A smart sensor is a device that takes input from the physical environment and uses built-in compute resources to perform predefined functions upon detection of specific input and then process data before passing it on. Smart sensors are used for digital processing i.e. it converts the analog signal to digital. Thus, it can be used across verticals such as consumer electronics, automotive, industrial, medical, security & defence, and entertainment.
Increasing sales of electric vehicle is one of major factors for increasing demand of smart sensors. For instance, according to Coherent Market Insights’ analysis, around 962 thousand units of electric cars have been sold, globally in 2017 up from 695 thousand units in 2016. This increasing sale of electric cars has led to increasing demand for sensors in order to charge the vehicles and for other factors. Therefore, increasing demand for electric vehicle is positively aiding in growth of the market.
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On the basis of regions, the global smart sensors market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America accounted for the largest share in the global smart sensors market in 2016. The U.S. is the major growth engine in North America. This is owing to increasing initiatives from the U.S. government towards improvement of transportation facilities and implementation of intelligent transportation systems (ITS). For instance, the America's Surface Transportation Act or 'FAST Act' was passed in 2015, in order to solve congestion issues, enhance transportation within the country, improve working efficiencies in transportation systems and commercial vehicles, and minimize vehicle emissions. Thus, increasing government support for improving transportation facilities has led to increasing demand for electric vehicles. Electric vehicles are incorporated with sensors for performing various functions. Therefore, as the sales of electric vehicle increases, it will lead to increasing demand for sensors. Hence, this factor helps in propelling growth of the sensors in this particular regions
Asia Pacific market is expected to exhibit highest CAGR over the forecast period and this is due to increasing deployment of smart city and smart infrastructure projects in this region. China, Japan, India, and South Korea are the major growth engines in the region. For instance, in 2015, Government of India launched '100 Smart Cities Mission', which will require smart sensors for various applications such as roads, vehicles, and others.
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Key players operating in the global smart sensors market are Rockwell Automation, Inc., ABB Group Ltd., Electric Company, NXP Semiconductor N.V., Honeywell International Inc., Eaton Corporation PLC, Renesas Electronics Corporation, Texas Instruments, Inc., Yokogawa Electric Corporation, and Omron Corporation.
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