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The smart sensor market is expected to grow from US$ 31,731.1 million in 2021 to US$ 77,747.6 million by 2028. It is estimated to grow at a CAGR of 13.7% between 2021 to 2028.
Smart sensor is faster and more accurate than traditional sensors. These sensors are smaller and consume less power than conventional sensors. The use of smart sensors technology in IoT-based devices and consumers electronics and its application in the aerospace & defense, automotive, biomedical & healthcare, industrial automation, building automation, consumer electronics, education, robotics, agriculture, and transportation industries have attracted much interest in the past few years. The increase in usage of smart sensors across the applications is a key factor boosting the smart sensor market size.
With rising safety and security concerns, the demand for smart sensors in consumer electronics is increasing, impacting the smart sensor market. Various sensors, such as night vision IR sensors, sound sensors or microphones, and smart toilets, are used in home automation. Companies incorporate various features, such as automatic cleaning, automatic flushing, tank-leak monitoring, water overflow protection, and health monitoring, into their smart sensors. Lights and fans can be controlled with an automatic system that uses infrared or motion sensors.
Further, with the changing lifestyle and new modern standard of living thus, the demand for modular kitchens integrated with home automation is witnessing exponential growth, positively impacting the smart sensor market. Manufacturers are developing synthetic sensor-based devices to monitor vibration, kitchen sounds, light, gas, temperature, heat, and electromagnetic temperature and noise, increasing the the smart sensor market size. For instance, Analog Devices, Inc. offers HMC1126 GaAs pHEMT sensors. It is a low noise amplifier that operates at a range of 400 MHz-52 GHz and is used in several applications, such as microwave radios, very small aperture terminals (VSATs), test equipment, and 5G communication.
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Smart Sensor Market: Strategic Insights
Market Size Value in US$ 31,731.1 million in 2021 Market Size Value by US$ 77,747.6 million by 2028 Growth rate CAGR of 13.7% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Smart Sensor Market: Strategic Insights
Market Size Value in | US$ 31,731.1 million in 2021 |
Market Size Value by | US$ 77,747.6 million by 2028 |
Growth rate | CAGR of 13.7% from 2021 to 2028. |
Forecast Period | 2021- 2028 |
Base Year | 2021 |
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Speak to AnalystSmart sensor technology has led to rapid technological advancements in smartphones and wearable devices. Automobile manufacturers are increasingly demanding smart sensors to improve safety and comfort. The use of wireless technology to monitor and control security devices equipped with smart sensors is becoming more common. Amid COVID-19, the surge in demand for smart sensor-enabled wearable devices, ongoing government support for green building construction, and predictive maintenance are offering lucrative opportunities for the smart sensor market players.
The rise in smartphone penetration has been substantially fuelling the smart sensor market growth. Smart sensors include popular sensors, such as motion, position, ambient light, accelerometer, and gyroscope. Specific Absorption Rate (SAR) sensors enhance connectivity for a wide range of wireless technologies, such as 5G sub-6/4G/Wi-Fi in smartphones, tablets, and laptops. SEMTECH, a leading semiconductor supplier, offers PerSeTM Connect, PerSe Connect Pro, and PerSe Control sensors, which can be used in various applications, such as smartphones, laptops, tablets, and wearables.
Many companies are developing new and advanced smart sensors that combine microcontrollers in a single package. Modern technologies, such as AI (Artificial Intelligence) and IoT, enable this combination within small packaging. For instance, Bosch Sensortec's BHA250 can combine a 32-bit microcontroller with a 14-bit acceleration sensor in a 2.2 x 2.2 x 0.95 mm3 package. Further, the TE Connectivity company has integrated sensors with connectors to pack functionality into a small space. These developments in smart sensor technology are positively impacting the smart sensor market growth. With the growth in the consumer electronic industry, such as in smart beverage vending machines, smart home automation systems, simple computers, digital assistants (such as Alexa), and human wearable devices, the demand for smart sensors has increased in the smart sensor market. Traditional consumer products, such as laptops, smartphones, and televisions, continue to exceed expectations as consumers continue to adopt new and emerging products, including wearables, voice-activated smart speakers, and smart home devices.
According to multiple studies, tens of billions of IoT devices will connect to the Internet in the coming years, which will greatly impact the smart sensors market. COVID-19 is driving urban resilience and digital transformation strategy agendas as city governments adjust to a new reality.
Impact of COVID-19 Pandemic on Smart Sensor Market
Impact of COVID-19 Pandemic on Smart Sensor Market
The emergence of COVID-19 has brought the need to harness and leverage digital infrastructure for remote patient monitoring into sharp focus. Due to the slow development of current viral tests and vaccines, it has been determined that a greater need exists for more robust disease detection and monitoring of individual and population health, which wearable sensors could aid. While the utility of this technology has been used to correlate physiological metrics to daily living and human performance, it is still necessary to apply it to predict the occurrence of COVID-19.
The growing demand for energy-saving devices is driving up market demand for smart sensors in the smart sensors market in North America. Companies are shifting towards energy-efficient energy-saving equipment, as the changing scenario necessitates energy-efficient equipment and products. Further, sensor demand in the smart sensor market has increased across a variety of industries with the lifting of governments' stringent regulations, which are gaining traction in automation industries. In addition, the demand for sensors in the automotive sector is being driven by the desire to reduce the average weight of a car. Lightweight automobiles aid in both fuel efficiency and energy optimization.
