The smart sensor market is expected to witness a CAGR of 19.4% during the forecast period 2021-2027. The smart sensor industry is anticipated to have significant growth during the forecast period due to the massive investment in R&D activities, adoption of IoT, autonomous cars, industrial automation, and smart wearable networks in healthcare, resulting in the development of smart sensors during the forecast period.
Smart sensors are used in developed IT solutions like machine-to-machine communication and analytics and measure temperature or pressure acceleration fluctuations that are crucial for a process and used in smart grids, smart cities, and smart environments. These devices are also implemented in the automobile, defense, sports, and electronics sectors too. Furthermore, the rising government initiatives, rising trend towards miniaturization are the factors that bolster the growth of the smart sensor market. Nevertheless, the development of smart sensors in the biomedical sector will create promising opportunities for the growth of smart sensors globally.
Infineon Technologies AG, Elliptic Labs, a global AI software company and world leader in virtual smart sensors, has announced a partnership. This collaboration adds new capabilities such as breathing and heartbeat detection to Elliptic Labs' existing presence and gesture detection capabilities.
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The COVID-19 outbreak has adversely affected the electronics and semiconductor sector owing to which production facility and new projects were stalled, resulting in a slowdown in the growth of the smart sensor market. However, the adverse impact of COVID-19 on the smart sensor market is anticipated to remain for a short period and the market will recover by 2021 owing to rising demand for the installation of IoT devices in various industries and increasing initiatives for smart cities and smart grid technologies.
Temperature sensors will witness significant growth during the forecast period owing to the mounting demand for reliable, high-performance, and low-cost sensors, resulting in the development of innovative technologies such as microtechnology and nanotechnology. Moreover, temperature sensors are used in a smart thermostat that is a smart home device. There is a growing demand for smart homes during the forecast period because of the rise in consumer awareness, industrial advancement, and easy accessibility.
Asia-Pacific is the largest contributor in the smart sensor market owing to massive investment, business expansion opportunities, growth in healthcare, automobiles, and consumer electronics in the region. Moreover, the penetration of smartphones, appliances in residential buildings like heating, washing machine, refrigerators, and cooling equipment uses smart sensors, resulting in the growth of smart sensors in the region.
Some of the major players in the global smart sensor market include Analog Devices, Inc., ABB, Honeywell International Inc., NXP Semiconductors, Siemens, Infineon Technologies AG, Eaton, Texas Instruments Incorporated, STMicroelectronics, Robert Bosch GmbH.
Source: VynZ Research