Smart Sensors Market Overview:
The Global Smart Sensors Market is anticipated to account for $60 billion by 2022, growing at a CAGR of 19.2% from 2016 to 2022. Smart sensor is an upcoming element of Internet of Things (IoT) that transmits data over all the available networks. This device enables functions such as digital processing, data conversion, and interaction with external devices.
The global smart sensor market is expected to witness significant growth during the forecast period, owning to increase in demand for smart phones & vehicles, development of smart cities, inclination of society toward IoT, and enhanced security measures. Moreover, development of smart cities is expected to boost the growth of smart sensor market globally. However, factors such as high prices and lack of data hamper the market growth.
The smart sensor market is currently in its growth stage, with an expectation to register substantial growth in the near future attributed to high investments in R&D by the companies, and the growing inclination toward IOT. Other factors that drive the smart sensors market include increase in demand for automobile & electronics and development of smart cities. Moreover, increase in rate of terrorism activities and security issues further highlights the importance of smart sensor in counterterrorism application. However, lack of privacy, complex structure, high replacement, and deployment cost are projected to constraint the growth of the market.
Some of the major players that operate in the global smart sensors market are Infineon Technologies AG, ABB Ltd., NXP Semiconductors N.V., Yokogawa Electric Corp, Analog Devices, Siemens AG, Renesas Electronics, STMicroelectronics N.V., and Eaton Corp.
The Market is Segmented Based on Type, End User, and Geography
Top Impacting Factors
Increase in Demand for Vehicles
Incorporation of smart sensors in vehicles for safety is one of the drivers of the smart sensors market. Surge in demand for vehicles thus fuels the requirement for smart sensors. In addition, advancement in technology and competitors trying to provide additional features to their vehicles drive the demand for smart sensors. Hence, increase in need for vehicles and strong industrial support are anticipated to propel the growth of the smart sensor market in the coming years.
Growth in demand for smart phones, tablets, and other electronic devices
Rise in demand for various electronic devices with advanced features such as auto focus camera and touch sensors is expected to propel the adoption of smart sensors.
Top Winning Strategies
Partnership & agreement is the key growth strategy adopted by market players, followed by product launch, mergers & acquisitions, geographical expansion, and joint ventures. Several companies enter into various agreements and partnerships such as supply & sales agreements and plant manufacture partnerships to serve their customers in a better manner and increase their market outreach.
TOP WINNING STRATEGIES (%) (2013-2016)
This report provides an extensive analysis of the current & emerging market trends and dynamics in the global smart sensors market.
Competitive intelligence of leading manufacturers and distributors of smart sensors helps to understand the competitive scenario across the geographies.
Key market players within the global smart sensor market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global market.
This report provides the quantitative analysis of the current trends and future estimations from 2014 to 2022, which assists to identify the prevailing market opportunities.
In-depth analysis is done by constructing market estimations for the key market segments between 2014 and 2022.
An in-depth analysis of current research and clinical developments global is provided with key dynamic factors that help to understand the behavior of the market.
GLOBAL SMART SENSORS MARKET SEGMENTATION
- Image sensors
- Smart motion sensors
- Smart position sensors
- Smart pressure sensors
- Smart temperature sensors
- Touch sensors
By End User
- Automotive industry
- Consumer Electronics
- Medical equipment
- Others (Avionics, food & beverage)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
- ABB Ltd.
- Analog Devices
- Eaton Corp
- Emerson Process Management
- Infineon Technologies AG
- NXP Semiconductors N.V.
- Renesas Electronics
- Siemens AG
- STMicroelectronics N.V
- Yokogawa Electric Corp