Smart Sensor Market Segmentation
Based on technology, the smart sensor market is segmented into MEMS, CMOS, and Others. In 2021, the MEMS segment led the market. Based on type, the smart sensor market is segmented into temperature & humidity sensors, pressure sensors, motion sensors, position sensors, and others. In 2021, the temperature & humidity sensors segment accounted for the largest market share. Based on end-use industry, the smart sensor market is segmented into consumer electronics, automotive, healthcare, manufacturing, retail, and others.
Analog Devices Inc., Infineon Technologies Inc., STMicroelectronics, TE Connectivity, Microchip Technologies, NXP Semiconductor, Siemens AG, ABB Ltd., Robert Bosch GmbH, and Honeywell International are among the key smart sensor market players. In addition to these, several other players were analyzed to understand the overall dynamics of the global smart sensor market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Type, and End-use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Many automotive manufacturers are coming up with new intelligent vehicles. They are more inclined toward cutting-edge smart sensors. APAC is expected to be the most important market for smart sensors vendors over the coming years in the automotive, infrastructure, consumer electronics, and pharmaceuticals industries, with China, India, and Japan demonstrating a significantly high demand. As the global manufacturing hub for various industries, including semiconductor and automotive, which produce home appliances, smartphones, computers, and peripheral devices, China's manufacturing sector has seen massive growth over the last few years. As a result, an enormous increase in the production and sale of sensing devices can be seen in this region. Long-range low-power wide-area network (LPWAN) technologies, such as NB-IoT, LoRa, LTE-M, and Sigfox, are fueling IoT vehicle connectivity innovation. LPWANs for IoT sensors allow low-power devices to wirelessly stream data packets over longer distances, as required in the automotive industry.
APAC dominated the smart sensor market in 2020. The APAC's vertical growth in the automotive, infrastructure, consumer electronics, and pharmaceuticals industries has positively impacted the smart sensor market. As the global manufacturing hub for various industries, such as semiconductor—which produces home appliances, smartphones, computers, and peripheral devices—and automotive, China's and India’s manufacturing sectors have seen massive growth. Consequently, an enormous increase in the sale and production of sensing devices can be seen in APAC. The growing population, low cost of smart sensors, the prominent existence of several manufacturing facilities, and rapid technological advancements in emerging markets are further contributing to the growth of the APAC smart sensor market.
MEMS is expected to dominate the smart sensor market during the forecast period. MEMS uses small miniaturized electromechanical and mechanical systems of actuators, sensors, and microelectronics. This technology is expected to continue to dominate the market for smart sensors in the coming years and to be the fastest-growing technology during the forecast period, owing to the numerous benefits it provides, including fast operations, high reliability, improved accuracy, easy maintenance, and replacement, and low energy and material consumption. This technology enables the sensor to perform intelligently by allowing them to store a significant quantity of data in the blink of an eye. The typical data obtained by the sensor is processed by the microprocessor, which erases or saves the data based on an advanced computation. The primary benefits of MEMS technology are reduced energy and material consumption, higher repeatability, increased accuracy, and increased sensitivity and selectivity. The MEMS segment is expected to have the most significant CAGR during the anticipated period. It is due to the increased use of IoT and wearable devices such as smartwatches. Smartwatches include tiny sensors, which contributes to an increase in the demand for MEMS technology for use in these devices. As a result, rising sales of smartwatches are likely to increase demand for MEMS technology throughout the forecasted period. Furthermore, the growing preference for smart homes would fuel the need for MEMS technology throughout the forecast period.
In 2021, the market for temperature & humidity sensors held the largest market share. The demand for dependable, high-performance, low-cost sensors is growing, fueling the development of new technologies such as micro-and nanotechnology. Stick-on or printed sensors can be attached to equipment as labels to measure physical factors such as humidity, temperature, and gas pressure. Because of their inexpensive cost, compact size, and ease of use, the sensors are widely used in various sectors, including automobiles, homes, medical devices, the environment, food processing, and chemical. A temperature sensor's primary application is in a smart thermostat, a smart home device. Because of significant consumer interest, incremental technology breakthroughs, and increased accessibility, the total market for smart homes is expected to expand fast. Analog Devices, Inc., STMicroelectronics, TE Connectivity Corporation, Microchip Technology Inc., NXP Semiconductors, and other firms provide a wide range of temperature and humidity sensors to the global market.
The Internet of Things (IoT) has accelerated the evolution of sensors to new heights. With the industry 4.0-powered cyber-physical transformation of manufacturing industries, many production facilities are taking up smart sensors. IoT platforms use a variety of sensors to deliver intelligence and data, allowing devices to function autonomously and the entire ecosystem to become more intelligent. Devices share information and improve their efficiency and functionality by combining a set of sensors and a communication network. The demand for IoT is growing in various industrial verticals, which, in turn, is supporting the growth of the smart sensor market.
Best-in-class sensors are highly secure and designed for indoor occupant analytics and energy savings, providing unprecedented precision in occupant detection, count, and movements and accurate reading of ambient lighting and motion sensing. These smart sensors can work as standalone devices or be integrated into other infrastructure appliances, such as thermostats or lighting fixtures, in keeping with the edge computing approach. As these intelligent building sensors can perform all analytics in-house, images are never stored or transmitted over the network, ensuring that occupants' privacy is fully protected. Biosensors and electronic, chemical, and smart grid sensors are in high demand in smart cities.
The List of Companies - Smart Sensor Market
- Analog Devices Inc.
- Infineon Technologies Inc.
- STMicroelectronics
- TE Connectivity
- Microchip Technologies
- NXP Semiconductor
- Siemens AG
- ABB Ltd.
- Robert Bosch GmbH
- Honeywell International Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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