Global Smart Sensors Market - 2022-2029

Global Smart Sensors Market - 2022-2029

Market Overview

Smart Sensors Market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 19.50% during the forecast period (2022-2029).

Smart sensors are tools that use wireless connections and embedded microprocessors to monitor, analyze and maintain diverse systems. They gather data from the physical environment. They can gather environmental data more precisely and with less false noise. Despite having a wide range of uses, they are most frequently found in monitoring systems like smart grids, research applications and security systems.

Smart sensors rely on embedded microprocessors to assist them in carrying out various tasks, including digital processing, analog to digital code conversion, interface operations and computations. Following the information gathered, they also decide when data has to be erased or retained. As a result, smart sensors are used in various fields, including healthcare, defense, electronics and aerospace.

Market Dynamics

The market is expanding primarily due to the rising demand for smart sensors in consumer electronics, IoT-based products and smart wearable technology. However, the high costs of repair and maintenance could restrain market expansion.

The expanding use of smart sensors in IoT-based products

The Internet of Things has propelled sensor development to unprecedented heights. Developing IoT applications requires smart sensors since they update and streamline communication and analytics. Today, various smart sensors are being used by connected people, smart cities, smart buildings and linked factories to gather real-time data for analysis and decision-making.

IoT sensors boost workflow and process visibility, allowing businesses to see where things are, thanks to real-time data. Smart sensors used in logistics can collect data on a driver's driving habits, the product size & weight and external information like traffic or climate conditions that could impact delivery. As a result of these reasons, the need for smart sensors for IoT-connected devices will rise.

The rising demand for smart wearable technology

Wearable technology is a new trend that allows electronics or devices to link with our everyday routines and encourages us to get more involved in even the most minute details of our lives. Wearable technology is a major trend because its primary functionalities of connecting to the Internet and moving data from one device or network to another are crucial aspects many people look for.

According to Cisco Systems, there will be a significant increase in the number of linked wearable devices: from 593 million in 2018 to 1,105 million more in 2022. The smartwatch category is also anticipated to grow due to its developments and features that suit its customers' modern lifestyles. To retain their earnings, two major players in the smartwatch market, Apple and Fossil, are keeping their prices near those of conventionally expensive watches. All

High costs of development and maintenance

Smart sensors' limited use results from the high cost of their pricey components and batteries. Such batteries have a shorter lifespan and run out of power more quickly since the sensors and wireless networks have high energy requirements.

Finally, technologies created for short-range applications and limited battery life are employed for short-range applications due to the energy requirements of the sensors and wireless link and the weak radio range. The implementation expenses consider the possibilities for integrating sensing devices with a network or signal processing intelligence.

COVID-19 Impact Analysis

Consumers and businesses are adopting new technology and learning about its benefits as the world continues to combat the same enemy. IoT sensor technologies have become quite important. The hardest part of the pandemic has been overcoming because of sensors. The pandemic might have permanently altered how people view IoT. IoT has made it possible for remote patient diagnosis and treatment during periods of physical separation. Additionally, it has made it possible to transport crucial medical supplies and medications to remote locations.

Businesses across the globe have suffered revenue losses and supply chain delays due to the outbreak's industrial closures and quarantine measures. The pandemic-caused global slowdown has caused several issues that will impact the smart sensors industry's growth to be examined to predict possible consequences. It is fair to conclude that COVID-19 has acted as a stimulant for smart sensors, given its crucial significance in various applications.

Segment Analysis

By type, the smart sensors market is segmented into flow sensors, humidity sensors, position sensors, pressure sensors, temperature sensors and others.

The expanding need for temperature sensors

The sensors that sense heat or temperature are the most often utilized types of all the sensors. Temperature sensors are highly reliable in repeated experiments, precise and inexpensive. Both embedded and surface mount applications would benefit from them. The smaller thermal mass results in a quicker response time. It has a few indicators appropriate for presenting temperature directly; hence, they are applicable for remote detection and data logging. Its temperature probes offer low hysteresis and perfect linearity.

Temperature sensors are sealed. They are completely sealed with a pure vacuum, thanks to electron beam welding. Sensors are widely used in various industries, including automotive, residential, medical, environmental, food processing and chemical, due to their low cost, compact size and ease of use.

Geographical Analysis

Asia-Pacific’s growing industrialization

Due to the increasing industrialization of developing nations like China and India, the Asia-Pacific region is anticipated to dominate the market over the forecast period. In various end-use industries, Asia-Pacific is the most significant market for smart sensors, with China, India and Japan having the most demand. As the global manufacturing hub for several industries, including semiconductors and automotive, which produce home appliances, cellphones, laptops and peripheral devices, China's manufacturing sector has experienced substantial growth.

The market for smart sensors in this region is expanding due to rising government initiatives to expand the manufacturing sector in developing countries, rising foreign investment in the industrial and manufacturing sectors and rising population. In addition, several manufacturing facilities are present, smart sensors are inexpensive and emerging markets are experiencing rapid technological advancements.

Competitive Landscape

The smart sensor market is quite competitive with numerous domestic and foreign businesses. The top companies use strategies like product innovation, mergers and acquisitions to broaden their customer base and keep their market position.

Major global smart sensors market companies include ABB Ltd, Honeywell International Inc., Eaton Corporation, Analog Devices Inc., Siemens AG, Infineon Technologies AG, NXP Semiconductors N.V., TE Connectivity, ST Microelectronics and Legrand Inc.

Siemens AG

Overview: Siemens, headquartered in Munich and with branches globally, is a German multinational conglomerate and Europe's largest industrial manufacturing firm. Industry, energy, healthcare, infrastructure & cities are the company's primary divisions, highlighting the company's core activities. The firm is a well-known medical diagnostics equipment maker. After the industrial automation division, the medical healthcare section is the company's second-most profitable division, accounting for roughly 12% of overall revenues.

The Euro Stoxx 50 stock market index includes the company's stock. Siemens and its subsidiaries employ 293,000 people all around the world. The Siemens Group achieved US$ 60.2 billion in sales and US$ 4.57 billion in net earnings in fiscal 2020.

Product Portfolio: Siemens' Enlighted IoT platform is based on an advanced smart sensor that includes motion sensing, light level sensing & control, power level monitoring, temperature measurement and local Bluetooth communication, among other features. The Enlighted IoT platform creates the groundwork for a smart building with our groundbreaking sensor technology.

Each light fixture has smart sensors that record occupancy, ambient light, temperature and energy consumption data. The IoT sensors digitalize the building by collecting a rich and continuous stream of data that provides great insights into building operations and enables digital applications that add substantial value to your business.

Key Development: At Hannover Messe 2021 in April 2021, Siemens unveiled Sitrans SCM IQ, a new Industrial Internet of Things (IIoT) solution for Smart Condition Monitoring. It allows for the early detection and prevention of possible events, lowering maintenance costs and downtimes while enhancing plant performance by up to 10%. The wireless, rugged Sitrans MS200 multi-sensors serve as the foundation for vibration and temperature data collection on machinery such as pumps, gear units, compressors and drive trains.

Why Purchase the Report?
• Visualize the composition of the smart sensors market segmentation by type, technology, component, application and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the smart sensors market by analyzing trends and co-development deals.
• Excel data sheet with thousands of smart sensors market-level 4/5 segmentation points.
• Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global smart sensors market report would provide access to an approx. 61 market data table, 65 figures and 211 pages.

Target Audience 2022
• Smart Sensors Software Providers/ Buyers
• Industry Investors/Investment Bankers
• Industrial Automation & Research Institutes
• Emerging Companies
• Critical Infrastructure Software Manufacturers