Global Smart Sensor Market is anticipated to grow at a CAGR of over 17% to reach USD 80 billion by 2024. Advancements in consumer electronics coupled with favourable government initiatives is anticipated to drive the smart sensors industry growth over the forecast timeline. Increasing government spending on these technologies and the declining price trend is expected to fuel the overall industry demand.
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Increasing adoption of miniaturization trend by the manufacturers to provide several functionalities in a single chip offer significant growth opportunity for the smart sensor market growth. Growing trends such as smart cities and smart homes across the globe provide impetus to the demand for smart sensors over the forecast timeline. Pertaining to the features such as reducing carbon emission levels, these sensors have witnessed huge adoption in the power plants for efficient operation of various processes.
Innovative manufacturing technologies coupled with high tech signal processing and enhanced performance, is expected to contribute to reduction in development costs of these products. For instance, motion tracker application, Notch, helps optimizing the performance, improved movement related techniques and lower the injury rate. The application is linked to the smartphone and enables movement captured by the wireless sensors. With the growing demand for eco-friendly protection, industry players are concentrating more on environmental safety propelling the smart sensor market growth across the globe.
Development in industrial robotics followed by the rising adoption in aerospace and automotive industry is expected to boost the demand for smart position sensors over the forecast timeline. The gradual rise in demand for mobile devices such as smartphones and tablets integrated with enhanced touch enabled displays will drive the demand for touch sensors demand.
Advancements in MEMS technology such as sensor fusion led to high usage in various industrial verticals such as automotive, healthcare, aviation and consumer electronics. Rising adoption of wearable technology such as smart watches and wrist bands is expected to surge the demand for MEMS technology in the smart sensor market. In automotive industry, this technology is widely implemented in the airbag systems pertaining to rising passenger safety concerns coupled with favourable government regulations further contributing to the smart sensor market growth.
In automotive industry, use of these components for automatic climate control improves passenger comfort by controlling the cooling systems. Reduction of energy consumption in vehicles is achieved by incorporating the products with air-conditioned seats for temperature & humidity control. All these factors significantly contribute to the automotive smart sensor market growth over the forecast timeline.
North America dominated the smart sensor market with major market share in 2015 pertaining to the rising adoption across various industry verticals to provide concerning consumer protection and safe working environment. The presence of major industry players such as Atmel Corporation, Infineon Technologies and Qualcomm Inc contributes to the industry growth in the region.
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Key players in the smart sensor market include ABB Group Ltd., Analog Devices Inc., Emerson Electric Company, Honeywell International Inc., General Electric, Eaton Corporation, Atmel Corporation, NXP Semiconductors and Infineon Technologies.
Chapter 3 Smart Sensors Industry Insights
3.1 Industry segmentation
3.2 Industry lanscape, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Smart devices
184.108.40.206 Smart homes
220.127.116.11.1 Home Security
18.104.22.168.2 Energy management & climate control systems
22.214.171.124.3 Lighting, window & appliance control systems
126.96.36.199.4 Audio?visual & entertainment systems
188.8.131.52 Commercial/Industrial building
3.4.2 Internet of Things
3.5 Regulatory landscape
3.5.2 North America
3.5.3 Asia Pacific
3.5.4 Latin America
3.5.5 Middle East
3.6 Industry Impact forces
3.6.1 Growth drivers
184.108.40.206 Rising government initiatives
220.127.116.11 Rising security risks leading to high demand for advanced smart sensors
18.104.22.168 Rising focus on environment safety
22.214.171.124 Emerging demand across various applications
126.96.36.199 Growing demand for miniaturized products
188.8.131.52 Increasing demand in monitoring and diagnostics applications
3.6.2 Industry pitfalls and challenges
184.108.40.206 Product lifecycle concerns
220.127.116.11 Complex design
3.7 Growth potential analysis. 2016
3.8 Porter’s analysis
3.9 PESTEL analysis
3.10 Use cases/5W1H
3.10.1 Residential building/smart home
18.104.22.168 Home security
22.214.171.124 Energy management & climate control systems
126.96.36.199 Lighting, window & appliance control systems
188.8.131.52 Audio?visual & entertainment systems
184.108.40.206 Assisted living
3.10.2 Consumer electronics
3.10.4 Oil & gas
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