Global Smart Sensor Revenue to Expand at a CAGR of 15.3% During the Forecast Period (2018–2026), Driven by the Growing Trend of Miniaturization of Sensors

A smart sensor has a multi-sensing capability that measures the temperature, pressure, humidity & position and processes the data using microprocessors & advanced computation models. The cost of smart sensors is low as they use less hardware. Smart sensors have currently established a strong presence in consumer electronics and automotive applications. In addition, there is an increase in the demand for MEMS technology in smart sensors as this technology helps smart sensors handle a massive amount of data in a fraction of seconds. The data that is recollected by the smart sensor is processed with microprocessors, which, through advanced computation, store the data. This MEMS sensor technology makes these smart sensors more flexible and improves their self-calibration abilities.

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The demand for smart sensors in smart city projects is rising owing to the usage of a variety of smart sensors, such as light sensors, environmental sensors, temperature & humidity sensors, and position sensors, among others, for applications in infrastructure. Advancements in semiconductor technology have led to the rapid development of smart sensors used for various applications, which include consumer electronics, healthcare, automotive, infrastructure, industrial, healthcare, and others. Moreover, with increasing urbanization and growing requirement for customer convenience & safety, automated & connected homes are increasingly gaining traction, which creates growth opportunities for smart sensor manufacturers across the globe.

Increase in the demand for smart sensors in automotive and consumer electronics to boost the smart sensor market

Increase in the demand of smart sensors in consumer electronics, rise in the demand for MEMS sensors in healthcare for structural health monitoring, and the growing demand for energy-saving devices are some of the major factors fueling the growth of the smart sensor market. However, high deployment and lengthy regulatory approval processes are identified to be among major restraints of the global growth of the smart sensor, especially in some of the developing economies.

Several players in this smart sensor market have started taking more interest in this market by investing in product launches & innovations and partnerships. For instance, in December 2016, Yokogawa Electric Corporation launched the ISA100 wireless-based field wireless vibration sensor. This sensor offers real-time updates on vibration levels in plant facilities as well as detects equipment anomalies & enables predictive maintenance.

In addition, in March 2017, Vishay Intertechnology launched an integrated automotive grade proximity and ambient light sensor for gesture recognition. This sensor also provides gesture recognition in consumer electronics such as notebooks and tablets.

Global smart sensor market is categorized on the basis of sensor type, component, technology, end use industry, and region

On the basis of sensor type, the smart sensor market is segmented into motion sensors, temperature sensors, pressure sensors, image sensors, touch sensors, position sensors, and others. The revenue contribution of smart sensors from the touch sensors segment is expected to expand at a CAGR of 17.6% during the forecast period. On the basis of technology, the smart sensor market is segmented as MEMS-based smart sensors, CMOS-based smart sensors, and other technologies. The revenue contribution of smart sensor from the MEMS-based smart sensors segment is expected to expand at a CAGR of 16.1% during the forecast period. On the basis of end-use industry, the global smart sensor market is segmented into healthcare, automotive, infrastructure, industrial, consumer electronics, and others. The revenue contribution of smart sensors from the automotive segment is expected to expand at a CAGR of 16.1% during the forecast period.

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North America and Western Europe are expected to maintain key market positions in the smart sensor market in the coming years

Among the key regional markets, the APEJ smart sensor market is projected to exhibit relatively higher growth in the global smart sensor market with a CAGR of over 17.9% during the forecast period. Revenue from the smart sensor markets in North America and Western Europe is expected to collectively account for over 53.1% of the global smart sensor market revenue in 2018. Key competitors in smart sensor market are Microsemi Corporation, STMicroelectronics, Infineon Technologies AG, Vishay Intertechnology; ABB Ltd.; Omron Corporation; Rockwell Automation, Inc.; SICK AG; Eaton Corporation; Honeywell International, Inc.; Texas Instruments Incorporated; Renesas Electronics Corporation; Yokogawa Electric Corporation; NXP Semiconductors; and Analog Devices, Inc.