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Smart Sensor Market Size to Register An Appreciable CAGR of More than 17% by 2024

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The smart sensor market is projected to witness a lucrative growth in the future owing to the increasing investments in R&D activities by companies and the growing demand from the automotive sector for integrating sensor technology in vehicles

— Smart Sensor Market is expected to exceed USD 80 billion by 2024. Smart sensors are advanced platforms that enable automated collection of environmental data with the help of microprocessors and connectivity tools embedded in them. These devices are being used for monitoring applications such as smart grids. The increasing investment by the government on smart city development is one of the major drivers for the growth of the smart sensor market. The implementation of smart technology as a part of the country’s infrastructure has accelerated the demand for smart sensors.

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For instance, in 2015 smart city initiative was announced by the White House for managing traffic congestion and improve city services by integrating IoT technology. To make cities more efficient, more than USD160 million in federal research was pledged by the U.S. government. Developing nations, such as India, are also investing in smart city development. In 2015, the government of India allocated USD1.27 billion funds for the development of 100 smart cities. This is augmenting the smart sensor market globally.

Technological advancements in sensor technology have furthermore propelled the smart sensor market. The developments in microprocessors and integrated chips have led to the miniaturization of sensors. This has resulted in the increasing demand for smart sensors across various applications. Smart sensors are used for communication, multi-sensing, computation of extreme weather, and self-calibration. Moreover, developments are in progress that intend to build a sensor that will have the ability to sense an entire house or building. The improvements in wireless technology have made it possible to fix the sensor anywhere without the complications of handling any type of wire. Affordable wireless sensors have penetrated the market that have contributed immensely to the growing smart sensor market.

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The smart sensor market is projected to witness a lucrative growth in the future owing to the increasing investments in R&D activities by companies and the growing demand from the automotive sector for integrating sensor technology in vehicles. Increasing demand from the consumer electronics industry for use in smartphones appears to be promising for the industry. Smart sensors are being adopted for increasing supply chain management efficiencies for self-directed monitoring, reducing the overall operating costs and increasing human labor productivity. Smart sensors are not only monitoring the wear and tear of machines but are also providing insights on machine manufactured products. This augments smart sensor market across various industry verticals.

North America is the major region of smart sensor market growth. This is due to the extensive R&D investments in smart city developments and the presence of numerous IoT companies. Arm Holdings PLC., Omron Corporation, Infineon Technologies AG, Texas Instruments Incorporated, NXP Semiconductors, Broadcom Inc. (Avago), TE Connectivity Ltd., Sensirion Holding AG are the major companies in smart sensor market.

These companies follow the strategy of launching innovative sensors in the market to gain a competitive edge over other players. For instance, in August 2016, OMRON introduced human vision component sensing unit for identifying gender, age, human facial expression, gaze, and blink into a camera module. This is projected to fuel the smart sensor market for the forecast period.

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Table of Contents (TOC) of the report:

Chapter 5 Smart Sensors Market, By Technology
5.1 Smart sensors market share by technology, 2015 & 2024
5.2 MEMS Technology
5.3 CMOS Technology
5.4 Others

Chapter 6 Smart Sensors Market, By Network
6.1 Smart sensors market share by network, 2015 & 2024
6.2 Wired
6.3 Wireless

Chapter 7 Smart Sensors Market, By Application
7.1 Smart sensors market share by application, 2015 & 2024
7.2 Commercial/Industrial Building
7.2.1 Market estimates and forecasts by region, 2013-2024
7.3 Residential building/Smart home
7.3.1 Market estimates and forecasts by region, 2013 – 2024
7.4 Consumer electronics
7.4.1 Market estimates and forecasts by region, 2013 – 2024
7.5 Automotive
7.5.1 Market estimates and forecasts by region, 2013 – 2024
7.6 Oil & gas
7.6.1 Market estimates and forecasts by region, 2013 – 2024
7.7 Aerospace & defense
7.7.1 Market estimates and forecasts by region, 2013 – 2024

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Website: https://www.gminsights.com/pressrelease/smart-sensor-market

Source URL: https://marketersmedia.com/smart-sensor-market-size-to-register-an-appreciable-cagr-of-more-than-17-by-2024/88898852

Source: MarketersMedia

Release ID: 88898852

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