Global Smart Sensors MarketReport, published by Variant Market Research, forecast that the global market is expected to reach $101 billion by 2025 from $26 billion in 2017, growing at a CAGR of 18.5% from 2017 to 2025. By Geography, Asia-Pacific and North America are expected to grow at a CAGR of 19.2% and 18.4%, respectively, during the forecast period. A smart sensor is a device that takes input from the physical environment and uses built-in compute resources to perform predefined functions upon detection of specific input and then process data before passing it on. The growing advancement in technology is the major smart sensors market trend.
Smart SensorsMarket (By Product: Image Sensors, Touch Sensors, Smart Motion Sensors, Smart Temperature Sensors, Smart Pressure Sensors, and Smart Position Sensors; By End User: Industrial, Medical Equipment, Automotive Industry, Consumer Electronics, Infrastructure, and Other End Users; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
The global smart sensors market is mainly driven by rising demand from electronics & automobile industry
Rising demand for electronics & automobile industry, development of cities, and increasing penetration of wireless technologies are the major factors to drive the smart sensors market growth. However, high prices, and complex structure may limit the market from growing. Moreover, increase in demand for vehicles & smart phones, inclination of people towards IoT, and enhanced security measures are likely to generate lucrative growth opportunities for the market in the forecast time period.
Product, end user, and geography are the segmentations of the global smart sensors market. Classification by product includes image sensors, touch sensors, smart motion sensors, smart temperature sensors, smart pressure sensors and smart position sensors. Furthermore, industrial, medical equipment, automotive industry, consumer electronics, infrastructure, and other end users (avionics, food & beverage) are the segregations of the end user segment.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Italy, and Rest of Europe are analyzed under the European market. India, China, Japan, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Image sensors, by product segment led the market with major share in 2017
Image sensors accounted for the majority of the market share in the product segment in the year 2017 and is expected to continue its trend during the forecast period 2017 – 2025. The high growth of image sensors is attributed to its high frame rates, strong image quality, and very strong sensitivity.
Automotive Industry held for the leading market share in the end user segment
Automotive industry contributed for the highest market share in 2017, in the end user segment, owing to its advancement in automotive products. Similarly, automotive industry is expected to achieve the fastest CAGR over the forecast period between 2017 to 2025.
North America occupied the major share in the global smart sensors market
In the year 2017, North America generated the highest revenue accounting for more than 32.9% of the total market share, owing to the growing demand for smart homes and IoT in the U.S., early adoption of new technologies, and presence of prominent players in the region. In terms of growth, Asia-Pacific is anticipated to attain the fastest CAGR throughout the forecast period between 2017 to 2025. The high growth can be credited to rapid industrialization, strong economic development and strengthening manufacturing activity especially in India and china.
Key players profiled in the report include Siemens AG, Emerson Electric Co., Infineon Technologies AG, ABB Ltd., Renesas Electronics Corporation, NXP Semiconductors, Eaton Corporation, Analog Devices, Inc., Yokogawa India Ltd., and STMicroelectronics, among others.