Smart Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Smart Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The smart sensors market is expected to grow at a CAGR of 19% over the forecast period (2021-2026). Sensors have become one of the most crucial and widely used components in various applications. The increasing demand for performance and efficiency helps in the rising adoption of smart sensors, over the past few years.

Key Highlights

• These sensors represent a major upgrade over the conventional sensors, as they enable the automated collection of environmental information, with significantly lower error rate.
• The increasing utilization and penetration of internet of things (IoT), coupled with increasing automation in vehicles and smart wearable systems for health monitoring, is expected to augment the growth of the smart sensor market over the forecast period.
• Long-range low-power wide-area network (LPWAN) technologies such as NB-IoT, LTE-M, LoRa, and Sigfox are also driving innovation for IIoT connectivity. LPWANs for IoT sensors allow low powered devices to stream packets of data wirelessly but with a wider area, which is required in a manufacturing facility.
• Governments across the world are fueling market growth, due to favorable regulations and encouragement to foreign companies to invest, which is expected to propel the market growth.
• The COVID-19 outbreak is speeding up the adoption of Industry 4.0, leading enterprises across industries into a more sophisticated state of the IoT technology and workflow using sensors that influence production, maintenance with modified service intervals, human resources with new job requirements, and marketing with new and detailed knowledge of customers’ individual use cases.

Key Market TrendsTemperature Sensors to Witness High Growth

• A smart temperature sensor is an integrated system consisting of a temperature sensor, bias circuitry, and an analog-to-digital converter(ADC). A temperature sensor measures heat to ensure that a process stays within a specific range, providing safe usage of the application or meeting a necessary condition when dealing with extreme heat, hazards, or inaccessible measuring points.
• The demand for reliable, high-performance and low-cost sensors is increasing, thereby leading to the development of new technologies, such as microtechnology and nanotechnology.
• Stick-on or printed sensors can be attached to devices as labels to measure various physical parameters, such as humidity, temperature and gas
• The low cost, small size, and ease of use have led the sensors to have widespread utilization in various industries, such as automobile, residential, medical, environmental, food processing, and chemical.
• Temperature sensor finds its primary usage in a smart thermostat, which is a smart home device. The overall demand for smart homes is forecasted to grow rapidly, owing to strong consumer interest, incremental technological innovations, and greater accessibility.
• Microchip-embedded sensors can be installed to monitor almost any device in a building. Their cost is low and continues to fall. Wireless sensors can avoid the cost and disruption of new hardwiring, making them a particularly attractive option for retrofits, where wiring can cost more than the sensors.

India to be the Fastest Growing Market During the Forecast Period

• India is one of the fastest developing countries in the world, with the government investing significantly in advanced technologies and smarter infrastructures. With such rapid developments, sensors in the country are finding widespread applications in smartphones, automobiles, and healthcare, among others. Some of the most common sensors used in consumer electronics include motion sensors, temperature sensors, pressure sensors, etc.
• Over the past few years, the country has witnessed a robust growth in the adoption of high-end technology products, such as smartphones and wearable devices, which make extensive use of touch and image sensors. Emerging nations, such as India, have witnessed the fall of data costs by 95% since 2013, thus, resulting in the growth of the number of smartphone users.
• According to ASSOCHAM, the number of smartphone users in the country is expected to almost double from 468 million users in 2017, to reach to 859 million by 2022, witnessing a CAGR of 12.9% during the forecast period.
• In recent years, India witnessed a notable surge in the usage of connected devices, including connected cars, smart home devices, wearables, and autonomous machines. The rise in demand for connected devices is expected to drive the smart sensors market during the forecast period.
• According to Cisco, India is expected to have around 2.1 billion internet-connected devices, by 2023. The country is expected to cross the 900 million mark of internet users in the country, according to the recently published Cisco Annual Internet Report (2018–2023), owing to the increased penetration of affordable smartphones and cheaper internet plans.​

Competitive Landscape

The smart sensors market is very competitive, with the presence of many national and international players in the market. The major players are following strategies like product innovation, mergers, and acquisition to expand their reach and hold their market position. The major players in the market are Honeywell international, ABB Ltd, Analog Devices inc., GE among others.

• June 2020 - Honeywell announced a new software solution to help industrial facility operators and safety managers monitor workers' exposure to gas, weather and certain physiological conditions in real time to help prevent incidents and quickly respond to emergencies. Honeywell also began in-flight testing of sensors that will guide urban air mobility (UAM) vehicles to land without pilot intervention. Aircraft involved in the testing are outfitted with Honeywell sensors and include cameras that analyze visual markings resembling QR codes, which help guide the vehicle to a designated landing spot.
• June 2020 - Salesforce and Siemens AG bundled their workplace management tools in a new IoT suite to help businesses reopen after lockdown and embrace new practices for physical workplaces, as new normal’ takes shape in the shadow of the global COVID-19 pandemic. The principle is to provide better space management solutions, through IoT-based sensors and sense-making tools, and social-media style user apps.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

ABB Ltd
Honeywell International
Eaton Corporation
Analog Devices Inc.
Infineon Technologies AG
NXP Semiconductors N.V.
ST Microelectronics
Siemens AG
TE Connectivity Ltd
Legrand Inc.
General Electric
Vishay Technology Inc.

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