A recent report published by
Infinium Global Research on the smart sensor market provides an in-depth analysis of
segments and sub-segments in the global as well as regional smart sensor
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional smart sensor market over the short term
as well as long term. The report is a comprehensive presentation of trends,
forecasts, and dollar values of the global smart sensor market. According to the
report, the global smart sensor market is projected to grow at a CAGR of 21.0%
over the forecast period of 2020-2026.
A smart sensor is a significant
technological innovation that allows better control and monitoring over
different operations, for example, to sense physical input such as light,
motion, heat, moisture, pressure, or any other entity. Further, it responds by
producing an output on a display or transmits the information in an electronic
form for further processing with the help of signal conditioning, embedded
algorithms, and a digital interface. The smart sensors collect highly accurate
environmental data with a minimum level of noise. These sensors are applicable
in advanced IT solutions, for example, machine-to-machine communication and
analytics, and to measure variations regarding temperature, pressure
acceleration, or others, which are critical for a procedure. Moreover, these
devices are implemented in smart grids, smart cities, automobile, defense,
sports, and electronic sectors.
The surroundings around COVID-19
will indisputably impact aspects of the smart sensor market beyond healthcare.
Smart retail for the occurrence could see a remarkable boost. The network of
sensors that gathers personal medical data could present civil liberty
questions and concerns. Even in the midst of COVID-19 outburst, WHO has also
expressed concerns on this very matter. The security and privacy concerns are
not new to the IoT industry. While challenges undoubtedly remain on this front,
the problem is certainly one of augmented focus for the entire industry which
is taking a more holistic approach to the subject. In the past two years,
companies across the world selling products and services into European Union
(EU) and European Economic Area (EEA) republics have been obliged to follow
data protection and privacy regulations under General Data Protection
Regulation (GDPR). The GDPR, which came into force in May 2018, sets rules on
how organizations can process the personal data of citizens (for instance,
gather, retain, or transfer to third parties and gain personal consensus for
all of this). Further, the necessity to adhere to GDPR two years ago means that
companies operating or selling into the EU and EEA had compliant products
before the spread of the COVID-19 outbreak.
The smart sensor market is
presently in its growing stage and is anticipated to register substantial
growth in the near future, accredited to high investment in R&D activities
by market players and emphasis of society toward the Internet of Things (IoT).
Other factors that boost the market growth consist of an increase in demand for
automobiles & electronics and the development of smart cities. In addition,
factors such as robust demand for smart sensors in the automobile sector, an
increase in trends toward the Internet of Things, and an upsurge in the
requirement of smart sensors for the development of smart cities act as major
drivers that help in the smart sensor market growth. On the other hand, the
incorporation of smart sensors in devices incurs extra value and reduces the
life of devices that are anticipated to hinder the smart sensor market growth
to a certain extent. Moreover, increasing smart city initiatives and the rise
in the adoption of wearable devices are the factors projected to offer
lucrative market opportunities globally. Additionally, the current concern over
the spread of coronavirus is also expected to have a positive impact on the
smart sensor market. The governments, health-care professionals, and industries
clambering to address the Covid-19 epidemic have some powerful allies in the
battle to minimize the toll on public health and the global economy.
Furthermore, technology advancement and increasing demand for sensor devices
with high-end features in the healthcare sector are pouring the market for
smart sensors. However, critical electronics manufacturing hubs are
provisionally inactive to limit COVID-19’s spread which is negatively impacting
the global market.
Among the geographies, Asia
Pacific region holds the largest share in the global smart sensor market as
countries such as China and Japan are the front-runners of the adoption of new
technologies. Asia Pacific region is expected to witness high growth during the
forecast period owing to the increased utilization of smart sensors in computer
devices and smartphones. Moreover, the energy-saving functions of smart sensors
are also driving the global market in the Asia Pacific region. However, the
North America region is expected to witness high growth during the forecast
period. The upsurge in the demands of automobiles and consumer electronics is
intensifying the global market specifically in the North American region.
Further, factors such as the rising demand for the sensor in defense, logistic,
and healthcare has increased the growth of the global smart sensor market in
The report on global smart sensor
market covers segments such as type, and application. On the basis of type, the
sub-markets include touch sensor, pressure sensor, position sensor, image
sensor, motion sensor, and other sensors. On the basis of application, the
sub-markets include consumer electronics, building automation, healthcare,
industrial automation, automotive, and other applications.
The report provides profiles of
the companies in the market such as ABB Limited, Analog Devices Inc, Infineon
Technologies AG, Honeywell International Inc., TE Connectivity Limited, NXP
Semiconductors N.V., Renesas Electronics Corporation, Siemens AG,
STMicroelectronics, and Texas Instruments Inc..
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the smart sensor market. Moreover, the study highlights current market
trends and provides forecast from 2020-2026. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.