Smart Sensor Market worth 57.77 Billion USD by 2022
The report “Smart Sensor Market by Type (Temperature & Humidity, Pressure, Touch, Motion & Occupancy, Water, Position, Light), Technology (Mems, CMOS), Component (ADC, DAC, Microcontroller), Connectivity, End-User Industry and Geography – Global Trends and Forecast to 2022″, The smart sensor market is expected to grow from USD 18.58 Billion in 2015 to USD 57.77 Billion by 2022, at a CAGR of 18.1% between 2016 and 2022.
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The major drivers for this market include the growing concern toward security & surveillance, rising need for energy-efficient devices, and favorable government initiatives. The growing consumer electronics sector, surge in automotive industry on a global basis, and the growing trend of miniaturization in sensors are the other major factors driving the smart sensor market.
Smart pressure sensor type to hold a major share of the smart sensor market
Pressure sensors are among the key measuring and monitoring sensors used in most end–user industries. Pressure is an important parameter of diverse disciplines such as aerodynamics, thermodynamics, acoustics, fluid mechanics, and biophysics. MEMS-based pressure sensors have been widely utilized in consumer electronics, automotive systems, environmental monitoring, and medical diagnostics sectors among others. Thus, these sensors are expected to hold the major share of the smart sensor market between 2016 and 2022.
Trend of miniaturization in the sensors segment and growing consumer electronics sector are driving the smart sensor market
The tremendous technological developments in the past decade have led to considerable reduction in the size of sensors; for instance, the size of pressure sensor has been reduced from approximately 0.5um to 1 mm. The reduction in the size of these sensors and the adoption of MEMS technology have resulted in a wide horizon of applications for sensors in the fields of automotive, aviation, healthcare, wireless and optical communications, and consumer products. Moreover, the growing demand for smart devices and wearable electronics in the consumer electronics sector are some of the major growth drivers.
Americas to hold the largest market share, APAC to grow at the highest rate
The smart sensor market in the Americas is expected to hold the major market share between 2016 and 2022 owing to the growing demand for smart homes and IoT in the U.S., presence of major players in the region, early adoption of new technologies, and growing automotive and consumer electronics industry. The APAC market is expected to grow at the highest CAGR between 2016 and 2022 owing to the increasing demand from end-user industries such as consumer electronics and automotive.
The competitive landscape of the market presents valuable insights into the various players in the smart sensor market. The smart sensor market report profiles the 16 promising players in the market and describes their business overview, product portfolio, recent developments, and key strategies for growth. Some of the major players considered in the research study are Analog Devices, Inc. (U.S.), Infineon Technologies AG (Germany), STMicroelectronics N.V. (Switzerland), TE Connectivity, Inc. (U.S.), Atmel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), InvenSense, Inc. (U.S.), Robert Bosch GmbH (Germany), and Sensirion AG (Switzerland) among others.