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Smart Sensor Market (Type - Touch Sensor, Image Sensor, Temperature Sensor, Motion Sensor, Position Sensor, Gas Sensor, Light Sensor, Pressure Sensor, and Others; End User - Automotive, Consumer Electronics, Industrial, Infrastructure, Healthcare, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2020

  • Rep Id : ICT1427

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

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 12.3% over the forecast period of 2020-2026.

 

Market Insight

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 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 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 is anticipated to hinder the smart sensor market growth to a certain extent. Moreover, the rise in the adoption of wearable devices and numerous innovative applications in the biomedical sector 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, the technology advancement and increasing demand for sensor devices with the 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 on the global market.

 

Among the geographies, North America region is expected to hold the largest share in the global smart sensor market as countries such as the U.S. and Canada are the front-runners of the adoption of new technologies. 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 region. However, the 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.

 

Segment Covered

The report on the global smart sensor market covers segments such as type, and end user. On the basis of type, the sub-markets include a touch sensor, image sensor, temperature sensor, motion sensor, position sensor, gas sensor, light sensor, pressure sensor, and others. On the basis of end user, the sub-markets include automotive, consumer electronics, industrial, infrastructure, healthcare, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as ABB Ltd., Analog Devices, Eaton Corp., Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics, Siemens AG, STMicroelectronics, and Texas Instruments Inc.

 

Report Highlights:

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.


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