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SE_172106
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Pages: 216
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Apr 2017 | 3014 Views
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Author's :
Preeti Bisht & Gaurav Shukla
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Tables: 69
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Charts: 92
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Smart Sensor Market - Transportation System Infrastructure & Aerospace Industries Market size is expected to reach $15,840 million in 2023 from $4,006 million in 2015, growing at a CAGR of 18.4% from 2017 to 2023.
A smart sensor is an electronic component that enables better control and monitoring of different operations, such as sensing physical inputs such as light, heat, motion, moisture, pressure, or any other entity, and producing a response by generating an output on a display or transmitting information in an electronic form for further processing using signal conditioning, embedded algorithms, and digital interface. These sensors collect highly accurate environmental data with minimum level of noise. Smart sensors are used in advanced IT solutions, such as machine-to-machine communication and analytics, and for the measurement of fluctuations in temperature, pressure, acceleration, and others, which are critical for a process. In addition, these devices are implemented in smart grids, smart cities, smart environments (forest fire control, snow level monitoring, and earthquake early detection); and automobile; defense; sports; and electronic sectors.
These sensors collect highly accurate environmental data with minimum level of noise. Smart sensors are used in advanced IT solutions, such as machine-to-machine communication and analytics, and for the measurement of fluctuations in temperature, pressure, acceleration, and others, which are critical for a process. In addition, these devices are implemented in smart grids, smart cities, smart environments (forest fire control, snow level monitoring, and earthquake early detection); and automobile; defense; sports; and electronic sectors.
The global smart sensor market is in its growth stage, and is expected to witness substantial growth in the near future, owing to heavy investment in R&D activities by market players and increased focus of the society towards Internet of Things (IoT). The other factors driving the market include robust growth in automobile sector, development of smart cities, and rise in security threats. However, high deployment cost and lack of privacy hamper the market growth. Furthermore, increase in the number of driverless cars is anticipated to present new opportunities for the market during the forecast period.
Market Segmentation
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Top Impacting Factors
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The significant factors impacting the industry are robust growth in automobile sector, inclination of society towards IoT, development of smart cities, and surge in security threats. However, high deployment cost and lack of privacy restrain the market growth. Increase in the number of driverless cars is anticipated to present new opportunities for the market growth during the forecast period.
Geographical Scenario
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North America accounts for the largest share of the global market, owing to the strong defense & aerospace industry, adoption of advanced devices in railways, and high budget allocation for the defense sector. In 2015, North America market had more than 32% of the market share in 2015, and is expected to maintain its dominance in coming years.
The global smart sensor transportation system infrastructure & aerospace industries market is segmented based on type, end-user, and geography. On the basis of type, the market is categorized into image sensor, touch sensor, smart motion sensor, temperature sensor, pressure sensor, and position sensor. Based on end-user, the market classified into transportation system infrastructure and aerospace industry. Transportation system infrastructure segment is further segmented into airports, railways/subways, road transport, and seaports. The aerospace industry is sub segmented into avionics, airplane, and drones. The market is analyzed based on four regions, which include North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The major companies profiled in the report include ABB Group, Analog Devices, Inc., Eaton Corporation, Plc, Emerson Process Management, Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics Corporation, Siemens AG, STMicroelectronics, and Yokogawa Electric Corp.
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Key Companies
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The global smart sensor market holds substantial scope for growth in the near future specifically in aerospace and transportation system. Moreover, its contribution to the global market is expected to grow over the next six years. High cost associated with this technology is a major limitation for market growth. However, recent innovations in sensor technology to facilitate high precision & accuracy in operations and rise in government investment have led to the market growth. Furthermore, numerous players intend to enter the smart sensor market with innovative products. Emerging developments in IoT and growth of autonomous products are expected to drive the market in the future.
In Aerospace industry, smart sensor are being largely utilized to cater to the various requirements such as condition monitoring for chemical sensing, minimizing size & weight, reduce power consumption, accommodating a range of possible voltage inputs, and multiple wired/wireless communication interfaces in both space vehicle environments and in aircraft operations. In transportation, infrastructure companies are constantly working toward converting old transportation infrastructure into intelligent transportation systems (ITS). This primarily aim to provide advanced transportation services related to the different modes of transport and traffic management, It also enable end-users to be better informed, more coordinated, safe and 'smarter' use of transport networks.
North America accounts for the largest share of the global market, owing to the strong defense & aerospace industry, adoption of advanced devices in railways, and high budget allocation for the defense sector. Increased inclination toward automation in the transportation and aerospace industries and growing trend of driverless cars have supplemented the growth of the smart sensor market, especially proximity sensor, image sensor, and displacement sensor.
The major companies profiled in the report include ABB Group, Analog Devices, Inc., Eaton Corporation, Plc, Emerson Process Management, Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics Corporation, Siemens AG, STMicroelectronics, and Yokogawa Electric Corp.
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