The global smart sensors market is garnering significant traction. Smart sensors with their self-testing capabilities, self-identification, self-validation, and self-adaptation have garnered massive popularity over the past couple of years. Increasing smart sensor applications in automotive, electronics, and defense industries worldwide drive the market growth.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2768
With the increasing adoption of smart sensors in the biomedical, wearables, and healthcare sectors, the market is projected to perceive vast gains. In this regard, Market Research Future (MRFR) asserts that the global smart sensors market would reach exponential valuation by 2027, growing at a phenomenal CAGR during the review period (2020-2027).
Moreover, additional advantages of smart sensors, such as high reliability, high performance, compact size, low power consumption, and minimal requirement of interconnecting cables, escalate the market growth, increasing its application areas. Considerable investments in research development of smart sensors and increasing product development and launches boost the growth of the market.
Additionally, the spurting growth in IoT-based solutions and the demand for smart sensors boost the market growth. Conversely, complex design structure and lack of customization are the key factors estimated to obstruct the market's growth. Nevertheless, the growing deployment of cloud technology and increasing smart city projects would support market growth.
Global Smart Sensors Market - Segmentation
The report is segmented into types, 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 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.
Global Smart Sensors Market - Regional Analysis
North America leads the global smart sensors market, witnessing the rising demand. Besides, the rising demand for smart sensors in the consumer electronics sector and autonomous devices drive regional market growth. Favourable government regulations for the implementation of automotive safety technologies and steady rise in vehicle production sales, alongside the augmenting demand for safety and comfort features, impact the market growth positively.
Furthermore, growing application areas of smart sensors in the manufacturing sector foster market growth in the region. The US market dominates the smart sensors market in the region. The North American smart sensors market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global smart sensors market. The market is driven by vast advancements in sensing technology, improvements in healthcare standards, and improved technical infrastructure. Moreover, the extensive uptake of smart sensors in the burgeoning end-use industries fosters market growth.
Furthermore, the growing economy and demand from the aerospace, automotive, and defense sectors influence the market growth. The smart sensors market in the Asia Pacific region is growing rapidly. Factors such as government initiatives and the increasing uptake of smart technology to improve infrastructure boost the regional market growth. Moreover, the rapidly growing economy in the region increases the size of the smart sensors market, 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.
Moreover, stringent government regulations and influential car designs that can upgrade the safety provision in the region influence the market positively. Furthermore, increasing applications of smart sensors in medical devices, logistics, transportation, and consumer electronics sectors impact the regional market growth positively. Increased vehicle production and implementation of regulations on driving safety propel the growth of the regional market.
Global Smart Sensors Market - Competitive Analysis
Highly competitive, the smart sensors market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers acquisitions, collaborations, expansion, and product/ technology launch.
Major Players
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, and Yokogawa Electric Corporation, among others.
Industry/ Innovation/ Related News
May 25, 2021 ---- Denka Company Limited (Japan), a leading global chemical company, announced its partnership with ABB, a leading electric motor manufacturer, to improve wireless smart sensor technology. The smart sensors service agreement would help Denka to eliminate the failure of its process-critical motors.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/smart-sensors-market-2768
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Contact:
Market Research Future
+1 646 845 9312
