Smart Sensor Market – Industry Growth Overview with Major Drivers
The latest report “Global Smart Sensor Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” added by DecisionDatabases.com provides a complete market outlook to those seeking in-depth market knowledge. The study provides forecast in terms of revenue/ volume during the forecast period from 2015 to 2022. The report also provides market's mergers/acquisitions, partnerships, collaborations, new product launches, new product developments and other latest smart sensor industry developments.
A smart sensor is an intelligent device, which converts inputs taken from the physical environment into digital form and transmits the desired output to the network. Smart sensor helps in filtering out unwanted sound before relaying the data. It has the ability to offer a real-time dimension of complex phenomena along with performing highly-integrated logic functions. The increasing popularity of wireless technology coupled with its energy-efficient property are some of the major growth drivers, which are expected to fuel market demand for smart sensors. In addition, favorable government policies along with rising concern toward surveillance and security are also projected to have a positive impact on the industry growth in the near future. However, high installation cost and complicated structure are some of the major threats which may hamper market growth over the coming years.
Smart sensors may be used as an alternative to all human sensory tasks and can help in all practical functions of life with more accuracy. Emerging economies have started using the smart sensor in various domains. Moreover the applications are risings across various end-use industries with the help of a continuous technological innovation. Growing demand in the industrial application due to its minimized scrapping, speeding, processing, and improved product quality property is anticipated to further aid to the market growth in the near future. The smart sensor market will continue to evolve in the future owing to greater flexibility and convenient implementation offerings.
The global smart sensor market has been segmented based on sensor types into temperature & humidity sensors, flow sensors , pressure sensors, touch sensors, motion & occupancy sensors, water sensors, position sensors, ultrasonic sensors, light sensors, and other sensors (electrical conductivity sensors, gesture sensors, radar sensors and oxidation-reduction potential (ORP) sensors). The pressure sensor is one of the major sensor type segments and is expected to grow at a significant rate over the forecast period owing to its growing usage in various end-user industries such as thermodynamics, fluid mechanics, aerodynamics, biophysics, and acoustics.
Furthermore, the smart sensor market has been segmented by technology into MEMS-based smart sensors, CMOS-based smart sensors, and other technologies. The MEMS-based smart sensors are one of the leading technology segments and are estimated to witness a substantial growth over the forecast period on account of its growing demand in various sectors including consumer electronics, environmental monitoring, automotive systems and medical diagnostics sectors. The smart sensor market is further segmented by component, network connectivity, and end-user into various segments.
North America is one of the major markets for the smart sensor and is expected to grow at a considerable rate in the near future owing to growing demand for IoT (Internet of Things) and smart homes in the region. Asia Pacific is one of the fastest growing markets and is projected to grow at the highest CAGR over the forecast period. This growth is attributed to the rising demand from end-user industries and growing automobile, healthcare and consumer electronics sector in the region.
The key players include Analog Devices, Inc., Infineon Technologies AG, STMicroelectronics, TE Connectivity Ltd., Atmel Corporation, NXP Semiconductors N.V., ABB Ltd., Siemens AG, InvenSense, Inc., Robert Bosch GmbH, Honeywell International Inc., Eaton Corporation PLC, Emerson Electric Company, General Electric, Legrand S.A and Sensirion AG.
In May 2016, Helium, an IoT (Internet of Things) company, has launched its Helium Pulse™ alerting and monitoring application, to alarm and monitor using Helium smart sensors.
In June 2016, Philips had announced the launch of its Philips Sonicare FlexCare Platinum, which is an advance smart sensor technology and helps the consumers to identify the missing areas of the mouth left during daily brushing routine
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