years |
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Industry Trends
The increasing integration of smart sensors in vehicles defines the growing market landscape. Besides, the market growth is attributed to the increasing applications of smart sensors in some burgeoning industries, including automotive, electronics, and defense. Also, the increasing adoption of smart sensors in the biomedical, wearables, and healthcare sector offers tremendous growth opportunities.
Additionally, considerable R&D investments in the smart sensors space and increasing product development & launches boost the growth of the market. The spurring rise in the number of IoT-based solutions and the demand for smart sensors boost market revenues. Conversely, complex design structures and limited customization options obstruct market growth. Nevertheless, increasing smart city projects would support market growth.
Smart Sensors Market Segments
The smart sensors market is segmented into types, components, technologies, end-users, and regions. The type segment is sub-segmented into image sensors, smart position sensors, smart motion sensors, smart pressure sensors, touch sensors, smart temperature sensors, and others. The component segment is sub-segmented into analog-to-digital converters (ADC), digital-to-analog converters (DAC), amplifiers, microcontrollers, and others.
The technology segment is sub-segmented into CMOS and MEMS, and others. The end-user segment is sub-segmented into automotive, consumer electronics, industrial, infrastructure/construction, medical, and others. The region segment is sub-segmented into the MEA, Americas, Europe, Asia-Pacific, and the rest of the world.
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Smart Sensors Market Regional Analysis
North America leads the global smart sensors market. The largest market share attributes to the rising demand for smart sensors in the consumer electronics sector and autonomous devices. Besides, stringent government regulations to implement automotive safety technologies and a steady rise in vehicle production & sales drive the regional market growth.
Also, factors like the augmenting demand for safety and comfort features positively impact the market progress in this region. Moreover, growing application areas of smart sensors in the manufacturing sector in the region foster market revenues. The US dominates the smart sensors market in North America.
Europe stands second in the global smart sensors market, witnessing vast advancements in sensing technology that has helped improve healthcare standards and technical infrastructure. Additionally, the extensive uptake of smart sensors in some of the burgeoning end-use industries, such as industrial and construction, drive the growth of the regional market.
Stringent government regulations for vehicle safety encourage automakers to bring influential car designs integrated with all safety solutions, positively influencing the market growth. France, Germany, Italy, and the UK are the major markets for smart sensors in the region. Furthermore, regional market growth is fostered by the resurging economy and rising demand from the automotive, aerospace, and defense sectors.
The Asia Pacific smart sensors market has emerged as a profitable market. Factors such as the increasing uptake of smart technology and government initiatives to improve infrastructure boost the market value. Moreover, the rapidly growing economy in the region substantiates the smart sensors market size, increasing consumer purchasing power, and consumer inclination towards high-end luxury cars.
China, Japan, and India are key markets for smart sensors in the region. Considerable advancements in artificial intelligence and other similar technologies push market developments. Furthermore, increasing applications of smart sensors in medical device manufacturing, logistics, transportation, and consumer electronics impact the market growth positively.
Competitive Analysis
Highly competitive, the smart sensors market appears fragmented due to the presence of several well-established players. To gain a larger competitive advantage, industry players initiate strategic approaches, such as mergers & acquisitions, collaborations, expansion, and product/ technology launches. Smart sensor manufacturers look for partners with complementary strengths and can allow integrated products for their embedded sensor technologies that can be used in multiple market verticals.
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For instance, on Oct.28, 2022, BioCorp (France), a leading developer and manufacturer of medical devices, and Novo Nordisk A/S (Denmark), a multinational pharmaceutical company, announced strengthening their partnership with this agreement on the commercialization of Mallya smart sensor in Japan by the first half of 2023. This new agreement reinforces the partnership between these companies focused on the development of the Mallya product.
Mallya is a non-medical device; basically, it is a smart sensor attached to the Novo Nordisk FlexTouch insulin pens, allowing diabetic patients to seamlessly collect and record daily insulin intake/injection data, such as the number of insulin units and the date & time of administrating the medication. Mallya is linked to a mobile application that allows patients to monitor & track their injection history and follow their treatment in real-time.
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