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Smart Sensor Market (Type - Touch Sensor, Pressure Sensor, Position Sensor, Image Sensor, Motion Sensor, and Other Sensors; Application - Consumer Electronics, Building Automation, Healthcare, Industrial Automation, Automotive, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : ICT01262

  • 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 21.0% 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 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 region.


Smart Sensor Market

 

Segment Covered

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.

 

Companies Profiled:

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..

 

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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