Smart Sensors Market with Covid-19 impact by Type (Temperature & Humidity Sensors, Pressure Sensor, Touch Sensor, Motion & Occupancy Sensors, Water Sensor, Image Sensor), Technology, End-user Industry and Region - Global Forecast to 2027

Smart Sensors Market with Covid-19 impact by Type (Temperature & Humidity Sensors, Pressure Sensor, Touch Sensor, Motion & Occupancy Sensors, Water Sensor, Image Sensor), Technology, End-user Industry and Region - Global Forecast to 2027

The global smart sensors market is expected to grow from USD 45.8 billion in 2022 to USD 104.5 billion by 2027; it is expected to grow at a CAGR of 17.9% during 2022–2027. Key factors fueling this market's growth include surging demand for smart sensors in IoT-based devices and consumer electronics; increasing use of smart sensors in revolutionizing industries; high demand for smart sensors by automobile manufacturers to deliver enhanced safety and comfort; and accelerating use of wireless technology to monitor and control security devices equipped with smart sensors. Surge in demand for smart sensor-enabled wearable devices; ongoing support by governments across the world to promote construction of green buildings; and predictive maintenance to offer lucrative opportunities to market players create a strong demand for smart sensors for efficient industrial operations in the midst of COVID-19.

“Pressure sensors to hold the largest size of smart Sensors market in 2021”

The market for smart pressure sensors accounted for the largest size in 2021. The market for pressure sensors is largely driven by the increasing concerns regarding safety, comfort levels, and reduction in automobile emissions. The regulatory mandates requiring the installation of onboard diagnostics to reduce greenhouse gas emissions and the use of pressure sensors in autonomous cars would present several growth opportunities to players operating in the pressure sensors market.

“MEMS technology to hold the largest share of smart Sensors market in 2021”

The market for MEMS technology-based sensors is estimated to account for a largest share of the overall smart Sensors market, in 2021. MEMS utilize small miniaturized electromechanical and mechanical systems that consist of actuators, sensors, and microelectronics. This technology is likely to continue to dominate the market for smart sensors in the coming years and be the fastest-growing technology during the forecast period, owing to the many advantages offered, such as fast operations, high reliability, improved accuracy, easy maintenance, and replacement, as well as minimal use of energy and materials.

“Consumer electronics segment market to dominate in 2021”

The consumer electronics segment accounted for the largest size in 2021 and is expected to register the highest growth rate during the forecast period. Smartphones, tablets, PCs, and wearable devices are witnessing an increasing demand globally. The growth of the smart sensors market is driven by the increasing adoption of smart devices such as smart appliances and wearables. Technological developments in smart sensors are leading to advancements in consumer electronics such as smart home appliances and smart TV. In addition to consumer electronics, cities are also becoming smart owing to the deployment of IoT technology. Governments of different countries worldwide are providing funds for the development of smart cities.

“Americas to dominate smart Sensors market in 2021”

Americas led the smart Sensors market in 2021, accounting for the largest share of the overall smart Sensors market, by region owing to the high adoption of the Industrial Internet of Things (IIoT) as well as Industry 4.0 in factories and the huge presence of sensor manufacturers, specifically in the US. It is among the most technologically advanced regions and has a huge market for smart sensor devices as it houses numerous smart sensor manufacturers such as Honeywell International Inc., Amphenol Corporation, Texas Instruments, Rockwell Automation. The US government is undertaking measures to promote Industry 4.0 in the country.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the smart Sensors market space. The break-up of primary participants for the report has been shown below:
By Company Type: Tier 1= 55%, Tier 2 = 30%, and Tier 3 =15%
By Designation: C-level Executives =50%, Directors =25%, Others = 25%
By Region: North America = 35%, Europe = 25%, APAC = 30%, and RoW = 10%

Analog Devices, Inc. (US), Infineon Technologies (Germany), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Microchip Technology (US), NXP Semiconductors (Netherlands), Robert Bosch GmbH (Germany), Seimens AG (Germany), ABB Ltd. (Switzerland), and Eaton Corporation (Ireland) are a few major companies dominating the smart sensors market.

Research Coverage:

This research report categorizes the global smart sensors market based on end-user industry, type, technology, component, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the smart sensors industry and forecasts the same till 2027.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:

1. This report segments the smart Sensors market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product development and launch, partnership, and acquisition.