The smart sensors market is expected to grow at a compound annual growth rate of 17.45% over the forecast period to reach a total market size of US$70.617 billion by 2023, from an estimated value of US$26.906 billion in 2017. Smart sensors detect the input from the physical environment and provide an automated and an accurate data with less or no error. These sensors are used for the monitoring and control mechanisms which detect and process data, are used extensively in applications such as smart grids, and various other scientific applications. A tremendous progress in the semiconductor industry has resulted in the cost reduction of the microprocessors, thereby boosting the smart sensors market growth. Sensors are one of the main factors for the success of internet of things (IoT), hence the technology trend towards widescale IoT adoption will further augment the demand for these sensors. Furthermore, the introduction of the smart cities and smart factories will require the implementation of the smart sensors across various applications. North America has a significant market share due to the continuous technological advancements while the Asia Pacific is the fastest growing market.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical region. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the smart sensors value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting. Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the global smart sensors market.
Major industry players profiled as part of the report are Honeywell International Inc., ABB, STMicroelectronics, InvenSense, and NXP Semiconductors among others.
The global smart sensors market has been analyzed through following segments:
Smart flow sensors
Smart pressure sensors
Smart position sensors
Smart temperature sensors
Smart vision sensors
MEMS-based smart sensors
CMOS-based smart sensors
By Industry Vertical
Communications and Technology
Middle East and Africa